CPI In Focus After $562M Liquidation : Will BTC Hold ?

Summarize this article with:

After the release of US inflation data, crypto liquidations reached 562 million dollars. Bitcoin dropped to 76651 dollars, while long positions bore most of the losses.

In Brief

BTC price slid to $76,651 following the announcement of US inflation data, causing 562 million dollars in liquidations over 24 hours.
Long positions were wiped out to the tune of 484 million dollars, illustrating a market heavily positioned with buy orders.
The PPI rose 5.4% year-over-year in August, driven by soaring energy and diesel costs (+24.1%).
The odds of a 25 basis point rate hike now exceed 65-70% on prediction markets and futures contracts.
Investor attention turns to the next Consumer Price Index (CPI) report, with key support for BTC between $76,500 and $77,000.

Bitcoin’s decline mainly hits long positions

Bitcoin was trading between 78,000 and 79,000 dollars before the release of the US Producer Price Index. This announcement quickly pushed its price below 77,000 dollars. BTC then recorded a daily low on Bitstamp at 76,651 dollars.

Afterward, the crypto rebounded. However, it showed a decline of over 2.5%, with a valuation close to 1.55 trillion dollars. This drop triggered the closure of multiple leveraged positions.

CPI In Focus After $562M Liquidation : Will BTC Hold ?

In Brief

Bitcoin’s decline mainly hits long positions

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