Daily Crypto Analysis – Bitcoin’s Surge And Ethereum Plummets.
13 Sep 2023
Amidst the crypto realm, Bitcoin’s remarkable price surge propels the total cryptocurrency market capitalization past the impressive milestone of $1 trillion. As anticipation mounts for the upcoming U.S. Consumer Price Index (CPI) release, the crypto market is in expansion mode. The dynamics of Bitcoin and other digital assets following the CPI data will hinge on the broader financial market’s reaction, especially considering Bitcoin’s recent ascent to $26,000. Meanwhile, Ethereum (ETHUSD) faces its own unique challenges, with signs of a significant downward correction in play.
Bitcoin price rise pulls crypto market cap above $1 trillion; U.S. headline CPI is anticipated to increase; while core CPI will decline.
Inflation in the US is predicted to rise from 3.2% in July to 3.6% in August on an annual basis. According to projections, the Core Consumer Price Index (CPI) will register at 4.3% versus 4.7% in July. Only an extremely volatile financial market’s reaction to the information, given that Bitcoin’s price has increased to $26,000, is likely to have a significant impact.
Ahead of the publication of the US Consumer Price Index (CPI) for August, the cryptocurrency market is expanding. Following the release, the effect on the price of Bitcoin and other digital assets will largely depend on the general financial market volatility.
- MA 5: 25970.37 | Positive Crossover | Bullish
- MA 20: 25871.96| Positive Crossover | Bullish
- MA 50: 26083.28 | Positive Crossover | Bullish
- MA 5: 25993.13 | Positive Crossover | Bullish
- MA 20: 25851.01 | Positive Crossover | Bullish
- MA 50: 26045.38 | Positive Crossover | Bullish
RSI (Relative Strength Index): 54.67| Buy Zone |Positive
Stochastic Oscillator: 94.11 | Buy Zone | Positive
Resistance And Support Levels:
- R1: 26322.43 | R2: 27565.45
- S1: 25208.00 | S2: 23964.99
Overall Sentiment: Bullish | Market Direction: Buy
Trade Suggestion: Stop Buy: 26619.83 | Take Profit: 27572.21 | Stop Loss: 25984.90.
Elsewhere In the Crypto Market
Ethereum with ticker ETHUSD is falling much further, as we have warned in previous content. We observe that ETH is currently in the last phases of a flat correction that is ideally a deeper and more complex downward decline.
Bitcoin up (1.05%) at 26,111.90, Ethereum up (0.36%) at 1,598.80, Litecoin up (1.52%) at 60.88, Solana is down (1.79%) at 18.10, Dogecoin is down at (1.12%) at 0.61 as of writing time.
Key Economic Events & Data Release Today:
(USD) Core CPI (MoM) (Aug) Forecast 0.2%, Previous 0.2% at 18:00.
(USD) CPI (MoM) (Aug) Forecast 0.6%, Previous 0.2% at 18:00.