Bitcoin Gains, Ethereum, Dogecoin Muted As Lower-Than-Expected Inflation Data Spurs Risk-Taking: Analyst Says King Crypto Can 'Teleport' To $68K On Favorable CPI Report - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Bitcoin spiked, but Ethereum and Dogecoin failed to be among the gainers as lower-than-expected inflation figures kept investors optimistic. What Happened: Bitcoin started rallying during early trading and soared to an intraday high of $61,500 before pulling back and consolidating in the $60,000 zone. Ethereum seesawed in the $2,650-$2,730 range Tuesday. The newly listed spot ETFs saw $24.78 million in net outflows, according to SoSo Value. In the past 24 hours, 31,646 traders were liquidated, with the total cryptocurrency liquidations at $88.85 million. Bitcoin saw an uptick of 2.75% in Open Interest in the last 24 hours, indicating influx of fresh money into the market. That said, the Long/Short Ratio dipped, indicating fewer upside bets than bearish bets. The market continued to be in a state of "Fear," according to the Cryptocurrency Fear & Greed Index. Top Gainers (24-Hours) The global cryptocurrency market stood at $2.13 trillion, growing 1.14% in the last 24 hours. Stocks edged higher Tuesday. The Dow Jones Industrial Average rose 408.63 points, or 1.04%, to end at 39,765.64. The S&P 500 gained 1.68% to close at 5,434.43, while the tech-focused Nasdaq Composite surged 2.43% to hit 17,187.61 at the closing bell. The rally followed lower-than-expected wholesale inflation growth for July. Investors would now seek clues from the more widely used measure of inflation, the consumer price index, due for release Wednesday, to forecast the possibility of the Federal Reserve lowering interest rates next month. See More: Best Cryptocurrency Scanners
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Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital expressed optimism about Bitcoin's latest moves. "Buy-side volume has come in. But even more volume needs to come in for Bitcoin to eclipse its local highs from a few days ago," the trader stated. "Nonetheless – so far, so good." Rekt Capital added that a daily close above $61,700 would boost bullish sentiment. Another popular trader Seth predicted that the CPI report might also come lower-than-expected, potentially causing King Crypto to rally to $68,000. "How will the stock market do tomorrow? Bitcoin is at resistance. This Moving Average seems to trigger a lot of sell Algos. Once we close a daily above that just teleport $BTC to 68K," Seth noted. Photo by Avi Rozen on Shutterstock Read Next:
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