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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