Bitcoin continued trading in the narrow range today, as the new economic data from the United States’ Labor Office prompted prices to the lowest level in 9 days.
The maximum coded currency market has decreased by 3.26 % at the time of writing this report, with more than $ 300 million in the past 24 hours.
The majority – 222.34 million dollars – from the long positions, indicating that many of the upscale bets have been thwarted through the last shrinkage in the market.
In compliance with the prevailing landmarks, the fear and greed index slipped one point to 46, which is second in the fear area this week.
Although the current risk feeling, some altcoins managed to record profits of two numbers today.
Why the price of bitcoin decreased?
Bitcoin’s reaction to the latest consumer price index data (CPI), which showed an increase of 3 % on an annual basis, became higher than 2.9 % expected.
The basic consumer price index, with the exception of food and energy, came hotter than expected by 3.3 % compared to 3.1 % expected.
The markets were pricing in a more favorable enlarged direction, especially after December data hinted to reduce price pressures.
However, the January numbers were stabbed in this narration, which led to sharp sales of risk assets over the past few weeks.
Bitcoin reached the lowest level of the day of $ 94,119 immediately after the data was published.
In addition to the pressure, Federal Reserve Chairman Jerome Powell repeated a cautious position on interest rates earlier this week, as he hinted that there was no urgency to reduce them any time soon.
However, it has been acknowledged that excessively late cuts can hinder economic growth and employment, although this has not done much to reassure tense markets.
Traders are currently cautious, as shown in the CME Fedwatch tool, which now shows a possibility of 97.5 % that the Federal Reserve maintains rates at its meeting on March 19.
Without a strong upward incentive, Bitcoin is likely to remain within its current range.
Will Bitcoin rise?
Some of the sale may continue in the coming days, as Glassnode data shows signs of panic among short -term holders.
As of February 11, those who bought BTC during the past month $ 834 million in losses, while total losses from their owners reached from one month to six months 126.5 million dollars only.
However, the additional data from Glassnode indicates that the sale pressure may fade soon as BTC has managed to keep it near $ 100,000 although its pressure on the sale side reaches its highest levels since the collapse of the three capital in mid -2012.
According to multiple experts, this is a sign of the seller’s exhaustion, which is likely to be the way to install or reflect if the purchase of the interest is picked up.
However, the borrowed C2M urged merchants to remain cautious because Bitcoin needs to restore the main resistance levels before confirming the bullish reflection.
As of the time of publication, Bitcoin was hovering over $ 95,000, a decrease of 1.5 % over the past 24 hours.
The majority of the most prominent altcoins followed Bitcoin and published a little gains, with the exception of a few prominent players. Most of the gains were focused through low symbols and coin.
The total ceiling of the Altcoin market continued to decrease for the second day in a row to $ 1.24 trillion in the late Asian trading hours.
Meanwhile, the Altcoin season index slipped one point to 42, confirming the current Bitcoin dominance.
The first three winners of this day were:
Pies
Pancakeswap (Cake) the leading winner of this day was among the 100 largest encrypted currencies listed in Coinmarketca. Over the past 24 hours, Altcoin has increased by 17.7 % to the highest level per day $ 2.32 at the time of the press, with the market increased in the market by $ 677 million.
source: Coinmarketcap
The cake has risen on the societal noise, as a multi -track decentralized exchange revealed that it burned more than 172,000 cake code in January through two IFos.
Pancakewap is also strong in the decentralized exchange market.
According to Defillalama, it tackled the highest trading volume over the past 24 hours, bypassing the main Dexs like Uiswap and Raydium.
Its size was $ 3.05 billion, while the other two had $ 2.18 billion and 1.569 billion dollars, respectively.
Sonic
Over the past day, Sonic (S) increased by 13.05 %, and the exchange of hands at $ 0.5219, while the market ceiling rose nearly $ 1.5 billion at the time of publication.
The daily trading volume also increased by 50 % by about 153.05 million dollars with a trading of 3.17 billion icons.
source: Coinmarketcap
Most of the gains came in the interest of the investor after Sonic achieved the highest new level ever in the closed total value on February 12, which amounted to 357.65 million dollars, for all data from Devillaamama.
The growth in TVL is a 3000 % leap in less than two months, which many consider a sign of rapid adoption.
This growth follows the upgrade of December 2024 on Fantom, which improved expansion, speed and efficiency of the network.
Moreover, Sonic plans to $ 100 million to reward users and enhance liquidity, which helped generate some current noise around Altcoin.
Unyxcoin
ONYXCOIN (XCN) increased by 9.8 % during the last day, as it was traded at $ 0.023 per coin, as it has recovered from the declining direction that was seen over the past nine days.
The price rally led the market roof to more than $ 775 million.
source: Coinmarketcap
Most of these gains came when the project revealed that ONYXDAO was considering obtaining the distinctive symbols of users who accidentally sent XCN to the distinctive symbol contract, which permanently eliminates the symbolic offer.
Altcoin also got a new pair of the USD margin on Kraken Pro, which may have helped her to stick to her latest gains.
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