Bitcoin steadied near recent highs on Wednesday as momentum from a strong rebound began to taper off ahead of critical U.S. economic data releases, while uncertainty over trade tariffs continued to weigh on sentiment.
The leading cryptocurrency rose 0.8% to $95,041.20 by 01:36 ET (05:36 GMT), extending its April gains to nearly 15% after reversing two consecutive months of losses. The recent rally was fueled by increased institutional interest, particularly through Bitcoin exchange-traded funds (ETFs), and optimism surrounding potential crypto-friendly regulatory developments.
However, the rally showed signs of cooling as investors turned cautious in the face of ongoing economic and geopolitical uncertainties. Key U.S. economic indicators due later Wednesday—including first-quarter GDP and the Federal Reserve’s preferred inflation gauge, the PCE price index—are expected to offer deeper insight into the health of the U.S. economy and the impact of President Donald Trump’s tariff policies in his second term.
Further market direction is also anticipated from Friday’s release of April’s nonfarm payrolls report, which could influence future interest rate expectations.
While Bitcoin traditionally shows limited direct correlation to macroeconomic indicators, its price often reacts to broader shifts in market sentiment. The cryptocurrency has continued to track movements in major equity indices, particularly the tech-heavy Nasdaq 100.
Altcoins Underperform as April Closes
The wider cryptocurrency market traded mixed on Wednesday, with most altcoins remaining rangebound despite Bitcoin’s strong April performance.
Ethereum (ETH) held steady at $1,802.73 but posted a 1% decline for the month. XRP slipped 0.6% yet remained up 8% in April, while Cardano (ADA) was flat, on track for a 5.7% monthly gain. Dogecoin (DOGE) fell 1.1%, but still recorded a 5.3% rise in April.
Solana (SOL) stood out among altcoins, surging 18% in April and outperforming Bitcoin. The bulk of Solana’s gains came in the past week, driven by heightened on-chain activity linked to Trump’s memecoin, $TRUMP. Despite a 6.4% drop on Wednesday, the token remained up over 31% for the month, boosted further by Trump’s announcement that top $TRUMP holders would be invited to a White House dinner and policy forum.
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