The crypto market is buzzing with a staggering $109 billion surge in just 24 hours. Explore the key drivers behind this rally and the outlook for Bitcoin and other altcoins.
The crypto market as a whole has experienced explosive growth in recent hours, with a $109 billion increase in just 24 hours. This surge follows the release of a better-than-expected Consumer Price Index (CPI) in the United States, providing a fresh boost for investors.
Indeed, the US CPI increased by 2.7% year-over-year, a smaller rise than the 2.8% analysts expected. This positive surprise has strengthened confidence among market participants, triggering a wave of buying and a marked improvement in overall sentiment. The total crypto market capitalization now stands at over $4.01 trillion, a key level to breach in order to confirm the bullish trend.
Despite favorable conditions, Bitcoin (BTC) remains stuck around the $120,000 resistance. Although the price has advanced, it has not yet crossed this psychological threshold. Its next target is $122,000, supported by its correlation with US stock markets.
If overall sentiment remains robust and investors continue to flow in, BTC could break through this barrier. However, profit-taking remains a risk, and a drop below the support at $117,261 could weaken the bullish trend in the short term.
While Bitcoin struggles, FARTCOIN has emerged as the best-performing altcoin, with a 23% increase over the day. Currently at $1.08, it is testing the key resistance at $1.09.
If it transforms this level into support, the path will be clear to reach $1.15, despite a potential obstacle represented by the 50-day exponential moving average.
Overall, the crypto market is showing great resilience, capitalizing on US inflation figures to bounce back. This positive momentum suggests promising opportunities for savvy investors.
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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