This week will be a critical week for Bitcoin and altcoins. Because US CPI and PPI data will be announced this week.
While cryptocurrency and global markets focused on US inflation data, BTC and altcoins started the new week positively.
Bitcoin on the Rise Before US Inflation Data!
At this point, while BTC has risen above $63,000 with the rise it has experienced in the last hours, there are also significant increases in altcoins.
While the new week starts in green after a stagnant weekend for BTC, Toncoin (TON) and Shina Inu (SHIB) lead the rise in altcoins.
While the largest altcoin Ethereum (ETH) recorded a 2% increase in the last 24 hours, TON increased by 7% and SHIB increased by 5.5%.
Bitcoin is at the Crossroads!
While Bitcoin and altcoins started the week with a sudden rise, the general expectation is that US inflation data will put pressure on prices.
At this point, experienced analyst Ali Martinez argued that Bitcoin is at a crossroads and said that the $ 64,290 level is a critical threshold.
According to the analyst, for the rise to continue, Bitcoin must be able to reclaim the $64,290 level as a support level. If BTC cannot support this level, it may drop to $51,970.
“If Bitcoin can reclaim $64,290 as support, it could possibly rally to $76,610.
However, if BTC fails to surpass $64,290, it may retest the support at $51,970.”
Bitcoin continues to trade at $62,820 at the time of writing.
If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
*This is not investment advice.
