These Cryptocurrencies Are Poised for Big Post-CPI Report Moves: How to Trade Them
Bitcoin bounced back after a recent price correction and is now trading above $70,000 this week. The long-term view reveals a strong upward trend since February and a break out of the rising channel, signaling a potential for further rises.
The recent surge has been fueled by institutional demand through ETFs, and if this demand persists, Bitcoin's upward momentum is likely to continue.
Looking ahead, the next target for Bitcoin could be $83,300, given its current stability around $70,000. With the current trading volume, there's an increasing possibility of Bitcoin reaching the $83,000 — $100,000 range in the summer.
In the case of a pullback, a potential decline to $68,500 followed by support at this level is expected to sustain the current trend. However, a drop below $68,500 increases the risk of Bitcoin retracing to the $63,000 region.
The US CPI data can significantly influence Bitcoin prices, along with other markets, as it plays a crucial role in the Fed's interest rate decisions.
If the data exceeds expectations, similar to what happened in January, it might trigger a sell-off in Bitcoin and other risk assets. Investors may anticipate a more hawkish stance from the Fed.
On the other hand, if inflation aligns with expectations, it could be viewed as a step toward continued monetary easing. This scenario may support Bitcoin bulls, depending on the prevailing risk appetite.
Over the last month, Bitcoin has witnessed a remarkable 50% increase in value.
Meanwhile, altcoins like LINK/USD, TRX/USD, and ARBm/USD, with significant market capitalization, have exhibited diverse price movements.
In this analysis, we will assess the current status of these three altcoins.
In the general upward trend that started in October,
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