Core US Inflation Impacts Crypto Market Rally
Core US Inflation and Crypto Market Movement
Recent analysis highlights the impact of Core US Inflation data on Bitcoin (BTC) and Ethereum (ETH) prices. Despite a positive outcome from the latest FOMC meeting, the anticipated crypto rally did not materialize. The high Core US Inflation rate continues to hinder market prospects, presenting bearish conditions for the coming weeks.
Bitcoin's Price Dynamics
Bitcoin's price trajectory is influenced by the formation of a descending channel on its 4-hour chart. Should BTC break above this channel, it may rise to $32K. Conversely, a breakdown could see prices fall to the $28K support level. Despite the challenges, BTC showed a modest gain of 0.21%, trading at $30,071.91.
Ethereum's Market Structure
Ethereum recently experienced the Shanghai Upgrade, with only 1% of validators withdrawing their stake, defying market expectations. However, the presence of a rising wedge pattern on ETH's daily chart suggests potential weakness, possibly leading to price declines. At present, ETH trades at $1,923.01, reflecting a weekly increase of 2.65%.
Weekly Performance and Market Outlook
Both BTC and ETH have shown positive weekly performances, with BTC up by 7.85% and ETH by 2.65%. Despite the current market conditions shaped by inflation data, the possibility of future price movements remains, underscoring the importance of monitoring technical patterns for potential shifts.
The analysis emphasizes the need for careful market observation and research, as macroeconomic factors like inflation continue to play a significant role in shaping crypto market trends.
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