Bitcoin experienced a sharp fluctuation around 10 o'clock in the evening yesterday (12th), first quickly falling below US$58,000, and then quickly breaking through US$60,000 within an hour.
Unfortunately, selling pressure emerged again and Bitcoin fell back below $59,000. At the time of writing, it was trading at US$59,682, up 2.18% in the past 24 hours.
At present, this callback has successfully rebounded at Fibonacci 0.382, and then encountered pressure again at the $60,700 level. The good situation is that it continues to consolidate within this range and accumulates strength to break through.
However, since callbacks usually only succeed in rebounding at 0.382 in a very strong state, it is not ruled out that Bitcoin will further test $54,500 (Fibonacci 0.618 and the transaction-intensive area).
Ethereum breaks through $2,700
In contrast, the trend of Ethereum is even stronger. At the time of writing, it successfully broke through the previous high of US$2,700, rising 6.9% in the past 24 hours. Whether it can continue to rise deserves attention.
The entire network liquidated US$160 million in the past 24 hours
In the fluctuating market of Bitcoin, according to data from Coinglass, in the past 24 hours, the entire cryptocurrency network liquidated more than 168 million U.S. dollars, and more than 55,000 people were liquidated.
Important U.S. economic data is coming soon
It should be noted that 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.
If the data deviates significantly from market expectations, it may affect the Fed's forecast of interest rate cuts and lead to market volatility .
