V-shaped | Crypto

Bitcoin’s post-CPI rally above $69,000 may help complete the V-shaped recovery chart pattern and also confirm that $60,000 was the sell-off bottom. Bitcoin (BTC) charged above $69,000 on Friday as US CPI data showed cooling inflation, leading traders to hope for a short-term BTC price recovery. Key takeaways: Traders favor a short-term BTC price relief rally, but bulls must first take out the resistance at $68,000 to $70,000.  Read more

Fundstrat's Tom Lee argues Ether is close to the bottom and says investors should be thinking about opportunities instead of selling. Fundstrat head of research Tom Lee said he expects Ether to rebound quickly following recent declines, arguing the asset has experienced eight such recoveries since 2018. “A lot of people are frustrated, but keep in mind that Ethereum, since 2018, has fallen more than 50% eight times,” Lee said at a conference in Hong Kong on Wednesday.  Last year, Ethereum fell 64% from January to March, he added.  Read more