Bitcoin Market Cap Nears $3 Trillion Amid Potential Breakout
The crypto market is in consolidation, with the overall market cap nearing $3 trillion. Analysts are anticipating a potential breakout for Bitcoin (BTC) that could elevate the market.
- Bitcoin is trading around $95,000; other major cryptocurrencies like Ether (ETH), BNB, and Solana (SOL) remain stagnant.
- XRP and Cardano (ADA) declined by 2%; Dogecoin (DOGE) fell 3%.
- Spot Bitcoin ETFs saw a loss of $56 million on Wednesday, breaking an eight-day influx of nearly $3 billion into U.S.-listed funds.
- Analysts predict a significant move following Friday’s labor market data, as the market has been range-bound.
- The 200-day moving average is currently at $3.01 trillion, suggesting a strong upward movement could lead to a target of $3.5 trillion.
- BTC has exhibited volatility within a range of $93,000 to $95,000 since April 25, indicating momentum for a possible breakout.
- Negative average funding rates for BTC signal intense whale activity, which historically precedes upward trends.
- Macroeconomic concerns persist as traders monitor President Donald Trump’s tariff negotiations with various countries.