Bitcoin Price Dips Below $120K as Altcoins Suffer Losses
Bitcoin price dipped from a brief $122K peak to under $120K, trading near $119K after losing momentum on August 11. Volatile CPI data today may intensify crypto market swings: higher inflation could delay Fed rate cuts, while softer figures might trigger a rally. Bitcoin’s market capitalization fell to about $2.36 trillion, and its dominance rose to 58.6%. Ethereum held near $4,300, marking a 45% monthly gain. Despite modest advances by Bitcoin Cash, TRON, and Toncoin, most altcoins sank sharply. Story (IP) plunged 16%, Bonk (BONK) and Pudgy Penguins (PNGU) slid 12%, and Pi Network (PI) dropped 7%. The total crypto market cap slid 2% to $4.04 trillion. Traders should monitor Bitcoin price trends and CPI outcomes, as monetary policy expectations remain key drivers for both short-term volatility and long-term market direction.
Bearish
The dip in Bitcoin price below $120K and the sharper declines among altcoins signal heightened selling pressure and risk-off sentiment ahead of critical US CPI data. Historically, inflation data that exceeds expectations has triggered short-term sell-offs across crypto markets, as traders adjust positions in anticipation of delayed monetary easing. With Bitcoin’s dominance rising amid broader market weakness, this news is bearish for short-term trading, increasing volatility and downside risk. However, if CPI figures come in below forecasts, markets could rebound, potentially shifting sentiment positive in the medium term.