The overall crypto market, including Bitcoin, Ethereum, Solana, and others, has experienced significant price declines following the release of the United States Consumer Price Index (CPI) and the opening bell of the US market. BTC, ETH, SOL, and DOGE have all seen declines ranging from 1.85% to 2.35% in the past hour. This sell-off may be due to short-term holders and miners offloading their Bitcoin holdings. If BTC closes below the $56,000 level, it could drop to $54,000 or lower. On-chain metrics and the BTC Long/Short ratio indicate a bearish market sentiment, and 53.14% of top Bitcoin traders currently hold short positions.



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