Crypto prices today: Bitcoin dips after fresh US inflation data; FLOKI leads daily gains

Bitcoin briefly tested the $95,000 level earlier today but failed to hold, correcting to $93,000 as selling pressure mounted during late Asian trading hours. The overall cryptocurrency market dipped over 3% throughout the day but managed to stay above the $3 trillion mark as cautious optimism continued to shape investor sentiment. Market sentiment cooled slightly, with the fear and greed index slipping to 56, still well within greed territory. Altcoins, meanwhile, had a quiet session, with minimal gains across the top 99 tokens at the time of writing. Will Bitcoin go up? Bitcoin continued trading sideways throughout the day within a tight range between $93,333 and $95,443 as traders awaited the release of key economic data. Two major data points, the U.S. PCE inflation figures and JOLTS job openings, were released during the day, both closely watched by traders for clues on the Federal Reserve’s next move. The March Personal Consumption Expenditures (PCE) inflation came in at 2.3% year-over-year, with a 0% month-over-month change. Meanwhile, core PCE, which strips out volatile food and energy prices and is the Fed’s preferred inflation measure, eased to 2.6% YoY, its lowest reading since June 2024. Bitcoin dipped back to $93,000 shortly after the release, as traders reassessed the likelihood of near-term interest rate cuts. While the inflation numbers were stable, they didn’t give the Fed much reason to pivot toward easing. Adding to the uncertainty, the latest JOLTS report showed U.S. job openings at a 4-year low, which some market watchers argue strengthens the case for a cut. Futures traders clearly agree. CME FedWatch Tool data shows a 92.2% probability that rates will remain unchanged at the upcoming May 6–7 FOMC meeting. For now, macro uncertainty continues to weigh on risk assets like Bitcoin, keeping price action rangebound and traders on edge ahead of the Fed’s final call next week. Nevertheless, some bullish signs continue to offer hope to traders, with some expecting a rally towards the upside. One such signal comes from the Macro Chain Index (MCI), a composite indicator combining long-term on-chain and macroeconomic metrics. Its RSI just crossed above the 52-week moving average in April, a pattern that has historically marked the start of major Bitcoin bull runs. The last three crossovers occurred ahead of Bitcoin’s rallies in 2015, 2019, and late 2022. This is the first bullish signal from the MCI since the 2022 market bottom, and analysts from Alpha Extract believe it could mark the early stages of another breakout, potentially setting the stage for a push toward the $100,000 level. Among other signs, Bitcoin’s open interest (OI) on Binance had been climbing steadily, rising nearly 30% from mid-April to reach $9.7 billion, up from $7.5 billion just weeks prior. This surge in OI, paired with consistently positive funding rates, indicated renewed confidence in the market, with traders opening new long positions. That said, both open interest and funding rates saw a slight dip following the release of the macro data. Still, the broader uptrend in derivatives metrics remains intact, hinting that bullish momentum could quickly resume if macro conditions stabilise. Adding to the broader picture, Bitcoin’s weekly volatility has now dropped to its lowest level in over 500 days, according to K33 Research. This decline in price swings is being seen as a sign of Bitcoin’s growing maturity as a financial asset, with traders interpreting the stability as a shift toward more measured, institutional-driven market behaviour. Likewise, many analysts resonated with a bullish tone. According to Andrew Crypto, Bitcoin is currently trading within a narrow range between $92,750 and $95,564. He’s watching for a potential move above the range highs to trigger upside continuation. Source: Andrew Crypto Another encouraging sign came from heatmap data shared by CW, which shows Bitcoin bouncing back after flushing out high-leverage long positions. The sharp rebound suggests that the recent dip helped reset market positioning, potentially paving the way for a cleaner move upward. Notably, heavy short interest remains around the $96,000 mark, setting up a possible short squeeze scenario if bulls regain control. However, others like pseudonymous analyst Ezy Bitcoin didn’t rule out the chance of a correction to the $88,000–$90,000 zone from current levels, although the move wasn’t seen as bearish. Ezy Bitcoin @EzyBitcoin · Follow CrossX indicator has just flashed a Sell signal and Top Reversal (TR) for $BTC on the Daily Timeframe. A correction is needed but don’t panic.This pullback is not necessarily bearish—rather, it represents a Healthy Correction. Such corrections are essential in uptrends, 7:34 PM · Apr 30, 2025 80 Reply Copy link Read 8 replies At the time of writing, Bitcoin was trading at $94,019, down 1% over the past 24 hours. For bearish momentum to fade, bulls will need to reclaim the $95,000 level. Altcoins post little gains With Bitcoin stuck in a range, the broader altcoin market saw a pullback. The total altcoin market cap dropped from $1.19 trillion to around $1.12 trillion, a 5.8% decline on the day. The Altcoin Season Index, which measures whether altcoins have outperformed Bitcoin over the past 90 days, remained at 15, well below the 75 threshold typically associated with a true altseason. According to Rekt Capital, traders hoping for altseason may have to wait until Bitcoin dominance makes a move near the 71% level, where historical rejections have sparked sharp altcoin breakouts. Rekt Capital @rektcapital · Follow #BTC DominanceIf history repeats, the real Altseason everybody is waiting for would begin once Bitcoin Dominance rejects close to or directly from 71% (red) $BTC #Altseason #Bitcoin 7:15 PM · Apr 30, 2025 851 Reply Copy link Read 80 replies Over the past day, gains remained limited and mostly centred around memecoins, known to decouple from broader trends but often short-lived. FLOKI led the charge with a 7.67% daily gain, followed by Monero (XMR) up 2.76%, and Fartcoin climbing 2.6%. Source: CoinMarketCap The post Crypto prices today: Bitcoin dips after fresh US inflation data; FLOKI leads daily gains appeared first on Invezz

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