Bitcoin and Major Cryptocurrencies Experience Minor Gains Ahead of Inflation Data
Bitcoin, Ethereum, XRP Gain 1% Ahead Of Inflation Data Release
Benzinga
Image: Benzinga
Bitcoin and other major cryptocurrencies like Ethereum and XRP saw slight gains of around 1% as traders await the U.S. Consumer Price Index (CPI) data release. Market sentiment is mixed due to ongoing geopolitical tensions, particularly the U.S.-Iran conflict, and institutional selling pressure.
- 01Bitcoin traded around $72,123, showing flat movement amid geopolitical uncertainty.
- 02U.S. CPI data is expected to influence market trends significantly.
- 03Recent data indicates over $306 million in liquidations for traders in the past 24 hours.
- 04Bitcoin's price is closely monitored for a potential breakout above $72,000.
- 05Analysts suggest a successful breakout could lead Bitcoin towards the $100,000 mark.
Advertisement
In-Article Ad
Bitcoin is currently trading at $72,123, experiencing a slight gain of about 1%. This comes as traders prepare for the upcoming U.S. Consumer Price Index (CPI) data release, which is anticipated to impact market sentiment. Despite the positive movement, the cryptocurrency market is facing institutional selling pressure, particularly influenced by geopolitical tensions such as the ongoing U.S.-Iran conflict. In the past 24 hours, 98,516 traders were liquidated, amounting to $306.60 million in losses. Analysts are closely watching Bitcoin's price action, as a drop below $70,000 could trigger further liquidations, while a breakout above $72,000 could accelerate momentum towards the psychological target of $100,000. Other cryptocurrencies like Ethereum and XRP have also seen minor gains, with Ethereum priced at $2,218 and XRP at $1.35.
Advertisement
In-Article Ad
Advertisement
In-Article Ad
Reader Poll
How do you expect the upcoming CPI data to affect cryptocurrency prices?
Connecting to poll...
Read the original article
Visit the source for the complete story.