Cryptocurrency Market Remains Cautious Despite Soft US Inflation Data

Bitcoin and Ethereum prices were relatively stable on Thursday despite softer US inflation data that failed to ease pressure across the cryptocurrency market. According to CoinMarketCap, the global crypto market capitalisation went up 0.24% to $2.19 trillion.

Riya Sehgal of Delta Exchange noted that Bitcoin's rejection from $64,800-$65,300 leaves $63,200 as immediate support, followed by $62,400. Ethereum is testing $1,860-$1,875 after failing near $1,920.

Vikram Subburaj, CEO of Giottus, pointed out that the muted response suggests improving macro conditions have not yet translated into strong crypto demand. Immediate support for Bitcoin is around $63,000-63,250, followed by $62,000.