Bitcoin Pulls Back to $119K as Looming Inflation Data Could Bring Price Swings
Main Idea
Bitcoin's price pulled back to $119K as upcoming CPI and PPI inflation data could influence its momentum, with analysts noting potential volatility and a possible retracement.
Key Points
1. Bitcoin (BTC) dropped to $118,500 after profit-taking, remaining 0.4% up over 24 hours but 2.8% below its session high of $122,200.
2. Ether (ETH) held above $4,200, up 0.8%, while altcoins SOL, DOGE, and SUI declined 3%-4%.
3. Bitfinex analysts highlighted that CPI and PPI data this week could drive volatility, possibly leading to a retracement toward $110,000.
4. A gap in CME futures between $117,430 and $119,000 suggests Bitcoin might pull back to 'fill' it, according to CoinDesk analyst James Van Straten.
5. Bonk.fun, a Solana memecoin platform, saw a $25M corporate treasury boost from Safety Shot, which acquired a 10% revenue stake.
Description
Bitcoin’s (BTC) overnight push towards fresh records met with profit-taking on Monday, knocking prices down to $118,500. The pullback left bitcoin 2.8% off its session high of $122,200, though the largest crypto remained up 0.4% over the past 24 hours. Ether held above $4,200, modestly up 0.8% during the same period, while major altcoins Solana’s SOL (SOL), dogecoin (DOGE) and Sui's native token (SUI) slipped 3%-4%. James Van Straten, senior analyst at CoinDesk, noted that bitcoin’s weekend rall...
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