Bitcoin Price Struggles Below $60,000 Ahead of Critical US PPI and CPI Data Release

  • Bitcoin (BTC) price drops below $60,000 ahead of key economic data release.
  • Ethereum (ETH) and Ripple (XRP) show strength despite Bitcoin’s decline.
  • Market watches upcoming US Producer Price Index (PPI) and Consumer Price Index (CPI) data closely.

Bitcoin experiences resistance under $60,000, while Ethereum and Ripple show promising trends. Stay updated with crucial market shifts.

Bitcoin Price Battles with Sub-$60,000 Resistance

Bitcoin began the week below $58,000, raising concerns about its near-term outlook. This drop comes amid fears of a potential death cross and an uncertain market environment. The latest dip tested the $57,500 support level, but BTC rebounded, eyeing the critical $60,000 resistance.

Potential Downside Risks for Bitcoin

Despite Monday’s recovery, Bitcoin faces the risk of falling towards $52,000, as indicated by the MACD’s bearish signal since July 31. Traders are advised to exercise caution ahead of significant economic data releases, including the US PPI and CPI scheduled for August 12 and 13.

Ethereum Poised for a Breakout

Ethereum showed resilience over the weekend, holding the $2,500 support level. Currently trading at $2,673, ETH looks poised to surpass the $2,800 resistance. Notably, Ethereum witnessed $155 million in weekly fund inflows, indicating strong market interest.

Indicators Signal Potential Ethereum Uptrend

CoinShares data reveals Ethereum benefitted the most from recent market corrections, drawing significant inflows. The MACD’s approaching buy signal could propel ETH above $3,000. Traders should monitor the $2,700 resistance, as breaking this level might trigger further gains.

Ripple’s Uptrend Shows Promise

Ripple has been trading above key moving averages, maintaining its bullish outlook. The RSI at 50 suggests a potential upward movement, with XRP aiming to break the $0.60 barrier. Success at this level could fuel a rally towards $0.70 and beyond.

Challenges Facing Ripple’s Growth

Despite a positive outlook, Ripple must navigate significant resistance and high liquidation rates in the derivatives market. Failure to hold above $0.60 could see XRP dropping to $0.54 or $0.50, especially if market sentiment weakens.

Conclusion

The cryptocurrency market is at a critical juncture, with Bitcoin facing resistance and potential downside risks, while Ethereum and Ripple show bullish trends. Upcoming US economic data releases will likely influence market movements, requiring traders to stay alert.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Whale Awakens After 11.7 Years, Cashes in on $2.45 Million Profit

On November 22, COINOTAG News reported a noteworthy event...

Texas Court Orders SEC to Repeal Controversial ‘Dealer’ Rule Impacting Crypto Industry and Securities

In a significant ruling on November 22, a Texas...

Bitcoin Options Expire as Market Soars: BTC Aims for $100,000 Amid Strong Bullish Sentiment

COINOTAG News reports that on November 22, a substantial...

Dogecoin’s Elon Musk Questions SEC Efficiency Amid Leadership Changes

The recent appointment of the co-director for the U.S....

FTX Nears Bankruptcy Reorganization Completion, Set to Begin Creditor Compensation in Early 2025

COINOTAG News reports on November 22 that FTX Trading...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img