Overview
Inflation was worse than anticipated for the fourth straight month, according to data released Wednesday (10/04). The consumer price index was 3.5% in March 2023 above February’s 3.2% and hotter than consensus economist estimates of 3.4%. Core inflation, which excludes the volatile food and energy components, exceeded expectations at 3.8%, surpassing the forecast of 3.7%.
At their March meeting, Federal Reserve officials voiced concerns that inflation was not declining rapidly enough. FOMC members decided to maintain the wording in the after-meeting statement stating that they would refrain from lowering interest rates until they were more assured that inflation was consistently heading towards the central bank's 2% annual goal.
The producer price index, which measures inflation at the wholesale level, rose by 0.2% for the month, slightly below the Dow Jones consensus estimate of 0.3%. However, on a 12-month basis, the PPI increased by 2.1%, marking the largest gain since April 2023. This suggests there are pressures in the supply chain that could keep inflation high. Additionally, initial filings for jobless benefits dropped to 211,000 and lower than the estimated 217,000.
Following an Iranian drone attack on Israel, the cryptocurrency market witnessed a notable decline. On Saturday, the price of Bitcoin flash-crashed more than 8%. In the past 24 hours according to Coinglass, 86,595 traders were liquidated the total liquidations comes in at $249.27 million. The largest single liquidation order happened on Bybit - BTC/USDT value $5.65 million.
Even amidst market turbulence, Toncoin's native cryptocurrency, TON, rebounded swiftly, gaining 18% and reaching a new all-time high of $7.0. This surge in price follows Toncoin's partnership with HasKey, aiming to utilize HashKey Group's resources and expertise to improve treasury management capabilities in the Asia-Pacific region. The collaboration will investigate investment prospects within the TON ecosystem, demonstrating a mutual commitment to its expansion and progress.
Bitcoin Price Analysis
The daily chart shows that Bitcoin (BTC) made an attempt to exceed the minor resistance at $71,200 on April 8, 2024. However, on April 9, 2024, it failed to maintain its upward momentum and dropped to a daily low of $68,210. Although BTC bounced back from the support level of $67,700 - $68,400 on Wednesday, April 10, 2024, it couldn't break through its resistance area.
On Thursday, April 11, 2024, following CPI results below consensus, BTC underwent a correction. This was followed by a peak last weekend on Saturday, April 13, 2024, due to escalating tensions in the Middle East, leading to a sharp correction in the cryptocurrency market. The BTC chart indicates a strong support level at $62,000 - $62,500. If the price corrects below this level, there is a possibility of correction to $53,000.
Ethereum Price Analysis
The chart above show Ethereum (ETH) price movement from March 19, 2024, to April 8, 2024, forming an ascending triangle pattern, suggesting a potential reversal towards an uptrend. However, on April 9, 2024, it corrected, failing to breach the resistance level at $3,700, followed by a subsequent decrease in price.
On Friday, April 12, 2024, ETH finally broke out of the ascending triangle pattern, indicating a failed uptrend and a shift to a bearish phase, likely correcting to the next support level at $2,900. After rebounding successfully from this support level on April 13, 2024, as of today (15/04), ETH is showing resistance at this support level and is moving upward toward the $3,300 level.
Solana Price Analysis
The Solana chart above indicates a significant resistance at the psychological level of $200, which has been tested twice unsuccessfully, resulting in a downward movement. On April 2, 2024, it confirmed a breakout from its uptrend pattern and has a critical level at $170. Failure to sustain its price above $170 could lead to a correction towards the next support level at $130. Last Friday (12/04), it finally gave way, with Solana correcting by 11.14% in a day to reach the $130 level, briefly touching its lowest price at $116 before quickly bouncing back.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
