The rebound after the US CPI release did not last. Bitcoin is back under $73,000, and the move looks heavy. Less than an hour ago, BTC slid to a fresh multi-month low well below $73,000. That price is now the weakest since the August breakout began.
Bitcoin’s CPI Bounce Fades
Earlier this week, bitcoin had already slipped from above $81,000 to under $76,000. Monday took it to $73,600. After a bounce above $75,000, the market waited for CPI. The monthly reading came in higher than expected, and BTC dipped almost immediately by nearly $1,000. Bulls pushed it back to $74,800, but that move did not hold. Minutes ago, bitcoin dropped to $72,700. Perhaps the CPI print gave sellers another reason to press. It is not clear yet whether this low will hold.
Altcoins Take Another Hit
Altcoins followed bitcoin lower, as they usually do when the market turns. Ethereum fell more than 5% to $2,010, just above the $2,000 support. XRP is down a similar amount and trades below $1.05. SOL is 5% lower at $82. ZEC dropped almost 13% to $1,030. The losses are broad, and the charts look weak across the board. I think traders are still watching the $2,000 level on ETH very closely.
Liquidations Climb
CoinGlass data shows the damage. About $580 million in positions were liquidated in the past four hours, with $484 million from longs. On a 24-hour basis, nearly $700 million was wiped out, and $570 million of that came from longs. ETH leads with $252 million in liquidations, while BTC is close to $200 million. More than 115,000 traders were liquidated. The single-largest position was worth more than $31 million and took place on HTX.
The market is still fragile. A quick bounce is possible, but the pressure remains on long positions. For now, bitcoin and the major altcoins are trading near recent lows, and liquidations are still rising.
