Bitcoin Hovers Around $94,000 as Market Eyes U.S. Jobs Data and Fed Policy
As the cryptocurrency market navigates a recent price drop to $92,000, experts are focusing on upcoming policy announcements from the U.S. Federal Reserve and jobs data for signs of growth or contraction. Major altcoins, such as XRP, ETH, SOL, ADA, and DOGE, appear to be taking a backseat to smaller coins like STX, SUI, ONDO, and GRT, which have recorded double-digit gains in the past 24 hours.
Market Internals Indicate Consolidation Ahead of Potential Breakout
Valentin Fournier, lead research analyst at BRN, projects an accumulation phase between $90,000 and $95,000, with potential pullbacks to $87,000 before a possible breakout above $100,000. Qaisar Mahmood of CryptoCompare shares this assessment, highlighting the importance of watching perpetual contracts for signs of market momentum.
Stablecoin Supply Hits Record High on Solana
The stablecoin supply on Solana has reached an all-time high of $12.8 billion following Circle’s issuance of $1.75 billion in USDC. This growth indicates strong demand and liquidity within Solana’s ecosystem, despite a recent market slowdown.
Derivatives Positioning Shows Bullish Sentiment Amid Flat Open Interest
SUI, ONDO, UNI, and HBAR have recorded significant growth in perpetual futures open interest over the past 24 hours. Perpetual funding rates remain moderately positive for most major tokens, reflecting bullish sentiment within the market.
Market Movements: Bitcoin Firms While Ethereum and Major Altcoins Show Strength
Bitcoin (BTC) is currently trading at $93,701.46, representing a gain of 0.23% since Thursday’s close. Ethereum (ETH) has also shown strength, up 0.62% to $1,774.26. The CoinDesk 20 index stands at 2,750.46, marking a 0.45% increase over the past 24 hours.
Technical Analysis: STX Exceeds Ichimoku Cloud Line Suggesting Bullish Shift
Bitcoin layer-2 protocol Stacks’ native token (STX) has moved above the Ichimoku cloud line on its daily chart, signaling a potential bullish shift in momentum. The crossing of two ascending Simple Moving Averages reinforces this view.
Crypto Equity Market Overview: Mixed Results Amid Continued Tariff Uncertainty
Major crypto-related equities have shown mixed performance, with Strategy (MSTR), Coinbase Global (COIN), and Galaxy Digital Holdings (GLXY) displaying significant gains, while others like Marathon Petroleum (MARA) and Crypto mining firm Riot Platforms (RIOT) have exhibited losses.
ETF Flows: Bitcoin Dominance Continues Amid Strong Net Inflows
Spot BTC ETFs continue to attract large net inflows of $442 million in the last 24 hours, with cumulative balances reaching $38.13 billion since inception. Ethereum ETH-based funds also display strong interest, with a daily net flow of $63.5 million.
Chart of the Day: Bitcoin Exchange Balances Hit Lowest Levels in Five Years
The decreasing number of BTC held in wallets tied to centralized exchanges suggests potential price increases as investors take advantage of increasingly favorable market conditions.