Recent US inflation data showing consumer prices rose 3.4% over last year sparked optimism in the crypto market. Other altcoins such as Bitcoin (BTC), Ethereum (ETH), and ALGT could see their prices skyrocket.
BTC surged to $64,492 supported by a bullish signal above the key EMA, while ETH rose to $2,960.94. Analysts are expecting further upside, with BTC targeting resistance at $69,000 and ETH at $3,033. Inflation-driven momentum signals an upcoming bullish trend for cryptocurrencies.
Bitcoin soars after US inflation statistics released
Bitcoin Prices rose noticeably after the U.S. Bureau of Labor Statistics (BLS) released inflation data for April. Consumer prices rose 3.4% year-on-year, down slightly from 3.7% in March, the data showed.
Correspondingly, the price of Bitcoin reached $64,492, up 4% in 24 hours and 1% in the past hour. This surge was supported by Bitcoin comfortably above both the 50-day and 200-day EMA, indicating a bullish price signal.
Analysts suggest that if Bitcoin manages to rise to $67,500, it could rally toward the $69,000 resistance and head towards an all-time high of $73,808.
However, a break below the $64,000 support level and the 50-day EMA could bring the $60,365 support level into focus. With a 14-day RSI value of 57.02, Bitcoin may have room to rise further before reaching overbought territory.
Ethereum rises amid inflation concerns
Ethereum also experienced a price increase following the release of US inflation data. The second-largest cryptocurrency by market capitalization rose to $2,960.94, up 1.87% from the previous day and 1% from an hour ago.
The BLS highlighted housing and gasoline as the main drivers of inflation in April, reflecting continued economic pressure in these sectors. However, Ethereum remained above the 200-day EMA and below the 50-day EMA. This suggests a bearish short-term outlook, but a bullish long-term trend. Analysts suggest that if Ethereum breaks through the $3,033 resistance level, it could target the 50-day EMA and potentially the $3,244 resistance level.
Conversely, a break below the 200-day EMA could trigger the $2,664 support level. If the daily RSI reading for the 14 period is 47.49, then Ethereum It is likely to fall towards the $2,664 support level before entering oversold territory.
Algotech: Riding the Bullish Wave Amid US Inflation Signals
With rising US inflation signals, Algotech (ALGT) is poised for a bullish trend, mirroring the trajectory of cryptocurrencies such as Bitcoin and Ethereum. Backed by an analyst who accurately predicted Dogecoin’s rise to $0.15, Algotech is expected to reach $1, and is a cutting-edge tool for confident decision-making and profit maximization. It shows its potential as a platform.
Algotech’s innovative platform is about more than just advanced technology. Prioritize trust. Verified team members and audited smart code highlight our commitment to security. Algotech offers features tailored to different trading strategies, from momentum trading to breakout techniques, ensuring adaptability to user preferences.
Algotech’s AI-driven approach sifts through vast amounts of market data to uncover trends and opportunities that are often missed by the average investor. By providing users with data-driven insights, Algotech facilitates smarter trading decisions and increases your chances of success in the market.
Beyond technology, Algotech fosters a sense of community among traders. We provide learning resources to enhance your trading skills and networking opportunities. Additionally, Algotech will share profits with the community and align incentives for mutual success.
With the presale approaching $5 million and the token price rising, Algotech shows great investment potential. Early investors can secure their tokens at a discounted price of just $0.08 each, with the added benefit of winning prizes such as the latest iPhones and iPads. As Algotech continues to gain momentum, now is the perfect time to join their path to success.
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