Bitcoin remains within a range around $103,000 as bulls face challenges in maintaining upward momentum. Traders look for short-term BTC price gains amidst market uncertainty.
Current Bitcoin Market Analysis
Bitcoin (BTC) is still trading at around $103,000. At the Wall Street open on May 14, traders awaited fresh macroeconomic cues.
Data indicated that $103,000 remains a price magnet for BTC, with bulls managing a move to $105,000 the previous day. However, the current market is characterized by a lack of confidence in further price movements.
Traders' Insights on Future Movements
Some traders express expectations that Bitcoin will remain in a sideways trend. Popular trader Byzantine Trader mentioned in one of his latest posts:
> "If BTC remains calm, then altcoins can do their own thing for a bit."
Another trader, Roman, agreed that upward movement is still likely if Bitcoin breaks through the $108,000 resistance level, which could lead to new highs.
Impact of Macroeconomic Factors
A recent Consumer Price Index (CPI) report failed to spark a new rally in the crypto market but confirmed traders' expectations that the Federal Reserve would maintain its cautious policy. QCP Capital noted that the lower-than-expected CPI data provided temporary relief, but the Fed continues to act data-dependently. "Factors related to import tariffs continue to exert uncertain effects on inflation," the experts added.
Despite Bitcoin's current stability, analysts and traders are focusing on upcoming changes in price trends and continue to closely monitor macroeconomic indicators.
