Digital asset markets traded in lockstep with traditional currencies' directionless session,Monero price chart as Bitcoin held crucial support zones and Ethereum struggled for momentum ahead of pivotal macroeconomic data releases.
The crypto sphere witnessed textbook consolidation patterns as major coins digested recent gains. Bitcoin (BTC/USD) oscillated within a tight $69,500-$70,800 range, demonstrating resilience despite the Dollar's modest recovery. Market participants appeared reluctant to place aggressive bets ahead of Thursday's PCE inflation print.
Ethereum (ETH/USD) mirrored this cautious stance, fluctuating between $3,550 and $3,650 as network activity metrics showed declining gas fees. The upcoming Dencun upgrade's full effects on layer-2 solutions remain a focal point for ETH investors.
Altcoin performance diverged sharply, with Solana (SOL) gaining 3.2% on renewed NFT marketplace activity while Cardano (ADA) slipped 1.8% amid light trading volumes. This selective risk-taking suggests traders are rotating rather than exiting crypto markets entirely.
Derivatives data revealed interesting positioning changes, with Bitcoin futures open interest climbing 2.3% despite flat price action. The put/call ratio edged higher to 0.68, indicating some hedging activity before the inflation release.
Stablecoin flows showed modest inflows to exchanges (up $120M weekly), though not at levels suggesting imminent large-scale positioning changes. Tether's (USDT) market cap held steady at $103.2B, maintaining its dominance in the stablecoin sector.
Technical analysts noted Bitcoin's ability to hold above its 20-day moving average ($68,200) as constructive, though the $72,000 resistance zone continues capping upside attempts. Ethereum faces similar congestion between its March highs ($4,090) and immediate support at $3,450.
The crypto market's correlation with traditional risk assets bears watching, particularly if Thursday's PCE data sparks volatility across asset classes. Current low volatility readings (BTC 30-day vol at 58%) suggest markets may be underpricing potential reaction risks.