As the News of Lower-Than-Expected U.S. Inflation Data Broke Out

As the news broke out of lower-than-expected U.S. inflation data, the cryptocurrency market experienced a positive action

The cryptocurrency market displayed a positive trend on Thursday, as most tokens traded in the green territory following the news of lower-than-expected U.S. inflation.

This development comes as the possibility of the Federal Reserve (FED) cutting rates is relatively higher when the U.S. CPI cools, considering the historic market sentiments.

As of Thursday's morning session, the cryptocurrency market had a valuation of $3.47 trillion, with an intraday trading volume of $135.14 billion. Among the top-performing tokens were Bitcoin, Ethereum, and XRP, which experienced a short jump in their respective valuations.

Bitcoin price tested the $110,000 mark

The price of Bitcoin (BTC) is on the path of achieving a new ATH as it has successfully retested its $110,000 today with a 24-hour high of $110,384.22. Despite recording a drop of 10.41% in its trading volume to $52.11 billion, it has maintained its dominance at 62.91% with a market cap of $2.16 trillion.

The Bitcoin price trades above all the Exponential Moving Average (EMA) trendlines in the 1D time frame. The 20-day average acts as a support around the $106,332 mark (highest) whereas the 200-day EMA hovers around the $92,300 mark (lowest). This sentiment suggests that the BTC price may continue gaining value this week.

The MACD indicator forms a bullish pattern in the BTC price chart as it witnesses a rising green histogram along with its 12 & 26-day EMA experiencing a positive convergence.

If the Bitcoin price crosses the $110,000 mark again, it could possibly head toward its ATH of $111,970 shortly. Conversely, a weak buying pressure could lead the largest crypto token in retesting its immediate support levels of $107,218 & $106,332, respectively.

Ethereum price reclaims $2,800 for the first time since February

For the first time since 24th of February, the ETH price has surpassed the $2,800 mark, suggesting increased bullish action in the crypto-verse. With a listing price of $2,868, this altcoin has a market capitalization of $341.47 billion which totals to 9.89%. Notably, this figure has increased by 0.88% from 9.01% over the last 30 days.

The Relative Strength Index (RSI) has displayed a constant rise after testing its neutral point (50), is currently valued at 68.98 and about to test its oversold range (70). By evaluating the above trend, the largest altcoin is bound for a higher price target.

The Cross EMA 50-day has witnessed a rising trend whereas its 200-day EMA displays a steady action around the $2,471 mark. Further, this trajectory highlights a high possibility of a Golden Cross, suggesting a sustained bullish action in the upcoming time.

If the market continues favoring the bulls, this could result in the ETH coin price reclaiming its immediate resistance level of $3,000. However, a bearish trend reversal may pull the price toward its lower support levels of $2,602 and $2,471, respectively.

Top gainers

Among the top gainers in the cryptocurrency market today, KAIA experienced a significant surge of 18.47%, pushing its price to $0.0498. Similarly, FARTCOIN displayed a substantial gain of 17.44%, ultimately increasing its price to $0.0012.

Furthermore, JTO experienced a price increment of 13.54%, reaching $0.0484, while SPX also displayed a strong performance with a 12.34% rise, finally settling at $0.0048. Lastly, VIRTUAL showed a smaller gain of 3.96%, settling at $0.0114.