Bitcoin Drops 2% as Ethereum, XRP, Dogecoin Slide Ahead of Crucial Inflation Data

Bitcoin fell 2%, breaking below key technical levels as Strategy sold 1,690 BTC and traders braced for critical inflation data this week.

Notable Statistics:

• Coinglass data shows 75,626 traders were liquidated in the past 24 hours for $212.97 million.       
• SoSoValue data shows net inflows of $98.9 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $49.6 million.
• In the past 24 hours, top losers include Audiera, Algorand and Bitcoin SV.

Notable Developments:

• Rating Ethereum, Solana, XRP: Prominent Trader Says One’s a ‘Hold’ and One’s a ‘Beta Bet’
• Is Bitcoin Ready To Explode? Here’s Why Crypto Is at a ‘Major Inflection Point’
• Bitmine Buys 7,391 ETH for $14.3 Million, BMNR Down 2%: What’s Going On?
• Coinbase CEO Brian Armstrong Says ‘Crypto Doesn’t Get Enough Credit’ for Unlocking Global Financial Access With Stablecoins, DeFi and Bitcoin
• $65,000 Is Bitcoin’s Line in the Sand: Here’s How BTC Can Make the Leap
• Strategy Sells 1,690 BTC as MSTR Rejects $105 Level For the Third Time

Trader Notes:

Trader KillaXBT noted Bitcoin local tops and bottoms often form after multiple liquidity sweeps, where price triggers stops and traps traders before reclaiming the range.

The analyst argues these deviations typically occur when conviction is weakest, causing traders to react late and position in the wrong direction.

Full-time trader Justin Bennett predicts Bitcoin needs a sustained break above $65,400 to open a move toward $67,300-$69,000.

He expects a relief rally to sweep July highs before potentially setting up the next leg lower in September.

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