Bitcoin, Ethereum, Dogecoin Drop Amid Hotter-Than-Expected CPI Data: Analyst Says The Next Key Level For King Crypto Is 83K
Major cryptocurrencies took a slight breather on Tuesday evening amidst a sudden surge of volatility in the cryptocurrency market.
Matrixport, a crypto investment services firm, observed in its Tuesday market update that the rally of Bitcoin was displaying indications of waning momentum.
“We have been bullish on bitcoin since the end of January, but the risk-reward analysis favors a period of consolidation,” Matrixport analysts said. “This bull market still has legs, but the divergence between a declining RSI and still high Bitcoin prices could signal that Bitcoin needs to consolidate before rallying again.
