Bitcoin Holds Steady Above $104K Amid Cautious Market Conditions
Crypto markets declined on Thursday amid macroeconomic concerns and trade deadlines. Bitcoin (BTC) was at $104,700, down 1.2%, while ether (ETH) fell to just below $2,860, down 1.8%.
Key points include:
- The Federal Reserve maintained interest rates but expressed a cautious stance on inflation.
- Crypto market activity is subdued, with BTC implied volumes dropping below 40%.
- Open interest for BTC and ETH remains flat; puts are trading at a premium, indicating hedging against short-term declines.
- Analyst Joel Kruger predicts potential bullish movements for BTC towards $145,000 if recent highs are surpassed.
- Ether could see upward movement to $3,400 if it clears $2,900.
- The U.S. Senate passed a stablecoin framework, enhancing regulatory conditions for crypto adoption.
- Near-term outlook remains cautious due to month-end flows and lack of new catalysts, keeping BTC in the $102,000–$108,000 range.
- Historically strong performance is expected in the second half of the year, with potential for unexpected gains.