The latest on Bitcoin and Ethereum: How did the US inflation data affect assets?

Crypto News – Before looking at the price outlook of Bitcoin and the general market, let's take a look at the important developments today. The long-awaited CPI data was announced today, and the annual inflation rate came in at exactly 3 percent. The expected value by the markets was 2.9 percent, but a slightly higher figure was announced. We saw a short-term reaction in the Bitcoin price when these data were announced. The leading asset dropped from around $96,000 to $94,000 within half an hour. A short-term pullback can be considered normal as a higher-than-expected data came in, but as we always say, we do not expect a major crash.

When we look at the weekly chart of Bitcoin, we observe that higher lows and higher highs have formed, and the bullish outlook remains active. During such periods, short-term pullbacks and sideways price movements can be seen. In the Bitcoin MACD indicator, we have confirmed a new bearish crossover. This indicator alone is not sufficient to determine the direction in the market, but it is a bearish signal that needs to be taken into account.

Crypto analyst Crypto World predicts that we will remain sideways for a while based on this indicator. The analyst does not expect a downward or upward movement as there is a lack of momentum in the market. There is also a significant divergence with lower highs in the Bitcoin RSI indicator. This indicates that we are losing momentum in a larger bull market.

Looking at the Bitcoin price in the short term, it is holding in the support range of 95,000 to 96,000 dollars. After the inflation data, we briefly fell below this support, but we did not confirm the candle closing. However, if we confirm a clear break below 95,000 dollars, we have a strong support level at 92,000 dollars. Nevertheless, due to a lack of momentum in the market, it seems more likely that the asset will move sideways in the short term.

According to the chart shared by Ali Martinez, it appears that 119,400 BTC has accumulated at $97,800. This indicates that $97,800 has become a strong resistance. We will monitor how Bitcoin performs at this level, as it is currently trading at $97,500.

When we examine the Ethereum price chart, we see that we are holding onto the multi-year support area. The multi-year support line in Ethereum is positioned just above 2,600 dollars. Ethereum fell below 2,600 dollars for a short period of time, but this decline was not confirmed with a candle closing as in the case of Bitcoin price. The Crypto World, which is somewhat more optimistic about the Bitcoin price, does not hold the same view for Ethereum.

An analyst believes that a major collapse could be looming in Ethereum. Especially if the leading altcoin breaks below $2,600, it could retreat to the support range of $2,150 to $2,200. However, if it continues to bounce from the support point, there is also a possibility of surpassing $2,700. Nevertheless, remember that there are many resistance levels that need to be overcome. Crypto analyst Ali Martinez says that Ethereum investors are feeling anxious. He argues that overcoming $3,000 is necessary for this anxiety to dissipate.

The information in the text is purely for informational purposes. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.

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