The cryptocurrency market started the week strong, with bullish momentum continuing to dominate price charts. Bitcoin led the charge, surging past $18,270 at its peak, while traders cautiously monitored U.S. Consumer Price Index (CPI) data releases.
July CPI Report Meets Expectations
The CPI data was closely watched as the first major economic release following the U.S. jobs report. Both core and headline inflation metrics aligned with market predictions—showing a year-over-year drop from 7.1% in June to 6.5%.
Key takeaways:
- Month-over-month inflation turned negative for the first time since 2020.
- Minimal impact on crypto markets immediately post-release.
- The report set the stage for the upcoming Federal Open Market Committee (FOMC) meeting.
Bitcoin Briefly Wavers, Then Recovers to October Levels
BTC dipped temporarily below $18,000 but quickly reclaimed the level, rallying past $18,500 resistance to reach a local high near $19,000.
Market highlights:
- 7.95% gain in 24 hours.
- Analysts warn of a potential retest of $17,400 based on derivatives data.
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Altcoins Maintain Upward Trends
Ethereum (ETH) breached $1,435, while other major tokens showed similar strength:
| Token | 24h Gain | Notable Movement |
|-------------|----------|--------------------------------|
| Solana (SOL)| 4.74% | 25.75% surge over 16 days |
| Avalanche (AVAX)| 4.36% | Boosted by Amazon partnership |
| Polygon (MATIC)| 5.47% | Leading 7-day gains |
Top Performers
- Aptos (APT): +25.70%
- Lido DAO (LDO): +20.15%
- Bitcoin Cash (BCH), Flow (FLOW), and Optimism (OP) also saw double-digit gains.
Market Overview
- Total crypto capitalization: $908B (+6.75%).
- Fear & Greed Index: 30/100 (neutral).
- $390M in liquidations, with shorts comprising 93.84%.
FAQ
Q: Why did Bitcoin react positively to CPI data?
A: The report signaled slowing inflation, increasing investor confidence in risk assets like crypto.
Q: What’s driving Aptos (APT)’s rally?
A: APT’s surge likely stems from ecosystem developments and broader altcoin momentum.
Q: When is the next Fed rate decision?
A: The FOMC meets on February 1, with a projected 0.25% hike.
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