Bitcoin and Altcoins Gain After US Inflation Data
Bitcoin (BTC) is trading above $88,000 as of Monday. Ethereum (ETH) and Ripple (XRP) are also recovering after a volatile week. Ethereum stays above $2,900, aiming to break the $3,000 mark soon. XRP holds steady above $1.82, helped by inflows into spot Exchange-Traded Funds (ETFs).
US Inflation Data Supports Crypto Prices
The US Consumer Price Index (CPI) for November rose 2.7%, less than the expected 3.1%. The core CPI, which excludes food and energy, increased by 2.6%, below the 3% forecast. This data encouraged investors, lifting cryptocurrency prices.
The Federal Reserve reduced interest rates by 25 basis points to 3.50%-3.75%. It also eased aggressive rate cut expectations for 2026. Despite this, Bitcoin spot ETFs saw outflows of about $161 million on Thursday. Ethereum ETFs recorded outflows near $97 million, marking six straight days of withdrawals.
In contrast, XRP spot ETFs had daily inflows of around $30 million on Thursday. Their total inflow sits at $1.06 billion, with net assets near $1.14 billion.
Technical Outlook for Bitcoin, Ethereum, and XRP
- Bitcoin: Trading just above $88,000, Bitcoin aims to break a descending trendline on its daily chart. The Relative Strength Index (RSI) is 44, showing less bearish pressure. A rise above 50 on the RSI and a bullish Moving Average Convergence Divergence (MACD) crossover could help Bitcoin move towards $100,000. However, Bitcoin remains below key moving averages, indicating ongoing bearish risks.
- Ethereum: Ethereum trades over $2,900 with rising RSI at 44. A close above $3,000 could confirm short-term strength. Still, the MACD signals caution, and Ethereum remains below important moving averages between $3,218 and $3,428. Falling below $3,000 may push ETH toward the November low near $2,623.
- XRP: XRP is near $1.86 but below the 50-day EMA at $2.15 and other key averages. Despite a 3% daily gain, its MACD and RSI readings stay bearish. XRP faces resistance at $2.51, and a clear break above this level is needed for a trend reversal. Otherwise, the downtrend could continue.
