At 2:37 pm IST, BTC surged 1% over the past 24 hours, trading just below $59,000. Ethereum, the second-largest cryptocurrency by market capitalization, also gained 2.5%.
Key data releases this week include the U.S. producer price data for July, due later on Tuesday, and the U.S. consumer price index (CPI) data for July, expected on Wednesday. The CPI data is anticipated to show a month-on-month inflation increase of 0.2%. Retail sales data is scheduled for Thursday.
Crypto Tracker
The broader cryptocurrency market showed mixed results. Major tokens such as BNB, Toncoin, Dogecoin, and Cardano gained up to 3%, while Solana, XRP, Tron, Avalanche, and Shiba Inu declined by up to 1%.“Bitcoin is trading sideways, seeking support around the $58,000 mark,” said the CoinSwitch Markets Desk. “Investors are awaiting this week’s crucial data to determine the market direction. The U.S. CPI data expected tomorrow will likely have a significant impact on short-term price volatility.”Edul Patel, CEO of Mudrex, added, “Bitcoin has been hovering around the $59,000 mark as markets anticipate the release of July’s CPI data from the U.K. and the U.S. Resistance could emerge near the $60,250 level, with a clear break above potentially pushing the price higher. Support is found at the $58,800 level.”The volume of all stablecoins is now $73.9 billion, which is 92.45% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.162 trillion. Bitcoin’s dominance is currently 55.93%, according to CoinMarketCap. BTC volume in the last 24 hours rose 24% to $34.8 billion.
“Bitcoin has displayed heightened volatility after encountering strong resistance around $60,000 level. BTC’s price is currently hovering near $59,000, with signs that further declines may have been averted. Its RSI continues to recover with its MACD histograms shortening indicating weakening bearish action. If $59,000 doesn’t hold, Bitcoin will likely retest the $57,000 level in the upcoming days,” said Vikram Subburaj, CEO of Giottus.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)