Crypto Markets Primed for Soft CPI

More than $200 million in shorts (bets against price rises) have been liquidated in the last 24 hours as the major cryptocurrencies rallied. Bitcoin broke above $18,000, and ether rose over $1,400. Other coins like XRP and solana rose as much as 20%. The liquidations are in addition to those of more than $150 million earlier this week. Such levels haven’t been seen since October, data from Coinglass shows. Some analysts, however, believe the rally exemplifies indecisiveness among crypto traders, as BTC and ETH are trading with a consolidation pattern, according to QCP Capital. Consolidation refers to an asset oscillating between a well-defined pattern of trading levels, marking uncertainty in which direction it will break.