The global cryptocurrency markets reacted to lower-than-expected inflation figures in the U.S., leading to price increases for Bitcoin and other altcoins.
Breakthrough of a Key Level
Bitcoin ([BTC](https://cointelegraph.com/bitcoin-price "null")) rose above $114,000 after the August Producer Price Index came in below consensus estimates. The positive inflation data and revisions of historical employment data raised expectations for a rate cut.
Price Predictions for Major Altcoins
Analytics platform Tephra Digital noted that if Bitcoin continues to follow the correlation with M2 and gold, its price could reach the $167,000 to $185,000 range by the end of the year.
Key Support and Resistance Levels
Among alternative cryptocurrencies, Ethereum ([ETH](https://cointelegraph.com/ethereum-price "null")) is forming a range between $4,250 and $4,500, while XRP ([XRP](https://cointelegraph.com/xrp-price-index "null")) is showing strength near $2.91. Other cryptocurrencies are also experiencing growth, nearing important resistance levels.
Overall, the cryptocurrency market continues to show positive trends, with Bitcoin and leading altcoins likely to maintain their upward momentum. Potential changes in economic policy will also be significant for future movements in the market.
