Bitcoin and ethereum were in the green at press time, with the apex coin trading above the key $30,000 psychological level, as the global cryptocurrency market cap rose 3.4% to $1.4 trillion.
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Cryptocurrencies rallied as stock futures traded in positive territory at press time as investors awaited key inflation data. S&P 500 and Nasdaq futures were up 0.25% and 1%, respectively.
April Consumer Price Index numbers are expected on Wednesday morning. Economists expect CPI to rise by 8.1% in the month, to fall from the 8.5% growth registered in March.
“The rebound in the Nasdaq was welcome news for Bitcoin investors, but Wall Street won’t feel fully confident in piling back into equities until the Fed and ECB can signal they have inflation under control,” said OANDA Senior Market Analyst Edward Moyain a note seen by Benzinga.
The apex coin faces short-term resistance at $32,500 and then at the $35,000 mark. On the other end, it will try to hold $30,000 with $28,500 providing major support, according to Moya.
Cryptocurrency investment firm Digital Currency Group CEO Barry Silbert tweeted Tuesday he would rather own “bitcoin than anything else in this market.”
I’d rather own bitcoin than anything else in this market
— Barry Silbert (@BarrySilbert) May 9, 2022
Silbert also said he has a “newfound appreciation for the boringness of bitcoin.”
I have a newfound appreciation for the boringness of bitcoin
— Barry Silbert (@BarrySilbert) May 11, 2022
cryptocurrency trader Michael van de Poppe said the unrestored peg on TerraUSD (UST) and upcoming inflation data is probably why Bitcoin “isn’t bouncing back faster.” The trader said he sees new lows happening.
This is the outlook for #bitcoin.
That puts some risk on the price action.
Losing $31K and I’m seeing new lows happening. pic.twitter.com/iThgyuqm5g
— Michael van de Poppe (@CryptoMichNL) May 10, 2022
Justin Bennett said the “relative strength” of Ethereum against Bitcoin has caught some off guard. The analyst said a retest of the failed 0.08 area on the ETH-BTC could take place before more downside.
This could be a retest of the failed 0.08 area before more downside.
Many will confuse this with a bullish ascending triangle.
— Justin Bennett (@JustinBennettFX) May 10, 2022
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