Bitcoin, Ethereum, XRP, Dogecoin Stay Range-Bound in Low Volume Regime

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

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:

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.

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