Market Pressure as U.S. Inflation Data Approaches
- The crypto market is under pressure, with Bitcoin trading below $61,500, down from over $64,000.
- Privacy-focused Zcash (ZEC) and Hyperliquid’s HYPE each fell over 10% in the last day.
- Bitcoin’s price is currently below its key technical indicator, the 200-week simple moving average (SMA).
- Crypto futures volume rose by 1.2% to $193 billion, while liquidations surged by 38% to $418 million.
- The broader market selloff has led to a historic buy zone for several cryptocurrencies, including Bitcoin and Ethereum.
As traders await critical U.S. inflation data expected to show a rise in living costs, the crypto market experiences significant volatility and risk aversion. The current state indicates potential bearish trends across major cryptocurrencies.
With Bitcoin down significantly and trading below its SMA, the market reflects heightened uncertainty as liquidations increase amid a broader selloff.(Source)
