Bitcoin, Ethereum, Dogecoin Dip As Wholesale Prices Breach Estimates: Analyst Explores Possibilities Of A Bitcoin Jump To $68K
Portfolio Pulse from Aniket Verma
Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, dipped following higher-than-expected wholesale inflation data. Bitcoin saw significant liquidations and increased short positions. Despite the dip, analysts suggest potential for a Bitcoin rebound to $68,400.
May 15, 2024 | 1:56 am
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NEGATIVE IMPACT
Bitcoin dipped below $62,000 due to higher-than-expected wholesale inflation data, leading to significant liquidations and increased short positions. Analysts see potential for a rebound to $68,400.
The higher-than-expected wholesale inflation data led to a dip in Bitcoin prices, triggering significant liquidations and increased short positions. However, analysts see potential for a rebound, which could lead to a price increase in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price fell by 1.67% due to the negative sentiment in the cryptocurrency market following higher-than-expected wholesale inflation data.
Dogecoin's price decline is influenced by the overall negative sentiment in the cryptocurrency market due to higher-than-expected wholesale inflation data.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum's price dropped by 2.11% following the release of higher-than-expected wholesale inflation data. The overall negative sentiment in the cryptocurrency market affected Ethereum as well.
Ethereum's price decline is part of the broader negative sentiment in the cryptocurrency market triggered by higher-than-expected wholesale inflation data.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80