Key Insights:

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Bitcoin (BTC) shows slight stability near the $94,000 mark, recently dipping to $92,000. The benchmark cryptocurrency exhibited a bullish breakout earlier this week, directing attention towards the $100,000 goal, leaving larger altcoins like XRP, ETH, SOL, ADA, and DOGE trailing.

Despite Bitcoin’s consolidation, smaller cryptocurrencies such as STX, SUI, ONDO, and GRT witnessed impressive double-digit growth within a mere 24-hour window, surpassing BTC’s performance as the CoinDesk 20 Index registered an approximate 3% increase.

The surge in Bitcoin is significantly attributed to notable on-chain accumulation by whales and an increase in inflows from spot ETFs, with U.S.-listed funds attracting around $1.5 billion in net purchases over the past three days, as reported by Farside Investors.

Furthermore, recent developments from the Federal Reserve have supported market growth; they have eased previous restrictions on crypto guidance, allowing state member banks to engage in crypto-related activities without advanced notice.

“Current market internals suggest a phase of consolidation, with forecasts predicting accumulation in the $90,000 to $95,000 range, complemented by possible pullbacks to $87,000 entry points before a potential breakout toward $100,000,” stated Valentin Fournier, the lead research analyst at BRN.

Looking ahead, the University of Michigan is set to release its final inflation expectations report for April. Concerns regarding inflation among the public, particularly due to President Donald Trump’s trade policies, may cause the report to reflect an increase. Markets appear primed for upcoming job data next week, which will be carefully scrutinized for insights into the job market’s health amid ongoing market fluctuations.

In summary, both crypto and macroeconomic factors are interlinked; a keen eye on upcoming data releases is essential for navigating this dynamic environment.