Price Analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After August 10 neutral CPI print, Bitcoin and altcoins attempt to reverse stiff airborne resistance levels to support them in order to prepare for the next step up.

Price analysis

The August 10 Consumer Price Index (CPI) report shows that year-on-year inflation rose 8.5% in July and although this figure was lower than economists' expectations of 8.7%, it remains high. Although inflation remains well above the Federal Reserve's 2% target, the marginal slowdown gives hope that rate hikes by the Federal Reserve have begun to bear fruit. This reduced the likelihood of a 75 basis point rate hike at the September meeting from 68% on August 9 to 37.5%, according to data from the CME Group.

Risk assets, including cryptocurrency markets, reacted positively to the CPI print. Compared to Bitcoin (BTC), altcoins are enjoying a stronger rally. This pulled Bitcoin dominance near yearly lows while Ether (ETH) climbed near yearly highs.

Daily performance of the cryptocurrency market. Source: Coin360

According to data from CoinShares, Ether-linked products saw inflows of $159 million over the past seven weeks. This indicates that Ether seems to be attracting the attention of institutional investors in anticipation of the merger, which is scheduled for September 19.

Could Bitcoin and altcoins hold the highs? Let's study the charts of the top 10 cryptocurrencies to find out...