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Bitcoin tests resistance as crypto market cap climbs after softer US inflation
Crypto market capitalization rose 3.5% to $2.22T and Bitcoin traded near $65K, with a potential next resistance zone at $73K to $74K cited by analysts.
Crypto market capitalization rose 3.5% to $2.22T and reached a three week high after Tuesday’s US inflation data showed prices slowing at the fastest pace in six years, which reduced expectations for a Fed rate hike, according to Action Forex. The broader market moved above its 50 day moving average, an early signal of a possible medium term bullish shift.
Bitcoin closed above the 50 day moving average and the upper boundary of a downward channel that had been in place since early June, Action Forex reported. The outlet said Bitcoin was trading near $65K after the surge and pointed to $73K to $74K as the next major resistance area, where the earlier downward momentum began and where the 200 day moving average sits.
Among other top coins, Zcash rose 8.8% over the prior 24 hours, while Chainlink gained 5.2% and Ethereum climbed 4.9%, Action Forex said. IOTA, Internet Computer, and Theta Network were among the laggards with modest declines.
Action Forex also highlighted that on chain and market activity may not fully support a sustained move, citing fading network interest and falling activity in US spot ETF volumes, down 78% from this year’s peak, as well as fewer posts on X reaching annual lows. The outlet added that US authorities transferred Bitcoin and Ethereum worth about $300 million combined to Coinbase Prime, which it said may reflect preparation for future steps rather than an imminent sale.
Latest closeBitcoin $64,855.44 ▼0.1%|Ethereum $1,885.35 ▼0.2%