Bitcoin Dips Ahead Of CPI Release; Ethereum, Dogecoin Also Slide: Analyst Calls ETH The 'Fastest Horse To Bet On,' Eyes $10,000 Target

Leading cryptocurrencies slid on Monday as investors braced for a rise in consumer inflation.

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Reversal After Sunday’s Rally

Bitcoin retreated sharply following the surge to over $122,000 on Sunday. The apex cryptocurrency dropped to an intraday low of $118,159.03, with trading volume increasing 38.31% in the last 24 hours.

Ethereum also had a volatile session, ranging between $4,350 and $4,168.87, while trading volume soared 44% in the last 24 hours.

ETH's market dominance remained above 13%, while Bitcoin's share narrowed to 59%

Over $550 million was liquidated from the cryptocurrency market in the last 24 hours, with $357 million in long positions wiped out. 

That said, over $1 billion in Bitcoin shorts risked liquidation if the apex cryptocurrency surged to its all-time highs near $123,000.

Bitcoin's open interest rose marginally by 0.07% in the last 24 hours, with derivatives traders on Binance split between taking bullish and bearish bets on the cryptocurrency.

The "Greed" sentiment weakened in the last 24 hours, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.98 trillion, growing by 1.19% in the last 24 hours.

CPI Report Looms

Stocks slid on Monday. The Dow Jones Industrial Average fell 200.52 points, or 0.45%, to end at 43,975.09. The S&P 500 dipped 0.25% to close at 6,373.45, while the tech-focused Nasdaq Composite lost 0.30%, ending at 21,385.40.

Investors will have their eyes peeled on July's consumer price index report, slated for Tuesday, with Wall Street economists forecasting a third consecutive monthly increase.

Meanwhile, President Donald Trump signed an executive order to extend the tariff suspension on Chinese imports for another 90 days.

ETH Set For $10,000?

Investor and entrepreneur Ted Pillows dubbed Ethereum the "fastest horse to bet on," given it was still 15% off its 2021 highs, compared to new highs in Bitcoin, gold and stocks.

"For 2025, ETH has the most upside potential and institutional demand is the reason behind it. $10,000 Ethereum is coming this cycle," Pillows predicted.

Michaël van de Poppe, a widely followed cryptocurrency analyst, highlighted a bearish daily candle on Bitcoin, anticipating further downsides.

"It has taken all the liquidity on the highs and immediately inversed towards the range high resistance," the analyst said. "Wouldn’t be surprised if we’ll test $116,800 before continuing.

Photo Courtesy: Travis Wolfe on Shutterstock.com

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