Crypto Market News Today: Bitcoin Jumps Above $61,000, Ethereum and Other Altcoins Rise, and SUI Faces Bearish Heat

The post Crypto Market News Today: Bitcoin Jumps Above $61,000, Ethereum and Other Altcoins Rise, and SUI Faces Bearish Heat appeared first on Coinpedia Fintech News

The crypto market is gearing up. The prices of the top cryptos are rising after fighting the bearish heat for over a couple of days. The global crypto market capitalization has recovered above $2.14 trillion, keeping bullish hopes alive. A notable decrease of over 23% in trading volume has been recorded in the past 24 hours, while Bitcoin dominance has slightly increased by 0.37%. Bitcoin is back above the Monday highs and holding well after the PPI push during the previous day. Hence, the price is likely to move sideways until the CPI data release, which is scheduled for a few moments from now. 

Besides, the altcoins have also displayed enough strength, as Ethereum’s price has advanced above $2700. However, the other altcoins within the top 10 remain consolidated along their initial price zones. Solana is stuck below $145, the XRP price is around $0.57, Dogecoin is at $0.106 and Cardano is below $0.35. While Toncoin is displaying immense strength, the lead performer during the previous day, SUI, has fallen into a bearish trap with a marginal loss of 2%. 

The market participants are very eager to know the fresh CPI inflation later this day. If the rates come out hotter than expected, it may lead to concerns about the tighter monetary policy, which could be bearish for Bitcoin. Besides, the ETF flows were slightly more positive yesterday, with just $39 million, as the US PPI emerged slightly under expectations. The factors that dragged the PPI lower are not part of the CPI calculation; as a result, the CPI may not be favorable. 

What to Expect From the Crypto Markets Next?

The recent rise in the BTC price suggests the token is setting the stage for a breakout which has already been initiated by the PPI rates.  The upcoming CPI rates are expected to trigger a continuation of the volatility uptrend. If the CPI rate comes in at 3% or less, then the markets are expected to get a strong boost and surge. Meanwhile, if it comes in at 3.1% or higher, the markets may experience a potential dump.

The upcoming CPI rates are expected to beat the expectations set between 2.6% and 2.9%. Therefore, a daily close above the crucial resistance around $62,200 to $62,500 is expected to trigger a strong rise to $68,000, which is the local high for the BTC price rally. However, to eliminate all the bearish possibilities and trigger a breakout beyond the upper resistance, the Bitcoin (BTC) price needs to rise above the bearish pattern and achieve levels above $70,000.