After celebrating with rises the good US inflation data that determined a slowdown in the Fed rate hike, digital assets turned downward.
bad sign for cryptocurrencies. He Bitcoin this Thursday, May 11, it falls almost 3% in the last 24 hours and loses US$28,000. Meanwhile, Ethereum loses 3.3% but remains unchanged at $1,800. The rest of the market operates with losses of more than 5% led by Polygon (5.5%), Solana (3.9%).
After celebrating the good US inflation data that determined a slowdown in the Fed rate hike, digital assets turned downward. The CPI for April showed that the rise in prices fell to 4.9% year-on-year, compared to the 5% registered in March, below the consensus estimate. For its part, the underlying rate, which excludes food and energy, fell by one tenth, to 5.5%, in line with expectations.
Speaking to ‘CoinDesk TV’, Katie Stockton, founder of Fairlead Strategies, noted that while cryptocurrencies tend to like low CPI numbers better, they are still not expecting major market stocks to rise. “From a technical perspective, we are seeing a positive reaction. But in reality, the stock is somewhat insignificant in terms of where both bitcoin and ethereum have traded of late. They recently broke below their 50-day moving averages.”, he pointed out.
According to this expert, the queen cryptocurrency could be directed in the coming days towards the important support that it presents in the u$s 25,000although it continues to see an upward trend in the medium term.
According to the technical analyst of bagmania, César Nuez, we must be attentive to the loss of this level since it does not rule out “an extension of the falls to the level of US$22,000, levels where the average of 200 sessions converges”.
Source: Ambito
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