Cryptocurrency market euphoria cooled slightly Monday as investors anticipate the release of June’s Consumer Price Index report.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | +0.17% | $119,233.36 |
| Ethereum ETH/USD | +0.47% | $2,986.37 |
| Dogecoin DOGE/USD | -2.40% | $0.1941 |
What Happened: Bitcoin fell to an intraday low of $118,959.20, a marked reversal from its early morning highs. Trading volume soared 256% to a whopping $180 billion, indicating heavy profit-taking.
According to CryptoQuant, miner reserves have fallen steeply over the past few days.
Ethereum also reversed course, falling below $3,000, even as trading activity remained high.
The two blue-chip currencies are off to a flying start in the third quarter, with Bitcoin up 11.68% and Ethereum up more than 20% so far.
Over $800 million was liquidated from the market in the last 24 hours, with short position traders bearing the brunt of the rally. That said, about $595 million in longs risked liquidation if Bitcoin reversed to $117,000.
Bitcoin's open interest rose 2.40% to $87.43 billion, marking a new record high. "Greed" sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Pudgy Penguins (PENGU) | +7.11% | $0.03073 |
| Curve DAO Token (CRV) | +6.23% | $0.6977 |
| Sui (SUI) | +4.93% | $3.84 |
The global cryptocurrency market capitalization stood at $3.74 trillion, following a modest increase of 0.55% in the last 24 hours.
Stock ended in the green on Monday. The Dow Jones Industrial Average rose 88.14 points, or 0.20%, to end at 44,459.65. The S&P 500 added 0.14% to end at 6,268.56, and the tech-focused Nasdaq Composite gained 0.27% to finish at 20,640.33.
Tariff-related news weighed on the market, as investors await the Consumer Price Index report on Tuesday to gauge the impact of President Donald Trump’s trade decisions on the economy.
Trump has proposed a blanket tariff rate of 15%-20% on most nations, a notable jump from the current 10% base.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez said Bitcoin hit the first target at $121,000 after breaking out of a parallel channel, with the next "key levels" of interest at $131,000, $144,000, and $158,000.
Edward, another cryptocurrency market researcher, drew a parallel to Bitcoin’s 2024 breakout, where a similar weekly surge preceded a 50% rally.
"This time, $135,000–$140,000 isn't hopium. It's one clean breakout away," the analyst said.
That said, Edward flagged $115,500–116,500 as a potential retest zone.
Photo: Antonio Gravante On Shutterstock.com
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