Bitcoin, Ethereum, Dogecoin Prices Decline After Inflation Data: Market Stability Hinges on $58K-$59K Range for Bitcoin – Grayscale Bitcoin Mini Trust (BTC) Sees Decrease in Value (ARCA:BTC)
Cryptocurrency markets are currently trading lower as Bitcoin ETFs saw a second consecutive day of outflows on Wednesday, while Spot Ethereum flows remained muted.
Notable Statistics:
IntoTheBlock data shows a 25.7% decrease in large transaction volume and an 18.8% drop in daily active addresses. Transactions greater than $100,000 went down from 9,459 to 7,555 in a single day, with exchange netflows also decreasing by 79.4%.
Coinglass data reports that in the past 24 hours, 71,977 traders were liquidated, with total liquidations totaling $251.47 million.
Axel Adel Jr, a CryptoQuant author, reported that whales have accumulated 1.5 million BTC over the past six months.
Notable Developments:
Top Gainers:
Uniswap $8.05 +10.5%
Popcat (SOL) $1.21 +3.9%
MANTRA $1.40 +2.3%
Trader Notes: With Bitcoin prices falling below $60,000, Santiment detailed that Bitcoin’s drop to as low as $58,900 is seen as a “dip buy opportunity” by traders. Sentiment is shifting towards a bullish outlook, particularly following the U.S. CPI report that suggests potential rate cuts are still possible.
Crypto trader Andrew Crypto presents two potential scenarios for Bitcoin. The most likely outcome is a decline to the support level of $52,000, which could signal the final flush before a parabolic run. The second scenario is an ultra-bull scenario with support at the $57,000/$60,000 demand zone.
$BTC Analysis, what’s next?
Two possible scenarios:
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