Top 3 Bitcoin, Ethereum, Ripple Price Analysis: BTC, ETH, XRP Slide After CPI Report
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Bitcoin (BTC) price bows to selling pressure, holds $58,000 after CPI data comes in at 2.9%, beating expectations while Ethereum (ETH) price and Ripple (XRP) price rollback.

Bitcoin (BTC) soared above $61,000 during the early Asia session on Wednesday but clawed back all the gains accrued in the last 24 hours in the US session. The volatility associated with the release of the Consumer Price Index (CPI) data weighed on most altcoins including Ethereum (ETH) price and Ripple (XRP) price.

Bitcoin (BTC) Price May Gain Momentum After CPI Release

Bitcoin price gracefully weathered the headwinds following the loss of momentum due to resistance above $62,000 late last week by securing support at $58,000 on Monday. With a renewed technical outlook, BTC price returned above $61,000, rising to test the $62,000 hurdle.

Traders seem to be treading cautiously, with CPI coming in at 2.9% annually in July, lower than the expected 3%. The core CPI, which held steady at 3.2%, may narrow expectations of a 50 basis point cut while affirming a possible 25 basis point cut in September. The Fed matched economists’ dovish expectations at the end of July’s FOMC meeting, where interest rates were left between 5.25% and 5.5%.

Bitcoin price holds between crucial support at $58,000 and resistance at $62,000. The 200-day EMA reinforces the upper range limit, suggesting that a break above it could strongly benefit the bulls who aim for another debut past $70,000. The Super Trend indicator bucks the potential uptrend.

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