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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
Bitcoin, Ethereum, and XRP (Ripple) have entered a consolidation phase after failing to break through key resistance levels ahead of the US Consumer Price Index (CPI) announcement. The market appears to be searching for direction, wary of both inflation indicators and Middle East risks simultaneously.
According to FXStreet, an investment media outlet, on May 12 (local time), Bitcoin (BTC) is trading below $81,000 and continues to defend the $80,000 support level. Ethereum (ETH) is moving below $2,300, while XRP is maintaining a sideways trend above its key support level of $1.45.
Market participants view the US CPI data scheduled for release today as the biggest variable. The outlet reported that the April CPI growth rate is expected to rise to 3.7% year-on-year. Core CPI, excluding food and energy, is also anticipated to increase by 2.7%. The surge in international oil prices due to the escalating conflict between the US and Iran is also fueling inflation concerns. However, the crypto fear and greed index rose from 48 to 49 the previous day, showing some stabilization in investor sentiment.
Institutional fund flows showed mixed results across different assets. According to SoSoValue data, Bitcoin spot ETFs recorded a net inflow of approximately $27 million on the 12th, breaking a two-day consecutive outflow streak. The cumulative net inflow totaled $59.37 billion, with net asset value reaching $109.08 billion. In contrast, Ethereum spot ETFs recorded a net outflow of approximately $17 million. XRP digital investment products saw an inflow of $26 million, an increase from the previous $6 million.
Technically, Bitcoin is maintaining a short-term bullish structure by staying above the 50-day and 100-day EMAs, but it is struggling to break through the 200-day EMA resistance level of $81,826. The Relative Strength Index (RSI) is around 61, and the Moving Average Convergence Divergence (MACD) is also maintaining a gentle upward trend. Ethereum is holding above its 50-day EMA of $2,276 but remains below its 100-day EMA of $2,341, and XRP's 100-day EMA near $1.50 is also acting as a short-term resistance level.
The media analyzed that market volatility is likely to increase depending on the CPI results. If Bitcoin breaks through the 200-day EMA, there could be room for further upside, but conversely, if the $80,000 support level breaks, selling pressure could intensify. For XRP, maintaining the $1.45 support, and for Ethereum, defending the $2,145 SuperTrend support level, were identified as key variables for the short-term trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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