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Economic Times
14-05-2025
- Business
- Economic Times
Bitcoin tops $103,000 as softer US inflation boosts rate cut hopes
Bitcoin and other major cryptocurrencies traded higher on Wednesday after softer-than-expected U.S. inflation data and easing trade tensions boosted investor sentiment, reviving hopes of interest rate cuts by the Federal Reserve later this year. ADVERTISEMENT As of 1:04 PM IST, Bitcoin was up 1% at $103,481, while Ethereum surged 7.3% to $2,650. The global crypto market capitalisation rose 2.8% to $3.38 trillion, with altcoins like XRP, Solana, Dogecoin, and Shiba Inu gaining between 3% and 9%. The latest U.S. Consumer Price Index (CPI) showed inflation rose just 0.2% in April, below the 0.3% forecast, easing concerns over further interest rate hikes. This, along with improved trade relations between the U.S. and China, lifted risk appetite across crypto markets. 'Bitcoin is trading near $103,500 as markets absorb April's CPI report showing steady inflation. With the Fed now under less pressure to hike rates, BTC is gaining traction as a hedge and high-yield store of value,' said Sathvik Vishwanath, Co-Founder & CEO of Unocoin. 'A bullish MACD crossover and RSI at 54 suggest rising momentum, though resistance at $105,000 remains a key barrier. Whales like Tether are accumulating, while some ETFs show profit-booking, signalling mixed institutional sentiment.'He added that if Bitcoin breaks above $105,000, a run toward $110,000 is plausible. 'A calm CPI keeps Bitcoin's uptrend cautiously intact, fueling crypto confidence this week.'According to Vikram Subburaj, CEO of Giottus Crypto Platform, Bitcoin continues to consolidate above $103,000 as risk-on sentiment builds. He pointed out that neutral funding rates and steady trading volumes suggest the rally remains structurally strong. ADVERTISEMENT 'Ethereum and Dogecoin led the gains among key altcoins with 7–8% rallies, while Solana, Cardano, and Tron posted 2–6% increases,' Subburaj noted. 'BTC dominance has dropped nearly 5% this week to 62.2%, hinting at a potential altcoin rotation in the near term.'Subburaj believes a period of consolidation may precede Bitcoin's next move toward the $110,000 mark. ADVERTISEMENT The Crypto Fear and Greed Index touched 70, indicating growing optimism among traders. Market observers believe this could further support buying interest in Bitcoin and Ethereum, especially if macroeconomic data continues to remain on a weekly time frame, made a 'Bullish Engulfing' candle around the key support of $73,500 and started moving up by forming a 'Higher High and Higher Low' pattern. The asset broke the downsloping trendline and the psychological level of $100,000. The price surged almost 39.75%, from $74,508 to $105,085. BTC has strong resistance at $110,000, whereas $100,000 and $90,000 will act as strong support levels for the asset. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
14-05-2025
- Business
- Time of India
Bitcoin tops $103,000 as softer US inflation boosts rate cut hopes
Bitcoin and other major cryptocurrencies traded higher on Wednesday after softer-than-expected U.S. inflation data and easing trade tensions boosted investor sentiment, reviving hopes of interest rate cuts by the Federal Reserve later this year. As of 1:04 PM IST, Bitcoin was up 1% at $103,481, while Ethereum surged 7.3% to $2,650. The global crypto market capitalisation rose 2.8% to $3.38 trillion, with altcoins like XRP, Solana, Dogecoin, and Shiba Inu gaining between 3% and 9%. The latest U.S. Consumer Price Index (CPI) showed inflation rose just 0.2% in April, below the 0.3% forecast, easing concerns over further interest rate hikes. This, along with improved trade relations between the U.S. and China, lifted risk appetite across crypto markets. Crypto Tracker TOP COIN SETS DeFi Tracker 34.93% Buy AI Tracker 34.47% Buy NFT & Metaverse Tracker 29.38% Buy Web3 Tracker 21.53% Buy Crypto Blue Chip - 5 17.40% Buy TOP COINS (₹) Ethereum 224,071 ( 6.86% ) Buy XRP 222 ( 4.06% ) Buy BNB 56,018 ( 1.15% ) Buy Bitcoin 8,837,802 ( 0.81% ) Buy Tether 85 ( -0.01% ) Buy 'Bitcoin is trading near $103,500 as markets absorb April's CPI report showing steady inflation. With the Fed now under less pressure to hike rates, BTC is gaining traction as a hedge and high-yield store of value,' said Sathvik Vishwanath, Co-Founder & CEO of Unocoin. 'A bullish MACD crossover and RSI at 54 suggest rising momentum, though resistance at $105,000 remains a key barrier. Whales like Tether are accumulating, while some ETFs show profit-booking, signalling mixed institutional sentiment.' Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » He added that if Bitcoin breaks above $105,000, a run toward $110,000 is plausible. 'A calm CPI keeps Bitcoin's uptrend cautiously intact, fueling crypto confidence this week.' According to Vikram Subburaj, CEO of Giottus Crypto Platform, Bitcoin continues to consolidate above $103,000 as risk-on sentiment builds. He pointed out that neutral funding rates and steady trading volumes suggest the rally remains structurally strong. 'Ethereum and Dogecoin led the gains among key altcoins with 7–8% rallies, while Solana, Cardano, and Tron posted 2–6% increases,' Subburaj noted. 'BTC dominance has dropped nearly 5% this week to 62.2%, hinting at a potential altcoin rotation in the near term.' Subburaj believes a period of consolidation may precede Bitcoin's next move toward the $110,000 mark. The Crypto Fear and Greed Index touched 70, indicating growing optimism among traders. Market observers believe this could further support buying interest in Bitcoin and Ethereum, especially if macroeconomic data continues to remain supportive. BTC, on a weekly time frame, made a 'Bullish Engulfing' candle around the key support of $73,500 and started moving up by forming a 'Higher High and Higher Low' pattern. The asset broke the downsloping trendline and the psychological level of $100,000. The price surged almost 39.75%, from $74,508 to $105,085. BTC has strong resistance at $110,000, whereas $100,000 and $90,000 will act as strong support levels for the asset.
