Bitcoin ‘Could Rise Significantly’, Analyst Says Ethereum, Dogecoin Along With Inflation Adjustment: Key Levels To Watch

Bitcoin 'Could Rise Significantly', Analyst Says Ethereum, Dogecoin Along With Inflation Adjustment: Key Levels To Watch
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Major currencies rose on Wednesday after July consumer price index data showed that inflation slowed. The value of the global cryptocurrency market increased by 3.9% to $1.1 trillion at press time.

Price Performance of Major Coins
Coin 24 hours 7-day Price
Bitcoin BTC/USD 3.9% 4.2% $23,957.31
Ethereum ETH/USD 8.7% 14.3% $1,851.18
Dogecoin DOGE/USD 2.7% 7.7% $0.07

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24 Hour % Change (+/-) Price
Celsius (SKY) +23.1% $2.31
Lido DAO (LDO) +18% $2.68
AAVE (AAVE) +12.4% $110.60

See also: Best Crypto Debit Cards

Why it matters: Among the major coins, Ethereum led the gains – up nearly 9% on the day, compared to Bitcoin’s 4% gain.

Risk assets rose as data from the US Department of Labor showed that headline CPI rose 8.5% in July compared to 9.1% in June. This figure was lower than economists’ forecasts of 8.7% growth. At press time, S&P 500 and Nasdaq futures were up 0.2% and 0.3%, respectively.

“Wall Street now expects the Fed to turn around in September as rates reflect a half-point hike. If inflation continues to fall, the bull trade will intensify.” Edward MoyaSenior Market Analyst with OANDA.

“If this broad risk-on rally continues, bitcoin could rise significantly. Most of the crypto community is still skeptical of the Bitcoin rebound that started in mid-June, but if Bitcoin breaks above the $25,000 level, traders can take advantage of this opportunity. “Bitcoin breakout may initially target $28,400 level,” Moya said in a note seen by Benzinga.

Cryptocurrency trader Michael van de Poppe tweeted that the pinnacle coin has rejected resistance and expects some consolidation between the $23,200 and $23,400 levels to continue support. He expects the trend to target the $27,000-$28,000 levels.

The low inflation figure “bodes well” for cryptocurrencies, the trader noted, as the dollar index, which shows the greenback’s strength against a basket of six other currencies, immediately fell into a support channel. Justin Bennett on Twitter. At press time, the dollar index was up 0.05% at 105.25.

ratio Tether On the exchanges (USDT), it has risen to 42% in three months from 19.7% at the beginning of May. This could be an indication that traders are taking profits as cryptocurrency prices rise, or it could be a “sign of a 2-year high in buying power.” Feelingan on-chain and social analytics platform.

Read next: Coinbase Shares Plunge After Q2 Earnings, Claiming They Are ‘All Weather Company’ For Crypto Price Cycles

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