The cryptocurrency market is in a holding pattern as traders await the release of the U.S. April Consumer Price Index (CPI) data. Bitcoin remains range-bound between $80,000 and $82,000, unable to break through since last Wednesday. Market participants are cautious, with inflation and macroeconomic risks dampening risk appetite. The April CPI is expected to rise to 3.7% year-over-year, potentially marking the largest increase since January 2024.
XRP and Solana (SOL) are encountering key resistance levels, with XRP testing $1.50 and SOL nearing $97. Despite these challenges, institutional interest remains strong, as evidenced by a $25.8 million net inflow into the U.S. spot XRP ETF, the highest since January 5. Bitcoin and Solana ETFs also saw net inflows, while the Ethereum ETF experienced a net outflow of $16.9 million.
Crypto Market Awaits U.S. April CPI Data; XRP and SOL Face Resistance
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