Crypto Wakes Up and Trends Higher After Downtick in US Inflation
A recent report accused the crypto market of not reacting to the positive news of a downtick in US inflation. However, just one day later, the crypto market is showing signs of waking up. Bitcoin has suddenly increased by 0.6%, potentially reaching the top of its range at around $31,400. The longer this accumulation phase lasts, the more explosive the resulting move is expected to be. Additionally, altcoins have been freed from their recent stagnation as the USDT dominance chart shows signs of breaking down. The Total 3 chart, which includes all cryptocurrencies except bitcoin and ethereum, has broken to the upside and is approaching the next resistance.
DoJ Bitcoin Overhang and Long-Term Outlook
Despite the positive momentum, the crypto market faces challenges. The US Justice Department selling its bitcoin can impact market sentiment. The recent transfer of 9000 BTC to a new address suggests that more bitcoin may be sold in the future. However, the long-term outlook for bitcoin and cryptocurrencies remains positive. With fiat currencies losing purchasing power, holding at least some wealth in bitcoin is seen as a way to hedge against inflation. The potential for cryptocurrencies to revolutionize various economic sectors further supports their long-term viability.
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