Bitcoin (BTC) rose above $97,000 for the first time since November, eliminating more than $500 million in short positions. However, BTC’s gains were outpaced by major altcoins like DASH, OP, and ENA, which each jumped over 10%. DASH, in particular, saw its biggest daily increase since 2021, reflecting optimism in riskier assets.
Despite high trading volumes, market indicators suggest that prices might soon consolidate . This rally follows a strong start for precious metals, adding to the positive market sentiment.
In the last 24 hours, Bitcoin gained over 2%, boosted by lower inflation data and political uncertainty, which renewed interest in crypto. The recent CPI data showed inflation at 2.7%, lower than expected, supporting hopes for a stable U.S. economy and more rate cuts by the Federal Reserve.
Bitcoin now faces resistance around $93,500-$95,000, a range that has kept its price in check for nearly two months.
Overall, while Bitcoin leads, altcoins are performing even better, and market signals call for cautious monitoring.
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