Bitcoin continues to trade sideways as July CPI and PPI data match expectations, failing to provide a catalyst for a fresh rally.

Cryptocurrency	Ticker	Price
Bitcoin	(CRYPTO: BTC)	$63,146.92
Ethereum	(CRYPTO: ETH)	$1,875.31
Solana	(CRYPTO: SOL)	$75.70
XRP	(CRYPTO: XRP)	$1.01
Dogecoin	(CRYPTO: DOGE)	$0.06983
Shiba Inu	(CRYPTO: SHIB)	$0.054425

Notable Statistics:

• Coinglass data shows 74,736 traders were liquidated in the past 24 hours for $232.50 million.       
• SoSoValue data shows net outflows of $61.2 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $7.4 million.
• In the past 24 hours, top gainers include Bitway, OKB and Cosmos Hub.

Notable Developments:

• Crypto’s ‘Revenue Revolution’ Could Double HYPE, UNI, AAVE Valuations, Bitwise Exec Says
• Bitcoin Ignores Good Inflation Data as Demand Stays Absent: What’s Going On?
• Bitcoin Bear Market Bottom in Sight? The Next 60 Days Are Key, Analyst Says
• XRP Network Activity Is Rising but User Growth Stalls: What Is Going On?
• Ethereum Sentiment Turns Positive but Beware a Final Leg Lower, Analysts Warn
• Are Bitcoin ‘OGs’ Turning Bullish Again? Yes, but There’s a Catch

Trader Notes:

Trader KillaXBT predicts Bitcoin could still fall to the $48,000 to $52,000 historical bear market support zone over the next 1.5 months.

However, if BTC avoids that range through October or November, the analyst believes the cycle bottom is likely already in.

Rekt Capital noted Bitcoin’s 200-week SMA provided strong support and fueled a relief bounce in July, as expected. But, buying pressure around the level has weakened in August, suggesting the key support may be starting to fail and increasing downside risk.

Image: Shutterstock

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