Bitcoin extended its choppy, weaker pattern on Aug. 13, trading between $63,310 and $64,500 before changing hands at $63,537, down 0.33% over the past 24 hours. Ether also softened, falling 0.16% to $1,879. Despite a U.S. inflation reading that matched expectations and a positive session for tech stocks, crypto markets showed little appetite to move higher.
Cooling CPI failed to lift crypto prices
The U.S. Bureau of Labor Statistics said Wednesday that July CPI rose 3.4% year over year, slowing from 3.5% in June. Core CPI also eased. According to the source material, the data left room for the Federal Reserve to keep rates unchanged, and market expectations for no rate move in September increased after the release.
Stocks responded more favorably. Better-than-expected earnings from AI-related companies CoreWeave and Super Micro Computer helped push the Nasdaq up 0.54% to 26,586.93. The S&P 500 rose 0.24% to 7,746.98, while the Dow Jones Industrial Average edged down 22 points to 53,770.27, leaving the benchmark roughly flat on the day. Crypto markets, by contrast, stayed subdued and moved out of step with U.S. equities.
$176 million in liquidations over 24 hours
Derivatives markets saw another round of deleveraging. Total liquidations across the market reached $176 million in the past 24 hours. Long positions accounted for $82.43 million, while short positions made up $93.87 million, leaving shorts slightly ahead. A total of 81,070 traders were liquidated.
The largest single liquidation took place on Binance in an ETH perpetual contract, with a value of $3.22 million.
Major altcoins also traded lower
Other large-cap tokens were also weaker. SOL fell 1.05% to $75.58, while XRP dropped 1.82% to $1.0039. The source said the broader altcoin market remained in a weak consolidation pattern alongside Bitcoin.
Bitcoin technical signals stayed neutral
On the technical side, Bitcoin’s 14-day RSI stood at 45.6, placing it in neutral territory. Its closing price was below the 20-day simple moving average at $64,104 but above the 50-day simple moving average at $63,393, leaving moving averages tightly clustered. MACD remained in bearish alignment, and the histogram widened from the previous day, pointing to weaker momentum. Price was also trading below the Bollinger Band midline at $64,104.
Resistance levels were listed at the 20-day SMA of $64,104, the upper Bollinger Band at $65,460, and the 30-day high at $66,956. Support levels were the 50-day SMA at $63,393, the lower Bollinger Band at $62,748, and the 30-day low at $62,272.
Ether showed a similar setup
Ether’s 14-day RSI came in at 50.7, also in neutral territory. Its closing price sat below the 20-day SMA at $1,892 and above the 50-day SMA at $1,814. MACD was in bearish alignment and the histogram widened. Price traded below the Bollinger midline at $1,892.
For Ether, resistance levels were the 20-day SMA at $1,892, the upper Bollinger Band at $1,946, and the 30-day high at $1,981. Support levels were the lower Bollinger Band at $1,839, the 50-day SMA at $1,814, and the 30-day low at $1,773.
Fear index rose, but stayed in fear territory
Data from Alternative.me showed the Crypto Fear and Greed Index at 29 on Aug. 13, up from 27 a day earlier. Even so, the reading remained in the “Fear” zone. Over the past eight days, the index has moved between 25 and 31, indicating that sentiment has improved only slightly and remains cautious overall.
The report also said Bitcoin traded between a 14-day high of $65,234 on Aug. 10 and a low of $62,456 on Aug. 3. Ether’s range over the same period was $1,835 to $1,928. The source added that the market currently lacks a clear directional catalyst in the short term.