The upcoming release of April's inflation data in the US is crucial for the Federal Reserve (Fed) as it determines interest rates, influencing investment sentiment. In March, the country's annual headline Consumer Price Index (CPI) rose to 3.5% from 3.1% in December 2023, while the core CPI increased to 3.8% year-on-year from 3.7% in the previous month. Consensus estimates suggest that the US headline CPI may slightly decrease to 3.4%.

Bitcoin Price Analysis

Bitcoin (BTC) has been struggling to break above the mini resistance level at $65,500 on Monday (06/05). The current market sentiment is somewhat undecided as traders and investors await the release of the Consumer Price Index (CPI) data for April, expected 15 May 2024. The CPI data is closely watched as it provides insight into inflation trends, which can have a significant impact on market expectations regarding monetary policy and economic growth.

Bitcoin (BTC) currently has strong support at the $58,000 level. However, if BTC were to lose this support level, it could potentially decline further to around the $53,000 level. Bitcoin has experienced a decline of approximately 15% from its peak on April 8th. Bitcoin is currently showing a downtrend in its movement.

Ethereum Price Analysis

Ethereum (ETH) has been showing a gradual decline trend since its peak at $4,064 on Saturday (11/05). At the beginning of the week, the price of ETH failed to reach the resistance level at $3,300. The highest price reached on that day was only $3,221. The day after, the price gradually declined and is now sitting at a strong support level at $2,900.

It seems like ETH has established a strong support level at $2,900, as the price has rebounded three times when touching this level in the past. However, if the price fails to rebound at this level, there is a possibility that Ethereum could decline further to the $2,500 level. Overall, ETH is currently showing a downtrend in its movement. This means that the price of Ethereum has been decreasing over a period of time, indicating selling pressure in the market.

Solana Price Analysis

On Monday (06/05), the price of Solana (SOL) failed to break above the $160 level, which would have signaled a potential change from a downtrend to an uptrend. After failing to break this resistance level, the price of Solana gradually declined, the current price is sitting at $141.

If SOL fails to maintain its price above $130, it could confirm the formation of a double top pattern, it could indicate a potential decline to the target price of $106. Since its peak on March 18, 2024, at $210, SOL has already declined by 32%.


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