Bitfinex Alpha | ALTs Rally Follows BTC ATH
Main Idea
Bitcoin reached a new all-time high, leading to a surge in altcoins, while market dynamics and economic indicators suggest continued volatility and cautious optimism.
Key Points
1. Bitcoin hit a new all-time high of $123,120 before entering a consolidation phase, marking a 65.3 percent rally from April’s lows.
2. Altcoins surged aggressively as Bitcoin paused, indicating a late-stage bullish phase with profit-taking by short-term holders.
3. Bitcoin briefly pulled back to $115,820 after testing the +1 standard deviation band above the Short-Term Holder cost basis at $120,000.
4. June’s CPI rose 0.3 percent, with core inflation up 2.9 percent annually, driven by higher import costs, leading the Fed to hold off on rate cuts.
5. US retail sales rebounded by 0.6 percent in June, driven by auto sales and preemptive consumer buying ahead of further tariff hikes.
Description
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