- Bitcoin, Ethereum, and XRP are showing bullish signals as they approach key resistance levels, with technical indicators suggesting potential rallies.
- However, the upcoming US CPI report could trigger heightened volatility and influence short-term price direction for all three assets.
The crypto market is heating up as Bitcoin, Ethereum, and XRP show signs of strength in anticipation of the upcoming US Consumer Price Index (CPI) release. All three top tokens are signaling potential moves, with technical indicators pointing to possible rallies — or sharp corrections — depending on the macro data.
Bitcoin Nears All-Time Highs, Bulls in Control
Bitcoin price is holding firm just 2.2% shy of its all-time high. After retesting its 50-day Exponential Moving Average (EMA) at $101,000 last week, BTC surged past the key resistance at $106,406. On Wednesday, it hovered around $109,600.
With the Relative Strength Index (RSI) at 61 and the MACD confirming a bullish crossover, BTC appears poised to retest its May 22 record high of $111,980. However, a rejection could trigger a drop back to its prior support at $106,406.
Ethereum Breaks Out of Range, Eyes $3,000
Ethereum has finally broken out of its consolidation zone between $2,461 and $2,724, closing above the upper limit on Tuesday. By Wednesday, it was trading around $2,774, signaling growing confidence among ETH bulls.
The RSI at 64 and a near-confirmed bullish MACD crossover suggest more upside. If $2,724 holds as support, ETH could soon challenge the psychological resistance at $3,000. Should the breakout fail, however, a pullback to $2,461 remains on the table.
XRP Finds Support, Recovery Could Follow
XRP is showing signs of stabilization after reclaiming its 50-day EMA at $2.26. On Wednesday, the token hovered slightly higher at $2.28. The MACD flipped bullish on Monday, while the RSI remains neutral at 52, hinting at cautious optimism among traders.
If support holds, XRP may climb toward its next resistance at $2.72. But if the $2.26 level breaks, a decline toward $2.23 could follow.
Volatility Expected as CPI Looms
With the CPI data release looming, all eyes are on how macroeconomic indicators will shape short-term price action. Traders should brace for increased volatility, with each token poised for decisive moves.
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