Bitcoin price has the potential to see a market structure change towards further upside if it remains stable above $65,500. Ethereum is defending the $2,900 mark, but a 26% upside potential will only be activated after breaching $3,212. For Ripple price to become attractive, its RSI must record a stable higher high above the mean level of 50.
On Wednesday, Bitcoin price came to the rescue of altcoins following the release of US inflation data. The data, measured by the Consumer Price Index (CPI), showed a cooler reading of 3.4%. This led to a positive market reaction, with yields and the US Dollar falling, and cryptocurrency assets moving higher.
Bitcoin price is on the verge of a market structure change, with a potential to reach $70,000 if it can maintain a stable close above the $65,500 resistance level. Ethereum price is aiming to reclaim ground above the ascending trendline, with a critical level of $3,212 to watch out for. Ripple price is currently range-bound, with XRP bulls waiting for the RSI to show a higher high.
Overall, the cryptocurrency market is showing positive momentum following the US inflation data release, with Bitcoin, Ethereum, and Ripple prices all poised for potential upside moves. Traders and investors are advised to monitor key levels and indicators to make informed decisions in the volatile crypto market.