Bitcoin Holds Steady at $111,500 as Traders Await Macro Data
Bitcoin (BTC) is trading around $111,500 as traders assess macroeconomic factors. Key prices include:
- Ether (ETH) at $4,312
- XRP (XRP) at $2.96
- BNB (BNB) at $880
- Solana (SOL) at $218
- Dogecoin (DOGE) at 24 cents, up 11.6% weekly due to a pending memecoin ETF launch in the U.S.
The market remains cautious. Augustine Fan from SignalPlus noted BTC's underperformance relative to other assets and suggested a defensive approach due to soft buying in digital asset trusts.
Lukman Otunuga from FXTM indicated that upcoming US economic data and central bank decisions could influence market dynamics. A cooler CPI may lead to Fed cuts, weakening the dollar and benefiting alternative assets.
Justin d’Anethan from Poly Max Investment mentioned the dilemma investors face between bearish positions and potential missed opportunities. He highlighted that public companies hold about 1 million BTC.
Key indicators for traders include monitoring CPI and PPI for policy direction, dollar movements for risk appetite, and DAT premium for potential selling pressure.