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Crypto markets rangebound as Bitcoin retreats below $104k; US PPI data eyed
Bitcoin price today, Thursday, May 15, 2025: Cryptocurrency markets remained largely rangebound on Thursday as investors awaited the release of the US Producer Price Index (PPI) data, a key indicator that could influence near-term US Federal Reserve policy, analysts said.
The flagship cryptocurrency Bitcoin (BTC) recently tested the $105,700 level but has since retraced, now trading near $102,900 and encountering resistance around key technical zones.
As of 10:44 AM on Thursday, May 15, Bitcoin was trading at $102,868.46, down 0.89 per cent, according to CoinMarketCap. Over the past 24 hours, BTC fluctuated within a range of $102,618.30 to $104,303.57, with a trading volume of $45.25 billion. Its market capitalisation stood at $2.04 trillion, the highest among all cryptocurrencies.
The crypto market is currently in a consolidation phase, underpinned by a broader bullish sentiment, said Riya Sehgal, research analyst at Delta Exchange. Sehgal believes that while short-term indicators reflect some bearish pressure for Bitcoin, the overall market structure remains strong.
'Since the beginning of May, over $2.2 billion in capital inflows have entered the market—a sign of continued investor confidence and growing institutional participation,' said Sehgal.
Vikram Subburaj, CEO of Giottus Crypto Platform, noted that Bitcoin is currently in a "middle zone." A rally beyond $106,000 could signal continued bullish momentum, while a drop below $100,000 might invalidate the current bullish structure.
'We emphasise the importance of the US PPI release later today, which could shape near-term Fed policy. A soft PPI reading will heighten expectations of an interest rate cut, boosting risk-on assets like crypto. Traders are advised against using leverage heading into the data release,' Subburaj said.
Alankar Saxena, Co-founder and CTO of Mudrex, remains optimistic about Bitcoin's outlook. 'Bitcoin is trading range-bound between $102,500 and $104,000 as investors wait for a fresh catalyst. While institutional investors continue accumulating, retail interest is also rising, with Google searches for 'Bitcoin' hitting a six-month high,' Saxena noted.
Altcoins reflect similar trends
Altcoins mirrored Bitcoin's performance on Thursday. Ethereum (ETH), the second-largest cryptocurrency by market cap, fell below the $2,600 mark after briefly surpassing it. It was trading 3.23 per cent lower at $2,585.08, within a 24-hour range of $2,549.68 to $2,685.01.
On-chain data showed that $1.2 billion worth of ETH has been withdrawn from centralized exchanges over the past week. Additionally, ETH's recent rally has pushed 60 percent of holding addresses into profit. Market analysts are eyeing a potential move toward the $3,000–$3,100 resistance zone.
'With sell-side pressure decreasing, ETH is set to experience further rallies in the near term. If bulls maintain control, the $3,000–$3,100 region may be tested as the next major resistance,' Saxena added.
Among other altcoins, Cardano (ADA) was down 4.18 per cent, Solana (SOL) declined 4.08 per cent, Ripple (XRP) fell 2.18 per cent, and Binance Coin (BNB) dropped 1.7 per cent.
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