Bitcoin (BTC) initially dipped before rallying after the release of US CPI data on Wednesday.
Bitcoin price finds resistance around the weekly level of $58,375; a breakout of this level could signal a bullish move. Ethereum finds support around the key level at $2,817, with potential recovery on the cards. Ripple price finds support around the weekly support level of $0.413, impending rally eyed. Bitcoin initially dipped before rallying after the release of US CPI data on Wednesday.
The Relative Strength Index and the Awesome Oscillator on the daily chart are currently below their respective neutral levels of 50 and zero. For bullish momentum to be sustained, both indicators need to rise above these critical levels, which could support the ongoing recovery rally. Furthermore, surpassing the $3,524 level could open the way for an additional 5.5% rise, aiming to retest the next daily high, recorded at $3,717 on June 9.
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