The Complete Guide to Trading Like a Pro (PDF)

This free day trading eBook will teach you everything you need to know to start trading while aiming for maximum ROI. You will learn to build a solid foundation of key principles for successful trading right from the start.

By clicking the link above you will automatically opt-in to receive emails from PriceActionEA

Bitcoin, Ethereum, Dogecoin See Long-Sought Relief Rally On Favorable Inflation Data Numbers: Analyst Forecasts $68K-$69K As Next Test For King Crypto

Aniket Verma
May 15, 2024

The cryptocurrency market ushered in a strong rally Wednesday, following lower-than-expected retail inflation data. 

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)+7.37%$66,241.50
Ethereum (CRYPTO: ETH)+4.86%$3,029.94
Dogecoin (CRYPTO: DOGE)+7.91%$0.1555

What Happened: Bitcoin soared past $66,000 for the first time in three weeks, lifting more than 7% in the last 24 hours. The second-largest cryptocurrency, Ethereum, followed suit, breaking $3,000 following gains of nearly 5%.

The rally brought commotion to the market, triggering liquidations worth more than $150 million in the last 24 hours. Short liquidations surged past $110 million.

The surge boosted speculative interest, with Open Interest for Bitcoin Futures reaching a one-month high of $32 billion, an 8.64% gain in the last 24 hours.

The market rallied as monthly inflation in the U.S. grew 0.3% from March, below analysts' estimates of 0.4%, according to data released by the Bureau of Labor Statistics. The softer-than-expected numbers raised expectations of easing monetary policy, resulting in increased capital inflows in the risk-on markets.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Floki (FLOKI)+9.53%$0.0002103
Lido DAO (LDO)+6.81%$0.00001133
Arweave (AR)+5.43%$41.10

The global cryptocurrency market cap stands at $2.39 trillion, expanding 6.56% in the past 24 hours.

The stock market reacted with the same fervor, reaching record highs on Wednesday. The S&P 500 breached 5,300 for the first time, ending at 5,308.15 following a 1.17% uptick. The Dow Jones Industrial Average gained 349.89 points, or 0.88%, to close at 39,908.00, while the tech-heavy Nasdaq Composite also ended at a record high of 16,742.39, gaining 1.4% during the trading session.

U.S. Treasury yields sank lower, with the rate on the 10-year note dropping by 3 basis points to 4.323%, providing a further boost to the stocks.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst Kevin highlighted Bitcoin's falling wedge/bull flag pattern, predicting the next target as $68,000–$69,0000, a level that could offer significant resistance.

"Looking good thanks to the solid macro data we got the last two days from last month’s inflation revisions to Core CPI today," the analyst remarked.

Another noted technical analyst, Rekt Capital, discussed the beginning of the altcoin market’s bottom, which might lead to an altcoin season that traders have long sought.

"Whether Altcoins start bottoming now in mid-May or a little later in end of May, early June…The window for Altcoin bottoming has just begun."

Photo by Matt Benzero on Shutterstock

Read Next: Spot Bitcoin ETFs See $100M Inflows On Wednesday Amid Institutional Adoption

Popular

8 Large Cap Stocks That Outperformed Nvidia Over The Past Year

Nvidia surged 217.58% over the past year, 173.78% year-to-date. Here are eight large-cap stocks that outperformed it this past year.

[Urgent] Your ESG Score Is Here - Ad

As we speak, the powers that be are building a full-scale social credit system... And soon, it could be used to control the way you live your life. Legendary financial forecaster, Dr. Martin Weiss recorded an urgent message on how to prepare, including the three steps you should consider RIGHT NOW.

America's 'Silent Invasion' - Is Your Town in the Crosshairs? - Ad

A silent invasion is happening all over America. It has nothing to do with the border but will end with even more disastrous results. Why? A faceless entity is coming by air, rail, port, and highway. What does it mean for you and your money? There's still time to prepare, but you must act today.

Following Trump's Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time

Ahead of his sentencing, former President Donald Trump may be looking at community service after being found guilty of falsifying business records.

Following Historic Conviction, Donald Trump Is Facing More Criminal Charges With No Endgame In Sight

In a landmark legal battle, former President Donald Trump was convicted in New York last week, marking a significant moment as he faces other multiple charges across the U.S.

This Billionaire's Final Masterpiece: "X-9840" - Ad

The investment legend who predicted the rise of Bitcoin, Facebook and streaming services like Netflix... Just released the details on what he's calling Project X-9840. This business mogul is now set to revolutionize MONEY. He has said he could flip the switch "as early as mid 2024."

Nvidia 10-for-1 stock split goes into effect after stock price for the chipmaker doubled this year

Nvidia's 10-for-1 stock split goes into effect on Monday, giving investors nine additional shares for every one that they already own.

Will Your iPhone Support New Apple Intelligence Features? Here's What You Need To Know

Apple has announced a suite of AI-powered features for iPhones, calling it Apple Intelligence. However, these features will be limited to select iPhones.

Breaking News: Elon Musk Invents New Type of A.I. - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... Elon Musk is about to shock the world again with this new type of A.I.... Mining new millionaires in the process.

Edward Snowden Says 'Bitcoin Fixes This' In Response To NYSE Trading Glitch That Sank Warren Buffett-Led Berkshire Hathaway Shares

Renowned whistleblower and privacy advocate Edward Snowden used the technical glitch that disrupted trading on the New York Stock Exchange to draw attention to the inherent advantages of cryptocurrencies, notably Bitcoin (CRYPTO: BTC).

