Recent trends in the cryptocurrency market have been influenced by higher-than-expected inflation data, raising concerns among investors about the global economy's future. Specifically, the core personal consumption expenditures (PCE) price index, excluding food and energy, saw a 2.8% year-on-year increase in March, leading to speculations about the Federal Reserve potentially maintaining interest rates. This has resulted in stagnant movements for major cryptocurrencies over the weekend, indicating a lack of significant activity from buyers or sellers. However, market participants view this consolidation phase as an opportunity to stabilize before an anticipated rally post the crypto halving event.

Bitcoin, the leading cryptocurrency known for its innovative blockchain technology enabling secure and decentralized financial transactions, experienced selling pressure recently. Its price dropped from $67,000 to $63,352, signifying a 5% decrease. With a market value of $1.25 trillion and a 24-hour trading volume of $18 billion, Bitcoin continues to garner attention in the market.

If the downward trend persists, Bitcoin's price may further decrease by 5.2%, potentially reaching the support trend line at $60,000. On the other hand, if the support holds, a renewed rally could push the price towards the resistance level of $71,200. In the altcoin space, Optimism (OP), a Layer 2 scaling solution for Ethereum, aims to enhance the blockchain's capacity and reduce transaction costs through faster and cheaper transactions while leveraging Ethereum mainnet security.

Under the influence of a declining trend line, the OP price experienced a 63% decline from $4.85 to $1.8, although it has since rebounded to $2.64 post-halving consolidation. With a market value of $2.7 billion and a trading volume of $427.2 billion, Optimism recently broke above a trend line signal, potentially signaling the end of the correction trend. Experts speculate that a post-breakout rally could elevate the crypto price to $4.