Bitcoin fails to surpass $30,500 despite positive inflation data, say experts

Performance of the crypto market has been largely range-bound in the last 24 hours. The global crypto market capitalisation is $1.22 trillion, down 0.9 per cent. The crypto fear and greed index, down 7 points from yesterday, continues to stay in the greed zone with a score of 57/100.

"Even bullish CPI data highlighting the lowest inflation in two years (3 per cent, better than the 3.1% forecast) was not able to give the market any positive momentum. This could be indicative of indecisiveness among the investors," Shubham Hudda, Senior Manager, CoinSwitch told Republic.

"The number of individual wallets holding at least one bitcoin has soared to an all-time high of 1,008,737 million. This surge in wallet distribution suggests an increasing decentralization of the Bitcoin network," CoinDCX Research Team told Republic.

"Currently, Bitcoin is facing resistance at $30,400 and subsequently at $30,550. If it is unable to overcome these resistance levels, there is a possibility of further decline towards its support level at $30,230," Edul Patel, CEO, Mudrex told Republic.

Prices listed were last checked at 10:00 am today according to Investing.com                

Bitcoin (BTC) 

Bitcoin continues to hold above $30,000, reflecting a 1 per cent increase in the last 24 hours, with the impending release of US CPI data for June. The market is cautiously monitoring its potential impact on Bitcoin's performance.

Ethereum (ETH) 

Ether, the second-largest crypto, lost almost 0.95 per cent in the last seven days, trading at $1,864.99, down almost 1 per cent in the last 24 hours. 

Dogecoin (DOGE) 

Dogecoin lost almost 3.3 per cent to  $0.06430 in the last seven days. It has lost 1.05 per cent in the last 24 hours with the market cap decreasing to $9.08 billion.

Litecoin (LTC) 

Litecoin lost 0.31 per cent in the last 24 hours. The seven-day price change reduced to almost 7 per cent with the market cap decreasing to $7.08 billion.

Solana (SOL)

Solana gained almost 11 per cent in the last seven days with a market cap of $8.68 billion.

Ripple (XRP) 

Ripple's value has lost 0.66 per cent in the last 24 hours and stood at $0.47199 with a market cap of $24.85 billion.