$BTC $ETH $XRP #bitcoin

Traders Eyeing Bitcoin at $135,000 and Ether at $4,800

Analysis in light of CPI data:

The cryptocurrency market rally continues, with Bitcoin holding steady above $118,000 after a 2.2% rise yesterday.

Ether’s price also remained stable, closing at $4,300, part of its 17.2% weekly gain, bringing it close to its all-time high of $4,800.

Other major cryptocurrencies also posted significant gains. XRP rose above $3.16, Solana’s SOL reached $176, Dogecoin stood at $0.22, and Binance Coin stabilized at $800.

Lido’s staked Ether mirrored Ether’s 18% weekly increase, while the total global crypto market capitalization has reached $4 trillion.

Unlike the typical rally led by Bitcoin, this week’s surge has been driven by the strength of altcoins, which in turn helped push Bitcoin higher. According to market analysts, Bitcoin has broken through the $120,000 technical level and is now targeting the $135,000 to $138,000 range.

Ether’s performance has been supported by U.S. government backing and heavy investment into ETFs. Ether has gained 21% in the past seven days and 45% over the past 30 days, with its on-chain activity and user numbers nearing record highs. It is expected that Ether could soon break its $4,800 record.

U.S. stock markets, particularly the S&P 500 and Nasdaq, are trading near record highs, which has offset the impact of new U.S. customs taxes and political tensions.

Today’s expected Consumer Price Index (CPI) report may show a slight increase, potentially bringing the annual inflation rate to 2.8%. If the data comes in soft, the chances of an interest rate cut in September will

Trading data indicates that investors are focusing on Bitcoin selling to hedge against potential risks ahead of the CPI announcement, especially with increased demand for options in the $115,000 to $118,000 range.

Investment flows into Bitcoin ETFs and institutional positioning will determine whether the $122,000 to $124,000 resistance level can be broken.