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Lockridge Okoth
FXStreet
Bitcoin (BTC) price is bullish on the lower timeframe, but there is no actionable price action in the higher timeframe. Without a proper catalyst in individual ecosystems, Ethereum (ETH) price is moving in tandem with BTC, steadily gaining ground as the broader market braces for the Consumer Price Index (CPI) reading scheduled for July 12. Meanwhile, Ripple (XRP) price is moving within a steady range as market participants plan their next move.
Also Read: Will altcoin investments pay out in third quarter of 2023?
Bitcoin (BTC) price shows an actionable price move in the one-hour chart for the BTC/USDT 1-hour trading pair. This is unlike the one-day timeframe, where you can assume a stagnating market. The king of crypto remains bullish after flipping the 50-, 100-, and 200-day Exponential Moving Averages (EMA) hurdles at $30,252, $30,296, and $30,344 into support.
However, experts anticipate a prolonged drag until the CPI inspires some volatility. Based on popular opinion, the report could come in at 3.1%, an outcome that could trigger a rally for the flagship crypto.
A positive reading could see Bitcoin price break the range, potentially breaching the $30,500 mark to record a new range high.
The Fibonacci Retracement indicator shows that Bitcoin price is likely to head north toward the 50% Fib at $30,727. This outlook is supported by the Relative Strength Indicator (RSI) and the Awesome Oscillator (AO), moving up to show rising momentum.
BTC/USDT 1-hour Chart
However, the influence of macroeconomics like CPI has sort of dried up over time, meaning BTC could continue the dull price action or succumb to investor greed and head south.
Also Read: CPI meets low BTC supply – Five things to know in Bitcoin this week
Ethereum (ETH) price is sitting above the 50-day EMA at $1,852, with momentum indicators pointing to a rising momentum. The PoS token is gaining momentum against Tether (USDT), recording a daily rise of almost 2% and almost 10% over the last month. A sustained increase in buying pressure could see ETH breach the immediate barricade at $1,959 before confronting the $2,000 level.
The AO, an indicator histogram that compares and displays market momentum, is trading above the zero line to show Ethereum price is still bullish. Similarly, the RSI is edging north, pointing to a growing momentum.
Bitcoin price recording a potetial fresh increase, possibly catalyzed by the oncoming macroeconomic report, could increase the chances for the upside as the overflows of a BTC rally often bode well for Ethereum price.
ETH/USDT 1-Day Chart
Conversely, a rejection from the $1,959 hurdle could send Ethereum price below the support offered by the 50-day EMA.
Also Read: Veteran trader Peter Brandt calls Binance ‘scam of the decade’ as Bitcoin, Ethereum trade at discount
Ripple (XRP) price points to a market where traders are reluctant to make moves as XRP continues moving within a zone. The complacency comes as community members grow weary of a long-overdue judgment in the network’s case against the US SEC.
The resistance at $0.506 and the support at $0.444 has the remittance token caught in a bound, possibly as investors plan the ideal entry or exit points. An increase in buyer momentum could see Ripple price rise 5% above the current market position of $0.478 to fight off the $0.506. With investor greed in check, XRP could extend further toward the $542 level.
XRP/USDT 1-day chart
Nevertheless, the $0.506 range could also be the ideal exit points for investors booking early profits. The ensuing selling pressure could send Ripple price southward to find support at $0.444.
Also Read: Ripple price suffers the aftermath of Hinman email failure as the XRP hype train dissipates
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Fantom price was recovering at a consistent pace until July 7, when the altcoin declined to nearly three-week lows. The change in price action's direction was expected to change the investors' behavior as well, and it did, but unlike expectations.
Grayscale has been fighting the SEC just like a few of its other peers in the crypto space. Considered to be the pioneer of Bitcoin investment products with its Grayscale Bitcoin Trust (GBTC), the asset manager has always been vocal over regulations and is now directly taking a shot at the same.
Ripple lawyer and XRP proponent John E Deaton joins the Crypto Twitter community, which is in awe after the SEC approved Grayscale's leveraged Bitcoin Futures Exchange Traded Fund (ETF), giving the product the go-ahead to commence trading.
Bitcoin price could breach the $30,500 hurdle if it holds above the local low of $29,950. Ethereum price looks ready for another leg higher above $2,000 as ETH gains pace against the USDT. Ripple price shows investors are not trading the intermediate with possible entry and exit points at $0.448 and $0.506, respectively.
Bitcoin (BTC) price shows multiple sell signals on the daily chart, hinting at a short-term correction. Although the longer-term outlook remains bullish, the hype generated by multiple US-based companies filing for Bitcoin ETF seems to be waning.
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