BTC Recovers to $80,000 Level ETH attempts to re-establish ground at $2,300 Tether dominance falls to the 7.11% range
Design by Blockstreet Reporter Jeong Ha-yeon
The U.S. April Consumer Price Index (CPI), released yesterday, showed a trend of "slowing inflation," partially easing market concerns. Although year-over-year prices remained high, investor sentiment appears to be stabilizing as assessments suggest that the scenario of a sharp re-acceleration of inflation feared by the market has been avoided. Consequently, Tether dominance (USDT.D), a measure of safe-haven sentiment, rose to 7.22% during the session before falling back to the 7.11% range, and a bullish candle is forming on the charts of major cryptocurrencies today.
Bithumb Bitcoin (BTC) Daily Chart
Bitcoin (BTC) has successfully recovered a key short-term support zone. As of 4 p.m. on the 13th, Bitcoin was trading at $80,956 (approximately 120.49 million KRW), recovering the $80,000 level it had fallen below the previous day. The market analyzes that risk appetite has revived as concerns about a strong dollar have partially eased following the CPI announcement. However, as strong resistance still remains around the $82,000 level, the possibility of increased short-term volatility is also being raised.
Bithumb Ethereum (ETH) Daily Chart
Ethereum (ETH) is also attempting to re-establish itself at key price levels. As of the same time, Ethereum is trading at $2,301 (approximately 3.42 million KRW), recovering the $2,300 level it had broken below the previous day. The market believes that if Ethereum succeeds in holding support at the $2,300 level, the short-term rebound trend is likely to strengthen.
Bithumb Ripple (XRP) Daily Chart
XRP continues to maintain a relatively strong trend. As of the same time, XRP is trading near $1.45 (KRW 2,158) and is attempting to break through a major resistance zone again. The market forecasts that whether it breaks through $1.46 will be a key turning point for further upward momentum.
Market assessments suggest that while concerns about tightening have not been completely resolved following the CPI announcement, the fact that the worst-case scenario was avoided is having a positive effect on the stability of the risk asset market. In particular, analysts believe that the reversal of Tether dominance back to a downward trend is contributing to a short-term rebound in the cryptocurrency market.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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