Bitcoin and Ethereum Consolidate Gains, DOGE and SHIB Surge
Bitcoin price spiked above the USD 44,000 level before starting a downside correction. BTC traded below the USD 43,600 level. It is currently (12:21 PM UTC) consolidating gains near USD 43,900 and might start a fresh increase above USD 44,000.
Similarly, most major altcoins are showing positive signs. ETH is stable above USD 3,300 and is facing hurdles near USD 3,380. XRP could gain momentum if there is a close above the USD 0.80 level. ADA is struggling to settle above USD 1.30.
Total market capitalization
After a strong upward move, bitcoin price struggled to stay above the USD 44,200 level. BTC corrected lower and traded below USD 44,000. It is now consolidating gains near the USD 43,900 level. On the downside, an initial support is near the USD 43,200 level. The main support is now forming near USD 43,000.
If there is a fresh increase, the price might face resistance near the USD 44,000 level. The next major resistance is near USD 44,500, above which the price might rise towards the USD 45,500 level.
"Bitcoin has just printed a clear breakout above the USD 43,000 levels, which was the first local resistance of its short-term trading range, riding the wave of a surprisingly positive investor sentiment following the release of the US CPI report. The context and timing of this relief rally give reasons for cautious optimism that we may be on the verge of the short-term downward trend reversal," Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, said in an emailed comment.
According to him, since the actual inflation data correspond to the forecast, the markets now seemed primed for more upside in the short-term as investors evidently feel a little more adventurous.
"The most
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