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In July, the consumer price index increased by 3.2% compared to the previous year, which is slightly lower than anticipated. The core CPI rose by 4.7% based on a 12-month rate, also falling below expectations. Both measures saw a 0.2% rise on a monthly basis. The majority of the monthly inflation increase was due to an increase in shelter costs, rising by 0.4% and 7.7% from a year ago. Despite this, the crypto market remained unaffected by recent macroeconomic news, including the latest CPI figures, which indicated a modest amount of growth in line with economists' predictions.
Recent data from CryptoQuant suggests that Bitcoin's (BTC) "taker buy-sell ratio" has significantly increased on several crypto exchanges, indicating a renewed bullish sentiment at approximately $29,000.
On Tuesday (1/08), the ratio rose to 1.36 on Bybit, 1.17 on BitMEX, and 1.31 on OKX. Values greater than 1 suggest that the buy volume from takers surpasses the sell volume, a positive indicator of bullish trading in the market.
Despite a trading price decline, the market remains confined within a consolidation range of $29,500 to $29,000. Bitcoin's trade volume continues to be notably sluggish, indicating minimal market participation. This dearth of volume suggests a lack of momentum for a significant breakout. Investors should closely monitor price movements for potential shifts, but current conditions suggest a limited likelihood of a substantial price movement in the immediate future.
Ethereum (ETH) maintains its consolidation within the range of $1,900 to $1,800, displaying stability. The broader cryptocurrency market reflects minimal volatility presently, with subdued price fluctuations. Trade volume across the market remains notably subdued, indicating reduced market activity and participation. As the market continues to exhibit low volatility and trading volumes, investors should exercise caution and monitor developments closely for potential shifts in the market sentiment and price trends.
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
