US inflation data (PPI and Core PPI) are better than expected, and this has allowed the king of cryptocurrencies to rebound beyond $97,000. Today, operators are awaiting the publication of the Consumer Price Index (CPI). A positive surprise could positively influence the Fed’s monetary policy. If we look at previous cycles, we notice that Bitcoin is entering a phase that could well be spectacular. Let’s take stock of BTC in today’s bulletin!
Bitcoin price climbs more than 2% in 24 hours
Following the first figures for US inflationthe price of Bitcoin has rebounded towards $100,000. From then on, BTC climbed 2.2% in 24 hours and more1% in one week :
Bitcoin performance against different pairs. Source: Coincheckup
Despite this rebound, the price falls by almost 8% in one month. At the same time, the BTC/ETH pair is up by 4.4% in one weekof 13% in one month and of 60% in six months. Ethereum continues on underperform Bitcoinand he still has not managed to frankly surpass the 4 000 $.
BTC is entering a prosperous period if we look at the last cycles
Cryptocurrency enthusiasts know it, Bitcoin and altcoins follow market cycles. The market alternates between bear market and bull market phases. For several months, cryptocurrencies have been evolving in a bullish momentumdriven in particular by Bitcoin, which has crossed the symbolic threshold of $100,000. If we superimpose the different cycles since the halving, we see that the cycles are similar :
Since the dernier halvingthere was 270 days about past. And the period framed in green on the graph is very often synonymous with bullish explosion on BTC. Therefore, if the cycles continue to resemble each other, BTC could well start a new phase of increase.
Bitcoin price must break resistance at $99,000 to return to peak at $103,000
For several weeks, the price of BTC has been moving in a ranges between $92,000 and $99,000. After the brief passage under the support at $92,000buyers reacted and the price managed to maintain range. From then on, the price approaches the resistance at $99,000 :
The buyers’ objective will be to break resistance at $99,000. In this case, BTC could find resistance at $103,000the last peak of the price. On the other hand, the price could block again against resistance. If this scenario happened, BTC would once again head towards the support at $92,000. The RSI finally succeeded in rebound beyond the bullish trendlinethe momentum therefore remains in the hands of buyers.
When we compare this cycle with previous ones, the king of cryptocurrencies could well launch a new wave of growth. However, for a new bullish phase to occur, it will be necessary to exit the range. And for that, buyers will have to make sellers give in around resistance at $99,000. In this case, Binance’s BNB and the token exchange sector could take advantage of this to soar.
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