Bitcoin hits record high as traders expect liquidations to propel BTC above $125K
Main Idea
Bitcoin reached a new all-time high of $123,231 amid favorable US inflation data and strong inflows into Bitcoin and Ether spot ETFs, with potential for further price increases due to liquidation clusters.
Key Points
1. Bitcoin hit a record high of $123,231 following US CPI data showing July inflation unchanged month-on-month and up 2.7% year-on-year.
2. The S&P 500 also rallied, reflecting positive market sentiment after the inflation report.
3. Bitcoin and Ether spot ETFs saw significant inflows, with BTC ETF netflows at $65.9 million and ETH ETF at $523.9 million on Tuesday.
4. Liquidation heatmap data indicates potential for further Bitcoin price increases if it breaks through the $122,500 to $124,000 range.
5. Bitcoin's market cap surpassed $2.45 trillion, while the total crypto market cap reached a record $4.15 trillion.
Description
Bitcoin set another all-time high at $123,231 after US Consumer Price Index data showed July inflation was unchanged month-on-month and up 2.7% year-on-year.
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