Bitcoin ($BTC ) is currently trading at $104,134, reflecting a modest intraday gain of 0.46%. The cryptocurrency reached an intraday high of $104,836 and a low of $103,095. This performance follows a recent surge past $103,000, driven by softer U.S. inflation data that bolstered expectations for potential Federal Reserve interest rate cuts later this year .
Despite this upward momentum, analysts caution that Bitcoin may be approaching a double-top formation, reminiscent of its 2021 pattern, as it nears its January 2025 peak of over $109,000 . On-chain metrics suggest waning momentum, prompting traders to monitor for potential pullbacks.$BTC
In the broader cryptocurrency market, altcoins are exhibiting strong performance. Ethereum (ETH) has risen by 4.8%, XRP by 1.7%, and Solana by 2.9%, contributing to a 2.7% increase in the overall crypto market capitalization, now at $3.38 trillion . Ethereum’s rally is attributed to the recent Pectra upgrade, enhancing user experience and scalability, and signaling increased investor confidence .$BTC
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