Bitcoin Price: Bitcoin trades near $100K ahead of key economic events; Altcoins drop up to 7%

Bitcoin traded near its all-time high of $100,000 ahead of a critical week featuring central bank meetings and US inflation data, which could pave the way for lower borrowing costs and further policy easing. However, BTC slipped 1% in early trading, with Altcoins also declining.

As of 11:30 am IST, Bitcoin was down 0.8%, trading at $99,043, while Ethereum fell 1.6% to $3,915. During the session, BTC reached a high of $101,399 and a low of $98,579.

“Bitcoin faces strong resistance at $100,000 ahead of US CPI data release this Wednesday. It must hold support above $98,600 and break through six figures to retain market momentum,” said Vikram Subburaj, CEO of Giottus Crypto Platform.

Avinash Shekhar, co-founder & CEO of Pi42, noted, “Bitcoin’s consolidation near $100,000 highlights a tug-of-war between bulls and bears. A breakout could target $125,000, with optimism remaining bullish over the next 12 months.”
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Major Altcoins, including Solana, BNB, Cardano, Tron, Shiba Inu, Toncoin, Polkadot, Stellar, and Hedera, experienced losses of up to 7%.
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“The broader market saw some profit-taking at the highs with tokens like XRP, BNB and Cardano going down as much as 7%. BTC’s resistance now stands at $103,500 with strong support at $98,000,” said Edul Patel, CEO of Mudrex.Sathvik Vishwanath, Co-Founder & CEO of Unocoin, remarked, “Technical indicators like the RSI suggest overbought conditions, pointing to possible short-term corrections. However, Bitcoin’s scarcity and growing institutional adoption support a bullish long-term trend. Analysts foresee sustained momentum if Bitcoin consolidates above $100,000, but volatility remains a key risk.”

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The global cryptocurrency market capitalisation fell 0.65% over the past 24 hours to approximately $3.63 trillion. According to CoinMarketCap, stablecoins now make up 92.61% of the total 24-hour crypto market volume, at $151.56 billion.

Bitcoin’s market cap dropped to $1.965 trillion, and its volume in the last 24 hours increased by 36% to $54.33 billion.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)