Cryptocurrency price on July 12: Bitcoin falls below $57k; Solana, Polkadot tank up to 5%
At 12:42 pm, Bitcoin (BTC) was trading 2% lower at $56,919, while Ethereum fell 1.5% to $3,065.
However, earlier in the day, Bitcoin had reached $59,300 level after US inflation rates dropped to 3%, the lowest in four decades, signaling a possible end to the price spike.
«Bitcoin crossed the $59,000 mark immediately after June CPI data showed that inflation was negative in June. The news uplifted market sentiments and resulted in a mini rally across major digital assets,» said Shivam Thakral, CEO of BuyUcoin.
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View Details»Edul Patel, CEO of Mudrex, added, «Bitcoin briefly rose above $59,000 but couldn't maintain that level. It's facing difficulties breaking past the $60,000 resistance due to several factors: investors anticipating Fed interest rate cuts, the German government transferring BTC to exchanges, and the liquidation of leveraged long positions.»
«The next resistance level is at $57,750, while support is at $56,000,» Edul said.
Other popular cryptocurrencies, including BNB, Solana, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink,
