Bitcoin, Ethereum, Dogecoin Fail To Cheer Softer Inflation, China Trade Deal: Analyst Says BTC Needs To Hold Above This Level To Maintain ‘Bullish Momentum’
Leading cryptocurrencies dipped on Wednesday despite lower-than-expected inflation and the new trade deal announcement with China.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.18% | $108,619.39 |
| Ethereum (CRYPTO: ETH) |
-1.53% | $2,772.61 |
| Dogecoin (CRYPTO: DOGE) | -2.71% | $0.1928 |
What Happened: Bitcoin reached a high of $110,384.22 in the early trading hours before falling to the $108,000 region by late evening.
Ethereum’s rally also got halted as the second-largest cryptocurrency took a U-turn after cruising to $2,877.63.
Meanwhile, ETH’s market dominance hit 9.8%, the highest since the end of February. BTC’s share remained steady at 63.3%.
About $293 million was liquidated from the cryptocurrency market in the last 4 hours, with $198 million in bullish long bets wiped out.
Bitcoin’s Open Interest fell further by 1.62% in the last 24 hours. The majority of Binance traders with open BTC positions remained short, according to the Long/Short ratio.
“Greed” sentiment continued to dominate the market, according to the Crypto …
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