Bitcoin Stays Close to $95,000 as Traders Anticipate Key Economic Data; Altcoins Decline
Bitcoin remained stable around the $95,000 level on Wednesday as traders anticipated crucial US economic indicators, such as inflation, manufacturing, and employment data, which could sway market trends.
As of 12:05 PM IST, Bitcoin posted a 0.2% increase to $94,937, while Ethereum saw a slight decline of 0.56% to $1,806. The overall crypto market capitalization decreased by 0.2%, settling at $2.97 trillion.
“Bitcoin is currently undergoing a consolidation phase, with the potential for substantial price movement,” stated Piyush Walke, Derivatives Research Analyst at Delta Exchange. He mentioned that Bitcoin is approaching the upper limit of its recent range, and a breakout above $96,000 could occur if the momentum persists.
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According to the CoinSwitch Markets Desk, Bitcoin is fluctuating between $93,000 and $95,500, reflecting a state of market indecision. “The $95,500 level acts as a significant resistance point,” the team commented. In the past 24 hours, liquidations reached $185.57 million, impacting over 100,000 traders, with BTC and ETH comprising over $67 million of that total. BlackRock’s IBIT ETF recorded $970 million in inflows on Tuesday, marking the largest single-day inflow since November. “This indicates robust demand,” stated Vikram Subburaj, CEO of Giottus, adding that Bitcoin is forming a symmetrical triangle, which could result in a continuation of the current trend upon breaking out.
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Spot Bitcoin ETFs in the US saw $591.3 million in net inflows on Monday, maintaining a seven-day streak. “Prices are elevated, and the market seems to be gearing up for another upward move,” Walke remarked. Also Read: Bitcoin is the digital equivalent of gold, showing signs of decoupling from Nasdaq: Jefferies’ Chris Wood Ethereum mirrored Bitcoin’s range-bound behavior, trading around the $1,800 mark. Subburaj noted that Ethereum exhibited minimal volatility and lacked a decisive direction. Among altcoins, XRP dropped 1.5%, BNB 1%, Solana 0.3%, Dogecoin 2.2%, Tron 1.7%, Chainlink 3.5%, and Avalanche 2%.
Bitcoin’s market cap rose to $1.884 trillion, with its dominance increasing to 63.51%. Daily trading volume fell by 19.3%, totaling $25.03 billion. Stablecoins constituted 92.71% of total crypto trading activity, equating to $70 billion, as per CoinMarketCap.
Shivam Thakral, CEO of BuyUcoin, remarked, “The global digital asset market is experiencing a surge of positive momentum as macroeconomic conditions enhance.” He pointed to a potential easing of the trade war, with the US forging agreements with several countries, including India. Thakral suggested that Bitcoin could surpass the $100,000 mark in the upcoming weeks if this momentum continues.
In another noteworthy development, the Trump Organization announced it will accept cryptocurrency payments for luxury condos in its $1 billion Trump Tower Dubai project, indicating an increasing acceptance of digital assets.
Also Read: Is the memecoin mania affecting the credibility and future of crypto?
(Disclaimer: Recommendations, suggestions, views, and opinions expressed by experts are solely their own and do not represent the views of the Economic Times)
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