Internet Computer price poised for a rally after breaking above descending trendline
Internet Computer’s (ICP) price broke above a descending trendline on Tuesday, gaining over 14% daily and signaling a positive move ahead. ICP’s on-chain metrics further support this bullish development, as rising open interest, increasing trading volume, and long-to-short ratio above one hint at an upcoming rally.
Bitcoin holds $56,000 level as US ETFs record second consecutive day of inflows
Bitcoin (BTC) retraces slightly on Wednesday and approaches the critical support level of $56,000; if it holds, it might pave the way for further recovery. However, Wednesday’s upcoming US Consumer Price Index (CPI) report could trigger volatility in the largest cryptocurrency by market capitalization. Moreover, on-chain data hints at a rally, as shown by miners’ reduced selling pressure, negative exchange flow balance, and decreasing supply on exchanges.
Cautious rebound in cryptos
The cryptocurrency market lost 0.5% in the last 24 hours, falling to $1.99 trillion. As expected, the market failed to consolidate above the $2 trillion level due to the indecisiveness of major players ahead of the US inflation data. Selling has been prevalent since the start of the day, confirming the tactic of quick profit-taking.
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