Altcoins
Altcoins Resilient as Bitcoin Price Crashes with CPI Coming This Week – Best Crypto to Buy the Dip
As the highly anticipated Consumer Price Index (CPI) report approaches on May 15, 2024, the potential impact on the price of Bitcoin and the broader cryptocurrency market becomes significant. CPI data serves as a key indicator of inflation levels within the economy, and its readings should be closely monitored by crypto investors.
A higher-than-expected inflation rate could put downward pressure on cryptocurrencies like Bitcoin, as it could trigger price pressure and change investor sentiment.
Despite potential headwinds, altcoins have shown resilience, with most major cryptocurrencies seeing modest gains or declines over the past seven days. Toncoin (TON) price in currencies, for example, jumped 21%, while Ethereum (ETH), Solana (SOL), and XRP saw declines ranging from 3% to 5%. Bitcoin itself started the week on a positive note, with the price up 2.5% and currently trading above the $62,000 mark.
Will the price of Bitcoin collapse with the next CPI?
Daan Crypto Trades, an influential analyst with nearly 400,000 followers, shared his views on the impending CPI release. He noted strong activity in order books, with significant long and short positions established over the weekend, in anticipation of the CPI data.
While recognizing the relative strength of altcoins compared to Bitcoin, Daan Crypto Trades believes that Bitcoin needs to stabilize above the $65,000 level to solidify a short-to-medium term uptrend.
Lots of action in the order books.
Big longs, big shorts through the weekend with the CPI again next week.
Alts does better than $BTC who shows signs of overall strength but would like to see #Bitcoin stabilizing above $65,000 to truly say we are back in the short/medium term.
Be…
– Daan Crypto Trading (@DaanCrypto) May 10, 2024
BATMAN, another analyst followed by 74,000 people, provided a comprehensive X analysis of Bitcoin’s price action ahead of the CPI release. He expressed optimism, anticipating a decline in inflation data on May 15, which could potentially trigger a bullish market reversal. BATMAN has searched Bitcoin’s weekly, daily and 4-hour charts, identifying key support and resistance levels.
On the weekly time frame, BATMAN highlighted that the Bitcoin price chart managed to maintain a parabolic uptrend, remaining within the trend line of the last two years. Even when many analysts were forecasting a decline to $50,000 last week, Bitcoin has adhered to this upward trajectory.
#Bitcoin Price Action Leading to CPI
On May 15, Consumer Price Index (CPI) and inflation data will be released. Recent data on unemployment, nonfarm payrolls (NFP), and jobless claims suggest that the labor market and economy are slowing significantly. Therefore,… pic.twitter.com/IVu6A0VOWf– BATMAN ⚡ (@CryptosBatman) May 11, 2024
Looking at the daily chart, BATMAN noted that BTC was attempting a retest towards the liquidity sweep zone of $56,000 to $59,000. Notably, the Stochastic and Relative Strength Index (RSI) indicators are currently in extremely oversold territory, with Stochastic poised for a golden cross. Additionally, the RSI reached a level where Bitcoin was trading at $38,000, suggesting rebound potential.
On the 4-hour chart, BATMAN has identified three key price points to watch: 1) a potential rebound from the current 4-hour fair value gap, 2) reaching the order block at 59,300 $, or 3) a drop as low as $57,600. command block. According to BATMAN, any of these three scenarios would be favorable, provided the price does not fall below the $56,500 sweep zone.
If all goes according to plan, BATMAN believes the price should follow one of the three outlined scenarios, with the CPI data acting as a bullish sentiment catalyst to trigger a market reversal.
Ali, another prominent crypto analyst, weighed in on X, stating that if BTC price can reclaim $64,290 as support, it is likely to reach $76,610. However, if it fails to rise above $64,290, Bitcoin could retest the support at $51,970.
If #Bitcoin can recover $64,290 as support, it is likely to reach $76,610. However, if it does not exceed $64,290, $BTC could retest the support at $51,970. pic.twitter.com/s4D1fTEU7k
– Ali (@ali_charts) May 12, 2024
Best Cryptocurrency to Buy Right Now
Jacob Bury, a YouTuber with almost 40,000 subscribers, highlighted Slothana as one of the best cryptocurrencies to invest in. Slothana experienced a sharp price increase of almost 500% from its initial floor price, despite a brief bear market phase.
To build trust and stability, Slothana locked in its liquidity until November 2024 and implemented a token burning strategy, which has already seen 3 million Slothana tokens burned as the price reached $0.03. More burns are planned at higher prices.
ClayBro, another crypto YouTuber with over 128,000 subscribers, recommended Slothana and two new meme coins as the best cryptos to buy now: Dogeverse and WienerAI. Dogevers is nearing the end of its presale and has raised over $15 million, with compatibility across multiple blockchains. WienerAI offers passive income potential through staking, raising over $1.6 million in pre-sales so far.
Conclusion
Although the upcoming CPI data may create problems in the crypto market, especially for the price of Bitcoin, altcoins have shown resilience. Analysts and influencers have highlighted several top cryptocurrencies to buy now, including Slothana, Dogeverse and WienerAI, as potential investment opportunities this week and beyond.