The release of US CPI inflation data could have significant impacts on Bitcoin and the overall cryptocurrency market. Following the release of inflation data in July, BTC prices fluctuated. Right now, just one day before the release of the data, Bitcoin is trading at $60,000. Altcoins are more significantly affected by macro events than Bitcoin. Despite the weak price action in BTC over the last 24 hours, Ethereum and some other altcoins have seen gains of over 4%.

Before the US CPI inflation data is released, it is observed that short positions in Bitcoin and Ethereum are being closed rapidly. In the last 24 hours, $91 million worth of short positions and $86 million worth of long positions were liquidated. This shows that investors are taking positions according to market expectations. The release of the US CPI data increases concerns about whether the Fed will cut interest rates in September. While July inflation is expected to decrease by 0.1%, it is predicted that there may be an increase of 0.2%. This situation may have an impact on the crypto market.

Bitcoin has been trading in the $50,000-$60,000 range in recent weeks. Market analysts say that the price could fall below $50,000 before BTC makes its expected bull run. At the time of writing, Ethereum is trading at $2,646, up 2.35%, with a market cap of $318 billion.

ETH/BTC Pair Review

According to research by 10X Research, the ETH/BTC pair has been moving in a downward channel since the Merge event in September 2022. It is stated that there was a recovery before the expected CPI data was announced. The limited impact of previous upgrades on the Ethereum price disappointed investors.

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