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The Impact of Rising CPI on Crypto Markets

The crypto markets experienced a significant downturn due to the increasing CPI data in the U.S., leading to heightened volatility in an already volatile market. Despite Bitcoin being synonymous with decentralization, its price suffered a sharp decline this week, closely tied to the U.S. market.

The price of Bitcoin fell by 4% overnight, closing at $67,150 after reaching a low of $65,320. This drop in the market leader’s price sent a bearish signal throughout the altcoin sector, causing a ripple effect.

The recent sell-off wave resulted in the liquidation of $784 million in long positions this Friday, as reported by Coinglass. With the bearish sentiment gaining strength, speculations arise about the potential nosedive of Bitcoin, Ethereum, and XRP prices in the coming week.

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Is $100,000 Just A Pipe Dream For Bitcoin?

Despite the market turmoil, Bitcoin’s price chart shows a bearish candle forming from the overhead trendline, indicating a minor correction within a bullish flag pattern. The price of Bitcoin hovers around the 50-day EMA, suggesting a temporary setback.

However, despite the recent sell-off, Bitcoin remains above the 23.60% Fibonacci level, indicating strong underlying demand for the cryptocurrency. As the Bitcoin halving event approaches, the chances of a bullish spike rise, potentially leading to a breakout rally for Bitcoin.

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Ethereum Under Stress, Tension Grows Over $3,000 Level

With Bitcoin undergoing a correction, Ethereum, the leading altcoin, faces pressure from increased supply in the market. Despite this, Ethereum’s price remains above the critical $3,000 mark, with long-term projections suggesting a rebound from lower price levels.

The recent 7.50% drop in Ethereum’s price pushed it below the broken resistance trendline of a rising channel, raising concerns about a possible reversal. However, the RSI divergence in Ethereum’s price trend hints at a potential turnaround.

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Will The Sleeping Giant Wake Up This April?

With significant selling pressure on Bitcoin and Ethereum, altcoins like Ripple face similar challenges. The XRP token experienced a 10% decline, falling to $0.54 amid the market turmoil.

Despite the downturn, indicators like the RSI divergence and lower price rejection at the baseline suggest a possible comeback for Ripple. The altcoin could see a surge if the anticipated altcoin season coincides with the Bitcoin Halving event.

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What’s Next For Bitcoin, Ethereum, and XRP Price?

Despite the recent sell-off, Bitcoin and other altcoins are gearing up for a potential rebound next week. The ongoing uptrend, coupled with the upcoming Halving event, could propel the market to new highs. This dip presents an opportunity for investors to acquire top-tier cryptocurrencies at a discounted price.

AI legalese decoder can assist in interpreting legal documents, contracts, and regulations related to Bitcoin, Ethereum, and XRP, enabling investors to make informed decisions in a volatile market environment.

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