Bitcoin’s price today is $92,410, declining by 0.78% from an earlier opening around $93,000. Market sentiment remains cautious as selling pressure mounts, with resistance documented at $91,275. This article discusses the influence of macroeconomic factors, cryptocurrency market dynamics, and institutional interest in US ETFs as key elements shaping Bitcoin’s trajectory.
As of today, Bitcoin is valued at $92,410, reflecting a 0.78% decline from its opening price which was around $93,000. According to CoinDCX, this price movement represents a consolidation after previous gains. Bitcoin maintains a significant market dominance of 63.55%, which has marginally increased by 0.23% in the last day.
At 9.30 AM, Bitcoin’s market capitalisation was reported at $1.83 trillion, with trading volumes reaching $37.7 billion. Ryan Lee, Chief Analyst at Bitget Research, noted that Bitcoin’s price surge has encountered resistance around $91,275, which corresponds with the average cost basis for short-term holders. This suggests an imminent selling pressure as traders aim for break-even points.
Lee warns that market sentiment is cautious, highlighted by subdued futures premiums and neutral options skews. He advises investors to consider macroeconomic indicators and market liquidity, as these will significantly impact Bitcoin’s short-term performance. CoinMarketCap data showed that total market capitalisation for cryptocurrencies dropped by 0.92% to $2.9 trillion during the same period.
Ethereum’s Ether price stands at $1,763.11, with a market cap of $212.83 billion and trading volumes of $20.01 billion. Avinash Shekhar, CEO of Pi42, pointed out that the fluctuations in Bitcoin and Ethereum values were influenced by Donald Trump’s changing stance on China tariffs. Additionally, Tether, a stablecoin pegged to the US dollar, remains stable at $1, with a market cap of $145.65 billion and trading volumes of $83.47 billion.
The meme token Solana is currently priced at $148.02, with a market capitalisation of $76.57 billion, and trading volumes of $4.6 billion. CoinDCX reported bullish activity in the $TRUMP token following announcements of Trump engaging with the crypto industry, with the token increasing by 60%. At the moment, OFFICIAL TRUMP is valued at $11.99, demonstrating a rise of 27.8%.
Edul Patel, CEO of Mudrex, also mentioned that Bitcoin stabilised around the $93,500 mark earlier today, and he anticipates influence from the upcoming US jobless claims data on market sentiment. He indicates that Bitcoin faces resistance at $96,300 and support at $91,700.
Further insights reveal that traders are cautious with their positions, balancing short-term gains against long-term viability influenced by geopolitical and macroeconomic shifts. Nonetheless, some analysts, like Piyush Walke from Delta Exchange, predict a potential surge past $94,000 as Bitcoin consolidates gains. Furthermore, Shivam Thakral from BuyUcoin highlighted significant inflows into US Bitcoin ETFs as a bullish sign, indicating institutional interests that could support BTC’s forthcoming rally towards its all-time high.
