US CPI Release Today, Bitcoin Steady in Expectation (Market Watch)

Bitcoin has remained stable at approximately $27,500 over the past day, but this is expected to change later today as the US prepares to release the CPI figures for April.

The altcoins are also experiencing a quiet day, with minimal movement among the top 20 cryptocurrencies.

BTC Pauses at $27.5K

Bitcoin experienced a significant upward movement at the end of last week, reaching close to $30,000 on Saturday morning. However, a subsequent rejection caused the asset to decline sharply, dropping to below $29,000.

Sunday was relatively uneventful, but the situation deteriorated again on Monday and Tuesday. BTC initially fell to $28,000 before bears pushed it down to a weekly low of $27,300 yesterday.

Since then, bitcoin has regained some ground and is currently priced at $27,500. Increased volatility is anticipated later today with the release of the US CPI figures for April. Below are the dates for key US events that have historically impacted bitcoin’s price.

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Currently, BTC’s market capitalization is just above $530 billion, while its dominance over altcoins is slightly below 47%.

BTCUSD. Source: TradingView

Alts Remain Steady

Despite their typically higher volatility, larger-cap altcoins have not shown any significant movements in the past 24 hours. Ethereum is trading just below $1,850, XRP is slightly above $0.4, while DOGE, TRX, LTC, and SHIB have recorded minor daily gains.

Conversely, BNB, MATIC, ADA, and DOT have experienced negligible daily losses. The most notable gainers among the top 100 altcoins are KAVA and Bitcoin SV, both of which have increased by over 10% in a single day.

Overall, the total cryptocurrency market capitalization has remained unchanged since yesterday at $1.140 trillion. However, this figure has decreased by more than $65 billion since the weekend.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.