The post Crypto Price Analysis 8-15 BTC, ETH, SOL, XRP, RNDR, DOGE, TIA appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) fell below the $60,000 price level once again as bearish pressure pushed the price below $59,000. This indicates that bears are very active at higher levels, leading to buyers losing momentum.  BTC retreated after the Consumer Price Data was published. According to statistics from the US Bureau of Labor, the CPI Index rose by 0.2% in July, up from a decline of 0.1% in June. Another factor contributing to BTC’s price drop was the withdrawal of $1 billion worth of USDT from crypto exchanges, suggesting investors may be taking a risk-off stance and moving their assets to safer environments.  Bitcoin (BTC) Loses $60,000 Bitcoin (BTC) has dropped over 4% in the past 24 hours after losing the $60,000 price level once again. However, some analysts are not too concerned, with one arguing that it may need a couple of months to stage a strong rebound and follow gold. According to the analyst, despite recent troubles, BTC’s price action still looks promising. The crypto markets had made a strong recovery following the August 5 crash. However, some analysts, such as those from IntoTheBlock, believe further upside may be elusive. These analysts noted that over $1 billion worth of USDT was withdrawn from crypto exchanges on Tuesday, the most in a single day since May.  “Over $1 billion in USDT was withdrawn from exchanges yesterday, marking the largest Tether outflow since May. While deposits are often viewed as bullish—indicating users are gearing up to buy assets—withdrawals can have a more nuanced interpretation. For instance, users might be moving funds to participate in DeFi and seeking yields outside of centralized exchanges. However, in recent cases where withdrawals exceeded $1 billion, Bitcoin began a downtrend soon after, suggesting investors may be adopting a risk-off stance, moving funds to safer environments like cold…

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Filed under: News - @ August 16, 2024 4:16 am