Bitcoin Steadies Near Recent Highs Amid Economic Data Anticipation
Bitcoin Steadies Near Recent Highs Amid Economic Data Anticipation
Bitcoin rose slightly on Wednesday, trading at $95,041.2, as it steadied near recent highs following a strong rebound rally. The cryptocurrency has gained nearly 15% in April, reversing two months of losses, supported by increased buying activity and optimism over crypto-friendly regulations. However, the rally appears to be cooling as markets await key U.S. economic data, including GDP and inflation reports, which could provide insight into the economy's performance under President Donald Trump’s second term.
Broader Crypto Markets Show Mixed Performance
The broader crypto market remained rangebound ahead of the economic data deluge. Ether, the second-largest cryptocurrency, steadied at $1,802.73 but was down 1% in April. Solana emerged as a standout performer, surging 18% this month, driven by increased on-chain activity linked to Trump’s memecoin, $TRUMP. Despite a 6.4% drop on Wednesday, Solana is up over 31% in April after Trump announced a White House event for top holders of the coin.
Other altcoins showed mixed results. XRP fell 0.6% but remained up nearly 8% for the month, while Cardano was flat, heading for a 5.7% gain. Dogecoin dropped 1.1% but was still up 5.3% in April.
Economic Data and Market Sentiment
The upcoming U.S. economic data, including the PCE price index and nonfarm payrolls, could influence market sentiment and, in turn, impact crypto prices. While Bitcoin has little direct correlation with U.S. economic data, it remains sensitive to shifts in market sentiment. The cryptocurrency has largely moved in tandem with U.S. stock markets, particularly the Nasdaq 100 benchmark.
Overall, Bitcoin and broader crypto markets are bracing for potential volatility as investors await clarity on the U.S. economic outlook and the implications for interest rates.
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