BITPRISMIA
The upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin could significantly influence Bitcoin's price movement, with current low volatility in the Bitcoin options market suggesting potential for sharp price shifts.
Bitcoin's price dropped from $124K to below $118K, accompanied by a 5% plunge in open interest and a sharp decline in net taker volume, indicating a market downturn driven by long liquidations and reduced bullish momentum.
The current Bitcoin bull cycle differs from past cycles, with the NUPL metric indicating multiple peaks and a potential prolonged run influenced by spot ETFs and liquidity, though selling pressure remains a concern.
Bitcoin prices reached a new peak of $124,130, driven by easing global trade tensions and high US CPI, while Ethereum also neared its all-time high, with institutional capital fueling the rally.
Bitcoin is approaching a potential new all-time high, with technical indicators and market sentiment supporting a bullish trend.
Bitcoin's open interest on Binance is nearing mid-to-late July highs, indicating increased speculative activity and potential market volatility, with the $120,000 level being a critical decision zone for future price movements.
Bitcoin's Estimated Leverage Ratio (ELR) spike indicates elevated risk as the market awaits a macro catalyst, with BTC hovering near record highs and altcoins eroding Bitcoin's market share.
Bitcoin's recent rally has surpassed its breakout target, with analysts suggesting further gains depend on liquidity trends and upcoming economic data, while Ethereum leads the altcoin rally.
Bitcoin (BTC) has shown recovery in the past week, with ETF inflows rebounding after a period of withdrawals, and market analysts remain cautiously optimistic about its near-term performance.
The US Consumer Price Index (CPI) for July showed a year-over-year increase of 2.7%, slightly below estimates, while Core CPI rose to 3.1%, influencing market reactions and Federal Reserve rate cut considerations.