Bitcoin bounces from $15,500 as CPI release proves bullish
Despite the major setbacks to the space in the last 72 hours, today's CPI release coming in at 7.7% YoY — a 9-month low — gave market participants much-needed hope.
BTC surged $1,000 within 30 minutes after the news and is currently trading around $17,800. Altcoins, including ETH, also benefited from the improved sentiment, with ETH regaining the $1,300 level.
Moving forward, market participants will be hoping that fallout from the collapse of FTX and Alameda is not enough to dampen potential bullish macro developments as a tumultuous year draws to an end.
Top altcoin gainers and losers
BTC Technical Analysis
Bitcoin broke through June lows earlier and went down as far as $15,700 before finding support. Currently, it is up 13%, mainly because of Core CPI coming lower than expected. This move has also reset a lot of indicators signaling oversold previously; however, the weekly time frame still needs more correction hence lower prices are likely, especially if Bitcoin is unable to close above $17,700 on the daily.
ETH Technical Analysis
Ethereum fell a little short of our target of $1,050 but we were able to see $1,079 before a 23% move up to $1,320. Currently trading at $1,300+ Ethereum either needs to have a daily close above $1,240 at least. In case of failure to do so, this move up will be considered a bull trap, and sub $1,000 will be likely.
NFT Market Map
Nearly half of the top NFT collections recorded a slump in their volume today.
Steady Stack announced that its NFT holders would gain full access to AlphaSharksNFT v2 with NFT analytics and trading tools.
Coin360 Daily Digest
Here's a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.