Price analysis 5/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

cointelegraph.com:

The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations.

Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having their effect and further rate hikes may not be necessary.

If the Fed pivots and starts to cut rates as the FedWatch Tool projects, that may be positive for risky assets such as equities and cryptocurrencies. Bitcoin (BTC) has responded positively to the CPI data and has risen above $28,000 on May 10.

While the downside looks limited, the bulls may not have it easy at higher levels because of the high risk of a recession and the possibility of the banking crisis erupting again. That may keep the price stuck inside a range, which may act as a base for the next leg of the rally when that happens.

What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin broke below the moving averages on May 7 and nosedived to the support line of the symmetrical triangle pattern on May 8. The bulls are trying to defend this level with vigor but the recovery may face difficulties at higher levels.

The bears will try to aggressively defend the zone between the moving averages and the resistance line. If the price turns down and breaks below the support line, the BTC/USDT pair could descend to the breakout level of $25,250.

This is an important level to keep an eye on because if it cracks, the selling could intensify and BTC price can plunge to the