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Bitcoin Dips, Ethereum, XRP, Dogecoin Rise: Analyst Predicts 'BTC Goes Up' if Consumer Inflation Comes in

发布于 5 小时前 2 分钟阅读
Bitcoin Dips, Ethereum, XRP, Dogecoin Rise: Analyst Predicts 'BTC Goes Up' if Consumer Inflation Comes in

Bitcoin declined while Ethereum, XRP and Dogecoin posted gains, highlighting mixed trading across major cryptocurrencies. An analyst said Bitcoin could rise if consumer inflation data comes in favorably, though no specific inflation reading or price targets were provided.

要点速览

  • 01 Bitcoin was trading lower while Ethereum, XRP and Dogecoin moved higher.
  • 02 Market direction may hinge on incoming consumer inflation data.
  • 03 An analyst expects Bitcoin to rise if the inflation result is favorable.

Leading cryptocurrencies held steady on Tuesday as equities extended losses, with investors bracing for this week’s key inflation data

Crypto Market Consolidating?

Bitcoin remained within a tight range, fluctuating between $63,100 and $64,400, while its 24-hour trading volume decreased. Ethereum also experienced a dip in trading volume, while XRP and Dogecoin closed higher from the previous day.

Over $170 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses, according to Coinglass data.

Bitcoin’s open interest rose 0.94% over the last 24 hours. A jump in open interest while the price goes down typically indicates new sellers entering the market and opening fresh short positions, which in turn could be a sign of bearish sentiment.

"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.19 trillion, following a decline of 1.15% over the last 24 hours.

Stocks Close in the Red

Stocks extended their losses on Tuesday. The Dow Jones Industrial Average fell 184.13 points, or 0.34%, to end at 53,791.85. The S&P 500 declined 0.32% to close at 7,728.20, while the tech-heavy Nasdaq Composite shed 0.60% to end at 26,445.45.

The deadlock between the U.S. and Iran dragged on as President Donald Trump responded to Iran’s demand for reparations by placing his own demands.

Investors will next focus on a critical round of inflation figures, as the July consumer price report is scheduled for Wednesday and the producer price index for Thursday.

Bitcoin Waiting for CPI Report?

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted that Bitcoin typically dips in the days leading up to CPI releases, adding that if the figures come in better than expected, the asset will likely rise.

On-chain analytics firm CryptoQuant spotlighted that Bitcoin reserves on Binance have surged to their highest level since February

“Binance’s reserves reaching their highest level since February represents a significant shift compared with periods of lower Bitcoin supply on the platform,” the research firm said. “This signal becomes more significant if reserves continue to rise while the price weakens or exchange deposit inflows increase.”

Photo: Sodel Vladyslav / Shutterstock

Attribution

Originally reported by Benzinga

#bitcoin#ethereum#xrp#dogecoin#crypto#markets

快速问答

Why could consumer inflation data affect Bitcoin?

The excerpt says an analyst believes Bitcoin could rise if consumer inflation comes in favorably. It does not provide further details on the expected inflation figure or mechanism.

Which cryptocurrencies rose while Bitcoin dipped?

Ethereum, XRP and Dogecoin were reported to be rising while Bitcoin dipped.

Did the analyst give a Bitcoin price target?

No. The excerpt only says the analyst predicted that Bitcoin could go up if consumer inflation data comes in favorably.

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