Bitcoin Drops Below $62,000 As Ethereum, XRP, Dogecoin Plunge 2.5% Ahead Of Key U.S. CPI Report

Bitcoin fell below $62,000 amid a macro-driven risk-off move that pushed market sentiment deeper into extreme fear on Tuesday.

Notable Statistics:

• Coinglass data shows 132,341 traders were liquidated in the past 24 hours for $449.76 million.       
• SoSoValue data shows net outflows of $91.4 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $82.4 million.
• In the past 24 hours, top losers include Humanity, siren and Venice Token.

Notable Developments:

• Relax, Bitcoin Is Just Doing What It Always Does In Midterm Years, Analyst Stresses
• Bitcoin Consolidates At $62,000: Watch Q4 For The Bear Market Bottom, Top Exec Says
• ‘Bitcoin Never Had A Chance’ Against The AI Bubble, Arthur Hayes Argues
• Tom Lee: Bitcoin, Ethereum, XRP Bull Market Is ‘Intact,’ Bears Spin A ‘False Narrative’
• Ethereum Price Hit 68% Retracement From The Top: What Went Wrong With ETH?
• XRP To Rally Back To $3? ‘A Realistic Scenario’ Under One Condition, Analyst Claims
• Trump Family Reportedly Made $2.3 Billion From Crypto Ventures

Trader Notes:

Trader Dom said Bitcoin’s aggregated spot flow momentum dropped to its weakest level since the FTX collapse, marking the most intense selling pressure in nearly four years. The past week also saw one of the largest Bitcoin redistribution events in years as coins moved from sellers to new buyers.

Altcoin Sherpa says Bitcoin remains at a critical support zone, with a relief bounce still possible. However, extended sideways price action without a recovery could increase the risk of another move lower, prompting caution on short-term trades.

Castillo Trading expects crypto markets to remain choppy and range-bound through the summer, with limited opportunities before the U.S. midterms. The analyst sees Q4 as the more likely period for a sustained trend, while Bitcoin may continue consolidating rather than breaking out in the near term.

Image: Shutterstock