AI Giant To Close the AI "Wealth Window' June 25? - Ad

On June 25, AI Giants will reveal "AI 2.0" to major tech executives, marking a pivotal moment in investing. This next-gen AI promises to transform lives and create a $15.7 trillion global market by 2030. This brief opportunity exists for early investors to capitalize on small breakthrough companies before this wealth window closes.

Amazon invests $1.4 billion for affordable housing options in regions where it has corporate offices

NEW YORK (AP) — Amazon is adding $1.4 billion to a fund it established three years ago for preserving or building more in regions where the company has major corporate offices, CEO Andy Jassy announced Tuesday.

Micro communities for the homeless sprout in US cities eager for small, quick and cheap solutions

ATLANTA (AP) — In a dreary part of downtown Atlanta, shipping containers have been transformed into an oasis for dozens of previously unsheltered people who now proudly call a former parking lot home.

Amazon's Betting Big on This Unknown AI Company - Ad

Amazon has just made a stunning $144 million investment in one small AI company. Why? Because this under-the-radar firm holds the key to unleashing the full potential of next-gen AI... Its technology is crucial for the most advanced AI chips, including Nvidia's latest breakthrough.

Biden Administration Tightens Vehicle Fuel Mile Limits To Boost Electric Vehicle Market

The Biden administration has stiffened vehicle fuel mile standards as part of its plan to have emissions-free electric vehicles dominate America's automobile sector.

A Dark Economic Force Is Coming... - Ad

This force is more powerful than the Fed, the IMF, the World Bank, and BlackRock combined -- and it's coming for your money in 2024. Take these three steps to protect your wealth now.

An investment firm has taken a $1.9 billion stake in Southwest Airlines and wants to oust the CEO

DALLAS (AP) — Activist shareholder Elliott Investment Management has bought a $1.9 billion stake in Southwest Airlines and is seeking to force out the CEO of the airline, which has struggled with operational and financial problems.

Does 'Sell In May And Go Away' Work For Bitcoin? This Researcher Crunched The Numbers

Crypto researcher TradeTheFlow challenged the prevailing notion that summer is a dull period for cryptocurrency markets, particularly Bitcoin (CRYPTO:

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Disneyland employee dies after falling from moving golf cart in theme park backstage

ANAHEIM, Calif. (AP) — A Disneyland employee died after she fell from a moving golf cart in the backstage area of the Southern California theme park, authorities said Saturday.

Over 1.2 million rechargeable lights are under recall for fire hazards, following one reported death

NEW YORK (AP) — More than 1.2 million rechargeable lights are under recall in the U.S. and Canada following a report of one consumer death.

Exposed: 3 Cent Crypto to Explode June 24th? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on June 24th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Southwest Airlines CEO says he won't resign. A hedge fund is trying to get him fired

DALLAS (AP) — The CEO of said Wednesday he will not resign in the face of pressure from that wants him fired and that his leadership team will produce its own plan to boost the airline's .

This NYC vet makes house calls. In 'Pets and the City,' she's penned a memoir full of tails

NEW YORK (AP) — As a city kid, Amy Attas had big dreams of roaming the countryside, healing animals a la James Herriot's classic

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

Which midsize truck is better? Edmunds compares the Chevrolet Colorado and Ford Ranger

Buying a midsize truck can be a smart choice if you want a truck that’s capable but less expensive and more maneuverable than the typical full-size truck. There are quite a few options available and among them are two domestic headliners: the and .

This Election Shocker Could Be Worse Than Trump's Conviction - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just dropped this Trump election bombshell. For the sake of our country...I hope he's wrong. Because if he's right, you need to prepare now.

Toyota's Certification Crisis Extends Beyond Japan, Could Impact EU Operations

Toyota Motor Corp. faces severe implications worldwide after discrepancies in vehicle certifications breach United Nations standards, impacting operations across 62 countries including the EU.

As the need for copper rises, cable manufacturers recycle more

MONTREAL (AP) — In an industrial suburb of Montreal, sheets of copper move along a conveyor belt suspended four stories above the floor of a foundry — a metals plant — until they drop into a lava-hot furnace. Next come pieces of discarded copper wire.

Wall Street Icon Warns: "A Great Financial Reset Is Underway" - Ad

The man CNBC called "The Prophet" predicted the 2008 housing crisis and the 2022 sell-off... Now, he says that despite the bull market, he's worried older Americans are holding the WRONG stocks in their portfolios for this stage of their lives. So, he's urging folks to buy "America's No. 1 Legacy Stock," which could help them build wealth they could pass on for generations.

Boil-water advisory lifted in Atlanta after water system problems

ATLANTA (AP) — Residents in Atlanta no longer must boil water before drinking it, officials said Thursday, six days after a west of downtown affected service and spurred the advisory.

MAJOR BUY SIGNAL: Move Fast, Washington/Pelosi/Mill... - Ad

His system has found stocks that soared 1,174%, 2,123%, and 11,422%. But one investment he just uncovered in Washington D.C. could be his biggest discovery yet. It involves President Biden, Nancy Pelosi, trillions of dollars -- and the biggest economic shift since 1958.

Florida jury finds Chiquita Brands liable for Colombia deaths, must pay $38.3M to family members

Banana giant Chiquita Brands must pay $38.3 million to 16 family members of people killed during Colombia's long civil war by a violent right-wing paramilitary group funded by the company, a federal jury in Florida decided.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service