Ethereum
Bitcoin Could Experience High Volatility Due to US CPI
- Bitcoin price is hovering around the weekly support level of $67,147.
- Ethereum price finds support around a 50% retracement level at $3,424.
- Ripple price retests its previous support at $0.467.
The price of Bitcoin (BTC) could suffer an initial drop before rebounding, with today’s release of US CPI data.
Ethereum (ETH) and Ripple (XRP) could also mirror BTC’s pattern, showcasing the synchronized dance of cryptocurrency markets.
Bitcoin Price Could Become Volatile
Bitcoin price has fallen 7% over the past five days as it faces resistance at the weekly close around $71,280.
Currently, it is hovering around the weekly support level of $67,147.
Bitcoin price is likely to be volatile due to current US CPI news. This news could prompt BTC to clear buy-side liquidity before rebounding.
In such a scenario, BTC could first fall 5% from its current price level of $67,416 to find support at subsequent levels.
- At $63,860, the median level of the price imbalance is between $63,118 and $64,602.
- The $64,240 level is a 100% price retracement level, which roughly coincides with the 100-day exponential moving average (EMA).
If BTC bounces off $64,240, it could then rebound 11% to reach its previous resistance level of $71,280.
BTC/USDT 1-day chart
However, if BTC breaks and closes below $60,919, the bullish thesis could be invalidated, leading to a accident by 4%, its weekly support level of $58,375.
Ethereum Price Looks Promising
Ethereum price crashed 11% over the past six days as it failed to close above the $4,000 mark.
Currently, ETH is finding support around a 50% retracement level at $3,424, calculated from the May 13 low of $2,864 to the May 27 high of $3,984.
Ethereum price is likely to be volatile due to current US CPI news. This news could prompt ETH to clear buy-side liquidity before rebounding.
In such a case, ETH could first crash 5% from its current price level of $3,474 to find support at $3,279, or the 61.8% level. Fibonacci retracement level.
If ETH bounces off $3,279, it could then rebound 20% to reach its previous resistance level of $3,977.
ETH/USDT 1-day chart
On the other hand, if the daily Ethereum candlestick price closed below the $2,864 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering another 9%. accident at the previous support level of $2,600.
Ripple Price Looks Poised for a Liquidity Sweep
Ripple price crashed 13% on June 7 after failing to close above the 50-day exponential moving average (EMA) at around $0.526.
Currently, it finds support at the $0.467 level.
Ripple price is likely to be volatile due to today’s US situation. CPI news. This news could prompt XRP to clear buy-side liquidity before rebounding.
In such a case, XRP could first fall 6% from its current price level of $0.477 to find support at $0.450, which is its previous low.
If XRP bounces off $0.450, it could rebound 17% to $0.522, the 50-day EMA level.
XRP/USDT 1-day chart
However, if the Ripple daily candlestick closes below $0.450, then XRP could accident another 7% from its previous support at $0.419.