Bitcoin Nears $95K as Traders Await Key U.S. Economic Data and Altcoins Lag

Bitcoin edged higher on Wednesday, trading near recent peaks as traders awaited crucial U.S. economic data that could influence market sentiment. The leading cryptocurrency rose 0.8% to $95,041.2 by 01:36 ET (05:36 GMT), extending a strong April rally fueled by institutional inflows into Bitcoin ETFs and hopes for more crypto-friendly U.S. regulations. Bitcoin is up nearly 15% this month, rebounding sharply from two consecutive monthly declines.

However, momentum cooled amid renewed uncertainty over the U.S. economy and ongoing trade tensions with China. Investors are closely watching upcoming first-quarter GDP data and the PCE price index—both due later today—for clues on inflation trends and potential shifts in Federal Reserve policy. April’s nonfarm payrolls report, expected Friday, is also likely to shape interest rate expectations.

While Bitcoin typically has low direct correlation with macroeconomic indicators, it remains sensitive to overall market sentiment, often moving in sync with tech-heavy indices like the Nasdaq 100.

In the broader crypto market, altcoins remained mixed. Ethereum traded flat at $1,802.73 and is down 1% in April. Solana emerged as a standout, gaining 18% this month, driven by surging on-chain activity linked to the Trump-themed memecoin $TRUMP. Despite a 6.4% dip on Wednesday, the token remains up 31% in April, buoyed by Trump’s announcement that its top holders would be invited to a White House event.

XRP slipped 0.6% but is up 8% this month. Cardano was unchanged, poised for a 5.7% April gain, while Dogecoin declined 1.1% but remained 5.3% higher for the month.

Crypto markets now await upcoming data that could reshape near-term sentiment and risk appetite.