Why is Bitcoin Almost Stagnant?

Bitcoin prints yet another red candle on Thursday as it registered slight declines. It lost all its accumulated gains, returning to Wednesday’s opening price.

The apex coin saw slight declines at the start of the fourth day of the week. It retraced from $97,882 to a low of $95,249. Although not significantly down, it sees a change from the previous day’s sentiment.

BTC gained over 2% during the previous intraday session. It dipped to $94k but rebounded. However, it closed with significant gains.

Data from Santiment exposed an ongoing trend. The Bureau of Labor Statistics published the US Consumer Price Index on Wednesday. CPI came in higher than expected, resulting in a correction across the crypto market. The metric rose by 0.5% last month, bringing inflation to 3%, exceeding the previous 2.9% forecast. However, prices surged, peaking at $98k.

A closer look at the one-day chart suggests that prices trended between the same price mark since Feb. 5. BTC slipped below $100k on Feb. 4 and has since struggled to reclaim this key level. It maintained trading below the $99k mark despite several brief breakouts. Nonetheless, it held on to the $95k support amid a few flips.

Why is Bitcoin Unable to Breakout?

Data from Santiment shows that Bitcoin is the most talked about on several social media platforms including X, Reddit, Telegram, 4Chan, Bitcointalk, and Farcaster. The level of discussions across these platforms reached it 15-month high.

The latest report suggests that investors maintain significant interest in the apex coin. However, fundamentals remain largely bearish. The Trump administration continues its trade wars, which have caused massive declines across the market.

Traders are still skeptical about the feds next move. The inflation may continue to increase as there no signs of the US president backing down from his latest move. Further CPI rises may force the Federal Reserve to halt any bid at cutting interest rates. This may cause further panic around the traditional market and Crypto.

 

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