- The new week starts on a positive note for Bitcoin and altcoins as an experienced analyst explains two possible scenarios for BTC.
- This week will be critical for Bitcoin and altcoins as the US CPI and PPI data will be announced.
- While the crypto and global markets are focused on US inflation data, BTC and altcoins started the new week positively.
Bitcoin and altcoins start the week on a positive note, with an experienced analyst outlining two potential scenarios for BTC. This week is crucial as US inflation data is set to be released, impacting global markets.
Bitcoin Rises Ahead of US Inflation Data!
At this point, BTC has risen above $63,000 in the last few hours, with notable increases also seen in altcoins. After a quiet weekend for BTC, the new week starts in the green, with Toncoin (TON) and Shina Inu (SHIB) leading the rise in altcoins. The largest altcoin, Ethereum (ETH), has recorded a 2% increase in the last 24 hours, while TON and SHIB have risen by 7% and 5.5% respectively.
Bitcoin at a Crossroads!
As Bitcoin and altcoins start the week with a sudden rise, the general expectation is that US inflation data will put pressure on prices. At this point, experienced analyst Ali Martinez argues that Bitcoin is at a crossroads and says the $64,290 level is a critical threshold. According to the analyst, for the rise to continue, Bitcoin must reclaim the $64,290 level as support. If BTC cannot support this level, it could fall to $51,970. “If Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, BTC might retest support at $51,970.” Bitcoin continues to trade at $62,820 at the time of writing.
Conclusion
The week ahead is crucial for Bitcoin and altcoins with the release of US inflation data. The market’s response to this data will likely determine the short-term trend for these cryptocurrencies. As such, investors should keep a close eye on market developments and adjust their strategies accordingly.
