Good news for the market? – Inflation in the United States fell to 4%, a figure lower than forecast. This is good news for American citizens, and for the financial markets. However, the price of Bitcoin continues to move around $26,000, as traders await the FED’s decision on a possible pause in the rate hike. Pending the decision, BTC seems to be attracting capital.
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Bitcoin price stagnates in 24 hours
The BTC does not currently benefit from the announcement of the fall in inflation in the United States. The operators seem to want to wait for the Fed decision. Bitcoin price stagnates in 24 hours :
BTC stagnant now for a week. In one month, the price of BTC down 4%. The BTC/ETH pair stagnates in 24 hoursbut remains in 5% increase in one week. Ethereum continues to underperform Bitcoin.
Bitcoin Dominance Climbs: BTC Attracts Capital
The dominance of Bitcoin lets you know where is the capital going. When dominance rises, capital flows to the king of cryptocurrencies. Conversely, when the price falls, altcoins attract capital. It seems like capital is heading to BTC again :
With the fence over the last peak marked at 48.9%the course confirms the uptrend initiated in September 2022. Also, the course has rebounded at the level of institutional bias (EMA 9/EMA 19) bullish. As long as the price shows rising lows and highs, capital will flow into Bitcoin. The RSI tries to take over the bullish trendlineif it is kept, the buyers will benefit from the momentum.
The price of Bitcoin is in short-term indecision
The price tried to return to the level of the resistance at $26,700but the sellers showed up and took the price below $26,000 :
BTC price is in theshort-term indecisionbecause it evolves between the resistance at $26,700 and the next bracket at $25,000. Buyers and Sellers neutralize each other Currently. For the bulls, the goal is to get back above the resistance for a breather, and try to get back to the level at the next resistance at $27,500. Price must close above $27,400 to mark a double bottom in 4 hour time unit. For its part, the RSI must evolve above 62 so that the buyers benefit from the momentum short term.
In a tense altcoin environment due to the recent SEC attack on Binance and Coinbase, Bitcoin is attracting capital. As long as the dominance of BTC moves upwards, altcoins are going to struggle to express themselves. In the 4H time unit, indecision is present, buyers must react to avoid a return to $25,000.
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