Bitcoin Moves Sideways, Ethereum, Dogecoin Gain Ahead Of Key Inflation Data Release: Analyst Says Bias To Remain Neutral Or Bearish Until This Happens

Bitcoin It moved within a range, Ethereum and Dogecoin Cryptocurrencies rose on Wednesday as investors pinned their hopes on upcoming inflation figures to drive the cryptocurrency market.

Cryptocurrency Profit +/- Price (recorded at 8:30 p.m. EDT)
Bitcoin BTC/USD +0.21% $57,612.63
Ethereum ETH/USD
+2.23% $3,100.52
Dogecoin DOGE/USD +1.33% $0.1078

what happenedBitcoin briefly surpassed $59,000 in the early morning hours before dropping to the $57,000 level by the afternoon. The world’s largest cryptocurrency has been on a month-long downward trend, a complete reversal from the $70,000 levels it hit in June.

Ethereum It also rose above $3,100 during the opening hours but has since stabilized in the $3,000 range.

The German government’s sale of its Bitcoin holdings has sent the crypto king tumbling, but new analysis suggests further damage may be limited.

More than $93 million invested in open positions has been liquidated in the past 24 hours, with long and short bets being liquidated in roughly equal numbers.

Bitcoin’s open interest rose slightly to 0.73% in line with the price movement, while Ethereum’s open interest surged 2.22%, signaling new capital inflows into the derivatives market.

About 60% of the market was bullish on Bitcoin, while 26% had a negative view. About 15% of traders were neutral, according to Coinglass.

Top Gainers (24 hours)

Cryptocurrency Profit +/- Price (recorded at 8:30pm EDT)
stack (STX) +9.66% $1.51
zkSink (ZK) +7.72% $0.1609
Jasmy Coin (Jasmi) +6.78% $0.02482

The global cryptocurrency market capitalization stands at $2.12 trillion, up slightly by 0.30% over the past 24 hours.

Shares surged on Wednesday, hitting new highs. S&P 500 It rose 56.93 points, or 1.02 percent, to close at 5,633.91, the first time the broader market index has risen above 5,600. Nasdaq Composite Index It rose 1.18% to hit a record high of 18,647.45. Dow Jones Industrial Average It rose 1.09% to close at 39,721.36.

The rise comes ahead of the release of key inflation data, which is expected to be one of the biggest market moves for both cryptocurrencies and stocks. The Consumer Price Index for June is due to be released on Thursday, followed by the Producer Price Index on Friday.

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Analyst Note: Popular Cryptocurrency Traders Kevin He noted that the bias will remain neutral/bearish until Bitcoin achieves a weekly close above $65,300 and sustains there for some time.

“There’s still a lot of work to be done before we can feel excited about the current structure again. This is just the reality at the moment,” the analyst stressed.

Another widely followed position trader Bob Lucas This highlights the possibility of an Ethereum season after months of underperformance against Bitcoin.

“Right now we have an ETH ETF that hasn’t had a pricing event. tradfi is probably talking about tokenizing ETH. Once a new custodian is in place, very favorable regulations could come into effect,” the trader said, highlighting several potential bullish catalysts.

Photo by CMP_NZ from Shutterstock

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