Bitcoin, Ethereum, XRP, Dogecoin Sluggish on Unsurprising July Inflation Data

Bitcoin held steady as July CPI inflation cooled to 3.4% year-over-year from 3.5% in June.

Notable Statistics:

• Coinglass data shows 70,067 traders were liquidated in the past 24 hours for $155.39 million.       
• SoSoValue data shows net inflows of $4.89 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $1.8 million.
• In the past 24 hours, top gainers include Bitway, NEAR Protocol and Stable.

Notable Developments:

Trader Notes:

CryptosBatman explained Bitcoin remains range-bound between $62,500 support and $65,400 resistance after bouncing from the lower end.

Recovering MFI flashes improving momentum, but a reclaim of the 200 EMA near $64,300 followed by a break above $65,400 is needed to strengthen the bullish setup.

Trader KillaXBT sees current Bitcoin levels as a potentially generational buying opportunity. He argues that investors rotating toward AI could eventually return to BTC at much higher prices. Bitcoin is expected to trade above $160,000 by 2029.

Trader Rekt Capital highlighted that Bitcoin risks turning a modestly positive August into a negative month. The analyst notes that this would align with the historically bearish August performance seen during bear markets.

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