Leading cryptocurrencies surged Monday as investors piled into the segment ahead of the release of key inflation data.

What Happened: Bitcoin spiked above $60,000 in early trading hours, followed by a seesaw movement within the $58,500 and $59,700 range. Leading Bitcoin mining company Marathon Digital Holdings Inc. (NASDAQ:MARA) announced plans to raise $250 million more to acquire Bitcoin through a new debt offering.

Ethereum breached $2,700, reaching its highest level since last week's Monday sell-off. The second-largest cryptocurrency was now up more than 7% over the week.

Total cryptocurrency liquidations hit nearly $170 million in the last 24 hours, with downside bets losing more than $92 million.

Both Bitcoin and Ethereum recorded a sharp increase in funds locked in their respective futures markets. While Bitcoin's OI rose 3.94%, Ethereum's OI popped 8%.

The market sentiment improved somewhat, from "Extreme Fear" to "Fear" owing to the rally, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.05 trillion, declining 3.75% in the last 24 hours.

Stocks remained choppy Monday. The Dow Jones Industrial Average slipped 140.53 points, or 0.36%, to end at 39,357.01. The S&P 500 was little changed, ending 0.23 points higher at 5,344.39. The tech-heavy Nasdaq Composite gained 0.21% to hit 16,780.61 at the closing bell.

Investors adopted a cautious stance ahead of the release of key inflation data. While July's producer price index is due Tuesday, the consumer price index will be released by the Bureau of Labor Statistics on Wednesday.

The inflation report may reveal hints about the health of the economy, following last week's sell-off frenzy.

Analyst Notes: Noted cryptocurrency influencer and trader Kevin Svenson highlighted Bitcoin's breakout from a Diamond Bottom pattern on a 30-minute chart.

For the curious, this pattern is formed when price starts oscillating between lower highs and higher lows, leading to a narrowing range that forms a diamond shape. An upward breakout typically indicates a potential reversal from a downtrend.

#Bitcoin | Diamond Bottom (30min Chart)
For those of you trading today's highly volatile price action, check this out. Diamond bottom pattern breakout ꜛ has just taken place.   $BTC #BTC  pic.twitter.com/AxpJzv170X

— Kevin Svenson (@KevinSvenson_) August 12, 2024

Widely-followed cryptocurrency trader Byzantine General noted Bitcoin's attempt at breaching $60,000 and foresaw a continued upward movement.

"Spot premium remains consistent, no long chasing, so it's purely spot driven, and the books don't offer much resistance until $65,000," the trader stated.

Kinda looks like $BTC wants to take another stab at breaking 60k.
Spot premium remains consistent, no long chasing so it's purely spot driven, and the books don't offer much resistance until 65k. pic.twitter.com/iezNPrVJUB

— Byzantine General (@ByzGeneral) August 13, 2024