• Bitcoin (BTC) and altcoins are currently displaying divergent price dynamics across various timeframes, while Ethereum closely tracks Bitcoin’s movements.
• Crypto Rover has indicated that Bitcoin is showing signs of an impending breakout, as historical volatility reaches unprecedented lows.
• Altcoins face potential risks and may not exhibit the same strength as Bitcoin during a bear market.
Bitcoin Price Today
Bitcoin (BTC) is trading at around $30,690 at the time of writing, with anticipation of the release of the Consumer Price Index (CPI) reading on July 12th. Crypto Rover has indicated signs of an impending breakout for Bitcoin due to its low historical volatility. The cryptocurrency could potentially reach a target of $31.5K in the event of a breakout, but will face resistance at the $31.2K level if it fails to break out.
Altcoins are facing potential risks and may not exhibit the same strength as Bitcoin during a bear market. In particular, Solana is showing signs of weakness within a broader downtrend.
Anticipation for CPI Report
The market eagerly awaits the release of the Consumer Price Index (CPI) reading on July 12th for further insights into how different cryptocurrencies might fare in terms of pricing and trading activity going forward.
Historical Volatility Levels
Crypto Rover has noted that historically when volatility levels have reached unprecedented lows, this has often been followed by significant rallies over short periods – such as was observed in January 2023 when Bitcoin’s price action rose by over fifty percent in just a few days following similar low volatility levels then recorded.
Signs Pointing To Potential Breakouts
Overall there are signs pointing towards potential breakouts for both Bitcoin and altcoins alike dependent upon how CPI readings will influence markets going forward – however altcoins remain under more pressure than Bitcoin during bear markets nonetheless.