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A choppy Bitcoin price action around the critical $69,000 has left most of the crypto prices in a downtrend. However, despite increased selling pressure in the altcoin market, Nervous Network (CKB) and Ethena (ENA) extended their gains on Wednesday. On the other hand, Dogwifhat (WIF) and Gala Games (GALA) emerged as the biggest losers, dropping 12% and 13%, respectively.
A look at the BTC/USD chart reveals that after hovering around the Monday lows of around $69,043, the price finally succumbed to the selling pressure as the CPI numbers came out. The CPI report for March 2024 showed that the MoM and YoY inflation came slightly more than expected.
This caused a drop in the ES mini futures while also triggering a sell-off in high-risk assets like cryptocurrencies. As a result, the Monday low of $69,043 may now act as a resistance for the BTC price.
Amid a bearish market sentiment, Nervous Network emerged as the most lucrative asset on Wednesday. The altcoin has been up 116% in the last 7 days as the bulls aim for a retest of the 2021 all-time high of $0.043. Currently, the price is trading above the $0.033 resistance level.
If bulls flip this level into support, CKB price prediction would maintain a bullish outlook, and the next stop could be $0.043.
The incredible run of Ethena continues. ENA crypto soared to a new all-time high of $1.45 on Wednesday. At press time, the digital asset was having a correction due to a pullback in Bitcoin. If bulls hold $1.22 support, a new high seems to be on the cards.
The recent rallies in GALA and WIF seem to have ended, as both assets had a sharp decline today. Consequently, GALA is down 17% from its weekly peek at press time, and the outlook appears to be even more bearish.
Similarly, WIF has gained acceptance below the previous range highs of $3.48, which might result in a bearish continuation in the coming days. The popular Dogwifhat token is now trading 30% below its all-time high.
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