Published on mei 16, 2024, 12:36 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoins surged in the cryptocurrency market due to lower-than-expected inflation data in the US, with Bitcoin's price hitting over $66,000. Investment reports show significant interest from institutions like SWIB in digital assets. Technical analysis suggests potential rally scenarios for Bitcoin and altcoins like ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, and SHIB but investing in cryptocurrencies involves risks." } ] ```
Bitcoin and altcoins, the risky assets in the cryptocurrency market, surged after today’s Consumer Price Index (CPI) report. This surge was triggered by the United States’ lower-than-expected inflation data. As a result, Bitcoin’s price skyrocketed above $66,000, with experts suggesting a bullish sentiment in the market.
Galaxy Digital’s founder and CEO Mike Novogratz anticipates that Bitcoin will consolidate within the range of $55,000 to $75,000 before potentially moving higher by the end of the current quarter.
Investment reports show notable activity in digital asset products with sizeable inflows totaling $130 million last week alone. Institutions like the State of Wisconsin Investment Board (SWIB) have also disclosed substantial investments in Bitcoin exchange-traded funds, signaling growing interest from traditional financial players.
For investors eyeing potential opportunities in cryptocurrencies like Bitcoin and select altcoins such as Ether (ETH), Binance Coin (BNB), Solana (SOL), XRP, Toncoin (TON), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB), technical analysis suggests various scenarios for these assets concerning key support levels and potential price movements.
Bitcoin’s price action indicates a possible rally towards $73,777 if it breaches the 50-day simple moving average at $65,152. On the other hand, downward pressure may be observed if support at $59,600 is challenged. Similar analyses point out crucial levels for altcoins like ETH rallying towards $3,400; BNB aiming for $726; SOL targeting $205; XRP looking to surpass resistance at $.57; TON potentially rising to $9; DOGE encountering resistance at $.21; ADA reaching towards $.57; AVAX maintaining between $40 and $29 range-bound trading; SHIB facing uncertainty within its symmetrical triangle pattern.
It is important to note that investing or trading in cryptocurrencies involves risk. Readers are advised to conduct thorough research and exercise caution when making financial decisions in volatile markets such as cryptocurrencies.
Original article posted by Fox News
