Top Reasons Why BTC Price Dumped Below $28K After CPI Data

[Coinpedia Fintech News]

The Bitcoin market turned slightly bullish after Wednesday’s CPI data that came below analyst expectations at 4.9 percent. The mother coin rallied above $28k, there attracting more long crypto traders. However, the rally was not sustained as Bitcoin price briefly teased below $27k for the first time since the end of March. As a result, 99.64 percent of Bitmex long traders, accounting for $24.8 million, were liquidated in the past 24 hours.

As the crypto market turned more bearish, on-chain data shows about 6,272 Bitcoins were added on Binance in the past 24 hours. Additionally, the total Bitcoin balance on centralized exchanges significantly spiked to more than 1.9 million, thus signaling a possible dump incoming.