Bitcoin, Dogecoin, and Ether Show Signals of Profit-Taking Amid Improving Macro Conditions
Recent trends indicate that major cryptocurrencies like Bitcoin and Ethereum are witnessing profit-taking, even as macroeconomic factors show positive changes.
What to know:
- Bitcoin remains stable above $107,000, but signs of profit-taking are emerging in the broader crypto market.
- DOGE, TRX, XRP, BNB, SOL, and ADA are experiencing losses, while Ether shows signs of cooling off after a recent surge.
- Positive macroeconomic developments, such as U.S.-China trade talks and softer inflation data, are boosting sentiment in both equity and digital asset markets.
Bitcoin held steady above $107,000, yet signs of market fatigue are becoming apparent as many cryptocurrencies exhibit early profit-taking signals. For instance, Dogecoin fell nearly 4% to $0.19 while Tron slipped 5.5% to $0.27. Other currencies such as XRP, BNB, Solana, and Cardano experienced losses up to 3%.
Ether, which recently excelled with a surge in ETF inflows, has also displayed caution after exceeding $2,800. Although the overall sentiment appears positive, multiple tokens are now at resistance levels, leading cautious traders to secure their profits.
The broader market context remains encouraging. Momentum within crypto markets is gradually intensifying, attracting the interest of discerning investors.
Macro conditions draw attention as the IPO market heats up
“Public perception of crypto has shifted notably, particularly with Circle’s IPO success prompting similar intentions from Gemini and Bullish,” stated Augustine Fan from SignalPlus.
“Strategies to hold Bitcoin as a treasury asset are becoming popular, with many firms aiming to replicate the MSTR model, alongside growing excitement around stablecoins in both traditional finance and on-chain strategies,” he remarked.
Recent macroeconomic developments, including advancements in U.S.-China negotiations and easing inflation figures, may be contributing to a more inviting outlook for risk assets, hence uplifting sentiment in both stock and digital markets, according to Jeffrey Ding of HashKey Group. He emphasized the continued growth of digital assets as macro conditions stabilize and institutions delve deeper into the industry.
Kraken economist Thomas Perfumo echoed the institutional viewpoint, noting that the overarching rally in crypto markets illustrates its maturing role as a hedge amidst rising volatility and fiscal concerns.
