Bitcoin Tumbles as Traders Prepare for Inflation Data

Bitcoin's price dropped by 2% as traders braced for critical inflation data this week. According to Coinglass, 75,626 traders were liquidated in the past 24 hours for $212.97 million.

The price of Bitcoin fell below key technical levels after Strategy sold 1,690 BTC. Ethereum and XRP also slid in value, with Ethereum down 2% to $1,871.90 and XRP down 0.5% to $1.01.

Full-time trader Justin Bennett predicts that Bitcoin needs a sustained break above $65,400 to open a move toward $67,300-$69,000. He also expects a relief rally to sweep July highs before potentially setting up the next leg lower in September.