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Bitcoin and Dogecoin were largely flat while Ethereum and XRP fell as consumer inflation came in hotter than expected in April, weighing on risk assets and pushing traders to reassess expectations for interest-rate cuts.
On Tuesday, cryptocurrencies traded mixed. Bitcoin dipped below $80,000 during the afternoon before recovering later in the evening. Ethereum struggled to move above the $2,300 resistance level, while XRP remained in the red.
Liquidations totaled more than $275 million over the past 24 hours, including about $225 million in long positions, according to Coinglass data.
Bitcoin’s open interest rose nearly 1% over the last 24 hours. When open interest increases while price action remains range-bound, it can suggest new positions are being added, potentially setting up conditions for a breakout.
Sentiment also shifted: the Crypto Fear & Greed Index showed “fear” returning.
Major stock indexes slid from record highs following the inflation data. The S&P 500 fell 0.16% to close at 7,400.96, while the Nasdaq Composite dropped 0.71% to end at 26,088.20. The Dow Jones Industrial Average was the outlier, rising 56.09 points, or 0.11%, to finish at 49,760.56.
Consumer inflation rose more than expected in April, marking the hottest reading in three years and dampening rate cut expectations for the year, according to the CME FedWatch tool.
Cryptocurrency analyst Ali Martinez said aggressive long positioning on futures exchanges has created “liquidation walls” for Bitcoin at $75,000, $73,000, and $70,000.
“If BTC can't flip $82,500 into support soon, the market may look to flush this leverage by testing those lower levels,” the analyst stated.
Michaël van de Poppe, another widely followed crypto commentator, said he saw no “exhaustion” signals in Bitcoin.
“Every dip is constantly being bought up, which means that we need to see first whether resistance breaks to show whether the markets are actually done here,” Van De Poppe said.
Van de Poppe targeted $86,000 to $90,000 for Bitcoin within 2–3 weeks if resistance breaks, adding that the “buy the dip” sentiment remains in place.
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