This week’s CPI print and recent SEC enforcement should be bearish for cryptocurrencies, but today Bitcoin and many altcoins are seeing notable gains. Cointelegraph explains why.
A positive response to seemingly negative data is a sign that the sentiment is bullish and traders are looking for buying opportunities.due to the strengthening of the U.S. dollar index . They believe that a sustained rally in the DXY could limit the upside in cryptocurrencies.Usually, long-term downtrends are followed by a base formation. During this phase, several analysts remain skeptical about a rally but the price action continues to surprise them.
What are the critical levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin bounced off the $21,480 level on Feb. 14 and reached the 20-day exponential moving average . This shows that buyers are trying to arrest the correction near the 38.2% Fibonacci retracement level of $21,228. A shallow pullback is an indication that traders are buying on minor dips.
Conversely, if bulls drive and sustain the price above $22,800, the pair could rally to $23,500 and then to $24,255. The bears are expected to fiercely guard this zone. If the price turns down from it, the pair may remain range-bound between $21,228 and $24,255 for a few days.
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