- Bitcoin rebounds above $96,000, rising 6% in 24 hours alongside global stock gains.
- Ethereum price rises 8%, with bullish continuation patterns forming despite low whale demand.
- Investors are focused on US inflation data, which may influence Federal Reserve decisions.
Bitcoin’s price has surged above $96,000, regaining 6% over the past 24 hours as it tracks the recovery in global equity markets. This rebound follows a brief dip below $90,000, driven by market sentiment ahead of crucial U.S. inflation data.
The upcoming producer price index (PPI) and consumer price index (CPI) reports are expected to influence market expectations for the Federal Reserve’s interest rate decisions, with potential impacts on risk assets like Bitcoin.
Ethereum and Bitcoin: Market Rebounds with Focus on US Inflation and Economic Data
Ethereum, too, has rebounded sharply, gaining 8% in just one day and trading near $3,177. Despite the rebound, Ethereum whales have shown reluctance, with on-chain data suggesting low demand from large investors. Ethereum’s continued market leadership in Web3 and its ongoing adoption by institutional investors suggest that, despite the skepticism from whales, it remains a key player in the digital asset space.
Ethereum, which has been trading close to $3,177, has also seen positive momentum, rising 8% in the last 24 hours. Despite this rally, whale interest in ETH remains low, with on-chain data showing reduced activity and a drop in the number of active addresses. This suggests that Ethereum may be in a phase of cautious optimism, rather than a full-blown bull run led by institutional investors or large traders.
The market has remained volatile as investors prepare for upcoming inflation reports. While Bitcoin leads the charge, Ethereum’s relative underperformance among large investors indicates a more reserved outlook for the second-largest cryptocurrency. Still, Ethereum has maintained its leadership in Web3 technologies, with significant institutional interest in its scaling solutions and growing total value locked in decentralized finance (DeFi) protocols.
Looking ahead, both Bitcoin and Ethereum remain influenced by macroeconomic factors. The potential for continued volatility exists as inflation data could sway investor sentiment significantly. In this environment, both cryptocurrencies are closely tied to broader market dynamics, with inflation data and interest rate decisions playing a pivotal role in shaping future trends.
The ongoing rebound in Bitcoin and Ethereum reflects investor optimism amid global market gains, with upcoming U.S. inflation data poised to be a decisive factor for the market’s next move.
“Key PPI and CPI data are on the horizon, and potential surprises could tilt market sentiment as participants adjust to a prolonged higher-rate environment.” – QCP Capital analysts
