Bitcoin Crosses $112K As Traders Brace for Data Week; Rotation Lifts SOL, DOGE
Bitcoin BTC$112,179.29 hovered around $111,500 on Monday, keeping a tight range as traders weigh macro catalysts for cues on positioning.
Ether (ETH) traded near $4,312, XRP XRP$2.9672 held $2.96, BNB (BNB) at $880, and Solana's SOL (SOL) climbed to $218. Dogecoin DOGE$0.2401 extended its 11.6% weekly gain to 24 cents, outpacing most major cryptocurrencies as the first-ever memecoin ETF looks set to go live for trading in the U.S. on Thursday.
The market tone stayed tentative. “Crypto prices treaded water much of the past week, but with BTC lagging noticeably both vs its peer group as well as vs equities and spot gold,” said Augustine Fan, head of insights at SignalPlus, in a note to CoinDesk, pointing to softer buying in digital asset trusts and a pullback in on-ramp activity at centralized exchanges.
“The short-term picture looks a bit more challenging and we would prefer a more defensive stance consistent with the tough seasonal story. Keep an eye on DAT premia compressing and the risk of negative convexity on the downside,” Fan said, referring to the many digital asset treasuries held by U.S.-listed companies that have sprouted in recent months.
Macro could break the stalemate. “Markets are entering a decisive week as US data and central bank decisions converge,” said Lukman Otunuga, senior market analyst at FXTM, in an email.
He added a cooler CPI and any downward revision to payrolls would strengthen the case for Fed cuts, weaken the dollar and could lift alternative assets, while a sticky print would argue for patience and raise volatility across cryptoThat push and pull is mirrored in positioning.
“Investors are caught between turning bearish and risking missed upside, or buying the dip too early,” said Justin d’Anethan, founder of Poly Max Investment. He noted chatter about Strategy’s potential S&P 500 inclusion faded, denting the corporate treasury meme, yet public companies now hold about 1 million BTC.
“In the bigger picture, BTC consolidating around 111K is a fine place for long-term believers. Pullbacks of 10% to 15% inside bull runs have not historically broken the trend,” d’Anethan said.
For traders, the checklist is straightforward. Watch CPI and PPI for the policy path, the dollar for cross-asset risk appetite, and the DAT premium for any renewed knee-jerk selling into redemptions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitwise brings NEAR to Wall Street – But the chart isn’t impressed
Synopsys and OpenAI reach AI chip design partnership, stock price surges over 7%
Synopsys has signed a multi-year legally binding agreement with OpenAI to jointly develop GPT-Synopsys, a model specifically trained and fine-tuned for chip design tasks. OpenAI will pay Synopsys a subscription fee for tool licensing, and both parties will share revenue based on improvements in chip design achieved by customers using the product.
How does Wall Street view the PCE? Goldman Sachs delays expectation for Fed rate hike
After the lower-than-expected US August PCE data was released, Goldman Sachs delayed its expectation for the Federal Reserve's second rate hike from October to December, and stated that it does not rule out the possibility that the Fed may eventually decide no further hikes are necessary. "New Fed Newsletter" Timiraos noted that the PCE does not change the previously known trend of rising inflation. Currently, the market prices in a 39% probability of a rate hike in October, down from 45% before the PCE release; and a 90% probability in December. The yield on 2-year US Treasury notes dipped slightly after the PCE announcement and then rebounded, while the 10-year yield continued to rise.
Zeta Global stock jumps 9.43% intraday, flashes overbought signals
Crypto prices
More
