Bitcoin Holds Above $107,000 Amid Early Signs of Profit-Taking
Bitcoin (BTC) remained above $107,000, but signs of profit-taking are evident across the crypto market. Key points include:
- Dogecoin (DOGE) fell nearly 4% to 19 cents.
- Tron's (TRX) price dropped 5.5% to 27 cents.
- Other cryptocurrencies like XRP, BNB, Solana (SOL), and Cardano (ADA) experienced losses up to 3%.
- Ether (ETH) briefly surpassed $2,800 but is also showing signs of cooling off.
Despite the current profit-taking, traders maintain a positive sentiment, noting structural shifts in the market attracting institutional interest.
Macro Conditions Influencing Markets
Recent macroeconomic developments are impacting sentiment:
- Circle's successful IPO has improved mainstream sentiment towards crypto.
- Companies such as Gemini and Bullish filed for IPOs with the SEC.
- Progress in U.S.-China trade talks and softer inflation data are seen as favorable for risk assets.
- Analysts express optimism for digital asset growth as macroeconomic conditions stabilize.
- Institutional adoption of structural bid vehicles like spot ETFs is accelerating supply absorption.