Bitcoin's Rally Hinges on Inflation Data and Key Support Levels

Bitcoin's tight consolidation near its local top suggests that traders are waiting for a catalyst to start the next trending move. The S&P 500 index turned up after a two-day correction on April 6, indicating that the sentiment remains positive and traders are buying on minor dips. Ethereum buyers successfully defended the 20-day EMA on April 9, indicating that the trend remains positive. XRP has been trading above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that buyers are not waiting for a deeper correction to buy. Cardano has been trading above the 20-day EMA for the past few days but the bulls are struggling to clear the neckline of the inverse H&S pattern.