Bitcoin holds near $95,000 as traders await key economic data; Altcoins slide

As of 12:05 PM IST, Bitcoin was up 0.2% at $94,937, while Ethereum was down 0.56% at $1,806. The global crypto market cap slipped 0.2% to $2.97 trillion.

“Bitcoin is currently in a consolidation phase, with potential for significant price movement,” said Piyush Walke, Derivatives Research Analyst at Delta Exchange. He added that Bitcoin was trading near the upper boundary of its recent range and a breakout above $96,000 could be possible if momentum continues.

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According to CoinSwitch Markets Desk, Bitcoin is trading between $93,000 and $95,500, showing market indecision. “The $95,500 level remains a strong resistance point,” the team noted. Liquidations in the past 24 hours reached $185.57 million, affecting over 100,000 traders, with BTC and ETH accounting for over $67 million of that.BlackRock’s IBIT ETF saw $970 million in inflows on Tuesday, the largest single-day inflow since November. “This signals strong demand,” said Vikram Subburaj, CEO of Giottus. He pointed out that Bitcoin is forming a symmetrical triangle, which could lead to a continuation of the current trend if a breakout occurs.

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Spot Bitcoin ETFs in the US also recorded $591.3 million in net inflows on Monday, continuing a seven-day streak. “Prices remain elevated, and the market appears to be positioning for another move higher,” Walke added.Also Read: Bitcoin is digital equivalent of gold, showing signs of decoupling from Nasdaq: Jefferies’ Chris WoodEthereum followed Bitcoin’s range-bound action and traded around the $1,800 mark. Subburaj noted that Ethereum showed little volatility and no major direction. Among altcoins, XRP fell 1.5%, BNB 1%, Solana 0.3%, Dogecoin 2.2%, Tron 1.7%, Chainlink 3.5%, and Avalanche 2%.

Bitcoin’s market cap climbed to $1.884 trillion, with its dominance rising to 63.51%. Daily trading volume declined by 19.3%, reaching $25.03 billion. Stablecoins accounted for 92.71% of total crypto trading activity, totaling $70 billion, according to CoinMarketCap.

Shivam Thakral, CEO of BuyUcoin, said, “The global digital asset market is witnessing a wave of positive momentum as macroeconomic conditions improve.” He pointed to a possible easing of the trade war, with the US reaching agreements with several countries, including India. Thakral added that Bitcoin may cross the $100,000 mark in the coming weeks if the current momentum continues.

In a separate development, the Trump Organization announced it will accept cryptocurrency payments for luxury condos in its $1 billion Trump Tower Dubai project, showing growing adoption of digital assets.

Also Read: Is the memecoin mania affecting the credibility and future of crypto?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)