Bitcoin price volatility is expected ahead of US CPI inflation data. Ethereum and other altcoins are making stronger gains than Bitcoin. The ETH/BTC pair has been trading within a falling channel for a long time.
Critical data affecting Bitcoin and the general cryptocurrency market will be released tomorrow. The US CPI inflation data released last July caused fluctuations in the BTC price. Currently, it is observed that BTC is trading at $60,000 a day before the data is released. It is known that altcoins react more clearly to macroeconomic events than Bitcoin. Despite the weak price movements in BTC in the last 24 hours, Ethereum and some other high-volume altcoins have gained over 4%.
Ahead of the release of the US CPI data, short positions in Bitcoin and Ethereum are seen to be rapidly closing. It is reported that $91 million worth of short positions were liquidated in the last 24 hours, while approximately $86 million worth of long positions were closed. According to preliminary reports, the US CPI data could show an increase in inflation that could raise concerns about whether the Fed will cut interest rates in September. Market forecasts predict an increase of 0.2% this month, in contrast to the 0.1% decrease in July.
The Bitcoin price has been seen moving in the $50,000-60,000 range for the past few weeks. After the declines experienced last week, some market analysts are stating that BTC could fall below $50,000 before the expected bull run occurs. Currently, Ethereum’s price has increased by 2.35% to $2,646, and its market value is at $318 billion. It is being argued that today’s price increase could just be a “dead cat bounce”; the reason for this is the sale of wallets created during the ETH ICO.
Review on ETH/BTC Pair
According to research conducted by 10X Research, it is observed that the ETH/BTC pair has been moving in a downward channel since the Merge event in September 2022. It is also stated that there was a recovery before the CPI data. Previous upgrades such as Merge and Dencun did not have the expected impact on the Ethereum price, which disappointed investors. The chart shared by 10X Research presents an interesting picture by showing the effects of these events on ETH.
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