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Business Standard
29-04-2025
- Business
- Business Standard
Bitcoin holds steady above $94k; will it break through $96k resistance?
The flagship cryptocurrency Bitcoin (BTC) continues to remain in a consolidation phase. Though it has been holding above $94,000 levels, Bitcoin faces resistance at the $96,000 level acting as a key resistance point. At 10:38 AM on Tuesday, April 29, Bitcoin was quoted trading at around $94,362.99 levels, higher by 0.19 per cent. The world's most popular cryptocurrency, which also has the largest market capitalisation, has a 24-hour trading volume of $31.77 billion. Bitcoin's market capitalisation stood at $1.87 trillion. Bitcoin has traded in the range of $93,498.21 to $95,598.49 in the last 24 hours, according to data from CoinMarketCap. The flagship currency has been struggling to breach $96,000 levels. This upper boundary, Piyush Walke – derivatives research analyst, Delta Exchange, said, sits near the top of its recent trading range, suggesting that a breakout could be on the horizon if upward momentum persists. Prices remain elevated, and the market appears to be positioning for another move higher. "The recent close above the 200-day moving average marks a potential shift toward bullish momentum, further supported by the Relative Strength Index (RSI) staying above 50. These technical indicators underscore growing investor confidence in a possible upward breakout," said Walke. Bitcoin, Vikram Subburaj, CEO, Giottus Crypto Platform, said, has shown resilience while tracking above $94,000 even as $380 million in spot ETF outflows had a minimal impact on its price. It enjoys immediate support at $93,000 while the risk of a long squeeze towards $90,000, Subburaj believes, remains a short-term possibility. "The Fear & Greed Index has climbed to 60 (in greed) indicating that market is beginning to become risk-on, while Bitcoin balance on exchanges has dropped to 2.2 million, indicating that a strong rally is possible early May," said Subburaj. Subburaj believes while the risk of a short-term dip remains, the asset is firmly placed to rally towards $100,000 soon. Walke on the other hand, said, "A decisive move above $100,000 could open the door to new all-time highs." Conversely, failure to hold key support levels could trigger a broader correction." Here's how other cryptocurrencies are faring Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was quoted trading at around $1,794.87, down merely 0.06 per cent. Among other popular cryptocurrencies, Binance Coin (BNB) with marginal gains of 0.49 per cent, while Solana (SOL) was trading lower by 1.83 per cent, Ripple (XRP), with a loss of 0.13 per cent. Meanwhile, the US dollar-linked stablecoin Tether traded at flat $1.
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Business Standard
22-04-2025
- Business
- Business Standard
Bitcoin shows resilience at higher levels, eyes $93K; support lies at $85K
Bitcoin (BTC) has continued its upward momentum, showing strong resilience at higher levels. The flagship cryptocurrency has surged to $88,800, buoyed by another heavy buying from Michael Saylor's firm, Strategy. The company has announced that it acquired 6,556 Bitcoin between April 14 and April 20, estimated to be worth nearly $555.8 million. At around 09:35 AM on Tuesday, the world's largest cryptocurrency Bitcoin was trading at approximately $88,229.97, up 1.04 per cent. The 24-hour trading volume for the flagship currency stood at $38.64 billion, while its market capitalisation was approximately $1.75 trillion, according to data from CoinMarketCap. The upward trajectory in Bitcoin, Edul Patel, co-founder and CEO of Mudrex, said, is driven by rising global liquidity and an expanding M2 money supply. "Additionally, renewed institutional interest has boosted market sentiment, with BTC spot ETFs seeing over $300 million in inflows and MicroStrategy adding 6,556 BTC to its holdings," said Patel. Currently trading above $88,000, Patel believes Bitcoin has broken out of its downtrend, signalling a healthy reversal from the recent sell-off. "If bulls can sustain these levels, a move toward the $93,000 resistance is possible, with support standing at $85,000," said Patel. Meanwhile, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that the wider market is giving mixed signals, with gold continuing its record rally while the US Dollar Index (DXY) is at a 3-year low. With major stock indices going down, Bitcoin has to exhibit strong divergence from stocks as it moves forward in its rally. "A revisit to the $84,000 zone is on the cards if Bitcoin fails to gather momentum," cautioned Subburaj. That said, Bitcoin's dominance of the crypto market is moving towards 65 per cent. Subburaj believes that a reversal in this metric is around the corner, especially if Bitcoin reclaims $90,000. Notably, Bitcoin is nearly 19 per cent lower than its all-time high of $1,09,114.88, scaled three months ago on January 20, 2025. Among other popular cryptocurrencies, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was facing resistance at higher levels. At last check, it was trading 3.62 per cent lower at around $1,580.60. Ripple (XRP) was trading lower by 1.30 per cent, Binance Coin (BNB) experienced a 0.34 per cent decline, and Solana (SOL) was trading lower by 0.12 per cent. The US dollar-linked stablecoin Tether (USDT), on the other hand, traded at $1, up 0.01 per cent.
