Bitcoin's Price Surged Close To $60,000 Following The Release Of CPI Data But Quickly Retraced Over $2,000

Most altcoins showed sluggish movement, with notable declines in BONK, RNDR, BRETT, PEPE, and WIF.

BTC experienced volatility, hitting a low below $54,000 last Friday before bouncing back over the weekend to surpass $58,000 temporarily.

However, subsequent bearish pressure pushed it down again. Despite a brief spike to $59,500 after favorable US CPI numbers, Bitcoin couldn't sustain gains and dropped by more than $2,000.

Currently, Bitcoin hovers just above $57,000, with a market cap below $1.130 trillion and dominance over altcoins below 51% on CoinGecko.

Following the CPI release, most altcoins mirrored Bitcoin's volatility but have stabilized. ETH, BNB, SOL, DOGE, XRP, and SHIB showed minor losses, while LINK dropped by over 3%. Conversely, AVAX, TRX, TON, DOT, and ADA posted slight gains.

Among mid-cap altcoins, BONK led losses with an 11% drop, followed by RNDR, BRETT, AKT, and STRK, all down by 7%.

The total crypto market cap has decreased to $2.220 trillion amid the retracement.

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