Bitcoin, Ethereum, Dogecoin Drop Amid Hotter-Than-Expected CPI Data: Analyst Says The Next Key Level For King Crypto Is $83K
Portfolio Pulse from Mehab Qureshi
Cryptocurrencies experienced a slight downturn amid hotter-than-expected CPI data, with Bitcoin, Ethereum, and Dogecoin seeing declines. The volatility led to over $363 million in leveraged derivatives positions being liquidated. Despite this, analysts remain bullish on Bitcoin, predicting consolidation before further rallies. The cryptocurrency market cap slightly decreased, while U.S. stocks surged following the CPI data release. Analysts highlight Bitcoin's strong market structure and predict significant price targets.
March 13, 2024 | 3:22 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bitcoin experienced a slight decline and volatility in response to the CPI data but analysts remain bullish, predicting a consolidation phase before further rallies.
Despite the short-term decline and volatility triggered by the CPI data, the overall bullish sentiment from analysts and the prediction of a consolidation phase suggest a positive outlook for Bitcoin's price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin experienced a more significant drop compared to Bitcoin and Ethereum, reflecting its higher volatility and sensitivity to market movements.
Dogecoin's larger decline in response to the CPI data highlights its inherent volatility and the impact of market sentiment on more speculative assets.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum also saw a decline in response to the CPI data, moving in tandem with the broader cryptocurrency market's slight downturn.
Ethereum's decline, although modest, is part of the broader cryptocurrency market's reaction to the CPI data, indicating a short-term negative impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80