The crypto market faces strong volatility: the U.S. Producer Price Index (PPI) surged, diluting hopes for interest rate cuts and causing a 3.85% drop in Bitcoin, which is trading below USD 119,000, while Ethereum fell 2.43%.

Bitcoin broke the key support of USD 120,000 and is now at USD 118,730, after rising to USD 124,000 hours earlier.

As a result, the market suffered over USD 1 billion in liquidations, creating uncertainty about whether a bearish cycle is consolidating or if it is time to 'buy the dip'.