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Bitcoin’s post-CPI price action has been a remarkable show of strength from the bulls.
The Consumer Price Index for September missed expectations, with the headline CPI rising 2.4% YoY, slightly above the forecasted 2.3%. Core CPI also increased 3.3% YoY, surpassing the expected 3.2%.
Similarly, the Producer Price Index for September – released today on Friday – came in hotter than expected, especially the 3.3% core PPI print.
And yet, the Bitcoin price has reclaimed key support levels after falling to $59k on Thursday and is currently trading above the $61k mark.
Popcat, Dogwifhat, and other large-cap meme coins are already bouncing, anticipating a larger upside move in BTC. Low caps including Neiro Ethereum, Super Trump Coin and Crypto All-Stars are also in high demand.
Bitcoin Price Reclaims $61k – Is The Bottom In?
Bitcoin’s post-CPI resilience could be an indication of a local bottom.
After a sharp decline to $59k, the Bitcoin price has managed to hold all key support levels. For instance, it secured a daily close above the 100-day Simple Moving Average, which has been a critical S/R level for the past few months.
Similarly, BTC is trading above the 200-day Exponential Moving Average.
The 99-day Smoothed Simple Moving Average has been another key support level for Bitcoin. After initially dipping below it, it managed to flip the indicator before the daily close.
BTC is also forming a falling wedge pattern near the 99SMMA. A breakout above the upper trendline could trigger a bullish reversal to $64k.
The resilience of Bitcoin bulls isn’t entirely surprising. Hot inflation prints may slow the pace of the Federal Reserve’s quantitative easing, but they won’t stop it. After all, the latest FOMC minutes reveal that Fed officials are confident inflation is on track to reach the 2% target.
With the global cutting cycle still underway, market participants are anticipating a strong uptick in global liquidity. Unsurprisingly, meme coins are front-running a larger move in BTC. Solana meme coins – Popcat and Dogwifhat – are leading the rally, up by nearly double digits today.
However, low-cap meme coins are currently stealing the spotlight as crypto investors continue to hunt for 10x to 100x returns.
Low-Cap Meme Coins Soar – Are These The Best Crypto To Buy Now?
Risk assets like low-cap meme coins are dominating the current market rally.
For instance, Neiro Ethereum is up by over 50% today, making up the ground it lost after the Binance spot listing snub.
Similarly, Donald Trump’s growing lead against Kamala Harris on Polymarket has sparked a rally in PolitiFi coins.
Trump coins – including MAGA, TRUMP and Super Trump Coin – are all up by double digits.
However, the aforementioned projects do not offer any in-demand utility or passive income and are barely discernible from pump-and-dump schemes.
On the contrary, a new meme coin – Crypto All-Stars (STARS) – is receiving praise for its utility-driven nature and long-term viability.
The project’s key selling point is MemeVault, a multi-token staking protocol that will accept 11 meme coins and offer passive income to investors at industry-high rates.
This highly-audited, multi-chain staking model is already catching the attention of existing meme coin communities, especially since most top projects – including Dogecoin, Pepe and Shiba Inu – do not offer any passive income.
Unsurprisingly, stakers who stake STARS will receive thrice the payout.
The demand for STARS is soaring, especially considering it is a microcap. It has already raised over $2.1 million in its ongoing presale, with several whales among the early buyers.
Owing to its unique value proposition, Crypto All-Stars has also received the backing of prominent crypto influencers, many of whom are calling it the next 10x crypto.
*Cryptonomist did not write the article or test the platform.
