Bitcoin remains steady above $87,000 as traders monitor U.S. data releases and upcoming U.S. tariffs starting April 2.
Cryptocurrencies like Solana’s SOL, XRP, BNB, and ETH saw minor increases, while Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant jumps.
The upcoming Personal Consumption Expenditure (PCE) data is a key focus, influencing Fed interest rate decisions and potentially affecting Bitcoin prices.
Bitcoin held its value above $87,000 during Asian afternoon hours, as traders awaited the U.S. data and potential tariffs, with most in a watch-and-wait mode.
In the past 24 hours, significant gains were noted for DOGE, along with smaller increases in Solana’s SOL, XRP, and BNB Chain’s BNB.
This was the second consecutive day of gains for DOGE and substantial jumps for SHIB, which recently rose by 11%, driven by a shift towards riskier meme coins and a 228% surge in trading activity on its exchange within the last month.
Concerns regarding a U.S. economic decline linger, and traders have returned to a protective approach amidst the unwinding of momentum trades in markets.
“We anticipate markets to keep their rebound into the end of the month, with the next notable event being the reciprocal tariff announcement from Trump on April 2,” stated Augustine Fan from SignalPlus. “Favorable rumors regarding tariff responses could aid in the recovery of recent downturns in U.S. stocks, potentially triggering global rallies alongside rises in EU and China stocks.”
Fan noted that crypto markets are likely to continue mirroring equities as they lack distinctive catalysts, although recent mergers and acquisitions in the crypto field suggest a resilient long-term outlook for the market.
Traders at QCP Capital stated that the upcoming quarter historically has been favorable for risk assets and upcoming data releases will likely impact sentiments going forward.
