After Bitcoin briefly rose to US$61,885 on the evening of yesterday (11th), it began to fluctuate downwards. It once dropped to US$58,073 around 8:30 this morning (12th), with a drop of nearly 6%.
At present, last night's decline is the deepest correction since last week's rise from $49,000. If BTC fails to hold above $57,500, the next support level is around $54,500 (Fibonacci 0.618 and the intensive trading area).
Ethereum holds on to $2,500
The trend of Ethereum is similar to that of Bitcoin. It once climbed to US$2,700 yesterday evening and then fell all the way. At the time of writing, it was as low as US$2,509, down 3.36% in the past 24 hours.
Currently, $2,500 is a transaction-intensive area. If it falls, it may challenge the previous low of $2,400.
What volatility risks should we pay attention to this week?
The United States will release CPI and other inflation data
The United States will announce important economic indicators such as the Producer Price Index (PPI) on August 13 and the Consumer Price Index (CPI) on August 14. It will become the basis for the Federal Reserve and the market to judge whether inflation is moving in the right direction and when to start cutting interest rates.
