Bitcoin Retraces From Highs Ahead Of CPI Report; Ethereum Gains And Dogecoin Falls: Analyst Says $135,000–$140,000 Isn’t Hopium, But ‘One Clean Breakout’ Away
Cryptocurrency market euphoria cooled slightly Monday as investors anticipate the release of June’s Consumer Price Index report.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.17% | $119,233.36 |
| Ethereum (CRYPTO: ETH) |
+0.47% | $2,986.37 |
| Dogecoin (CRYPTO: DOGE) | -2.40% | $0.1941 |
What Happened: Bitcoin fell to an intraday low of $118,959.20, a marked reversal from its early morning highs. Trading volume soared 256% to a whopping $180 billion, indicating heavy profit-taking.
According to CryptoQuant, miner reserves have fallen steeply over the past few days.
Ethereum also reversed course, falling below $3,000, even as trading activity remained high.
The two blue-chip currencies are off to a flying start in the third quarter, with Bitcoin up 11.68% and Ethereum up more than 20% so far.
Over $800 million was liquidated from the market in the last 24 hours, with short position traders bearing the brunt of the rally. That said, about $595 million in longs risked liquidation if Bitcoin reversed to $117,000.
Bitcoin’s open interest rose 2.40% …
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