According to ChainCatcher, citing CoinDesk, the crypto market’s upward momentum paused ahead of the release of U.S. April CPI data. Bitcoin has recently remained range-bound between $80,000 and $82,000, failing to break decisively above this level since last Wednesday. Market participants believe that although capital flows still suggest potential for a subsequent breakout, inflationary and macroeconomic risks are suppressing risk appetite. The U.S. will release April’s Consumer Price Index (CPI) at 8:30 PM Beijing time tonight. According to FactSet data, market expectations anticipate a year-over-year increase in April CPI to 3.7%, up from 3.3% in March. If this forecast materializes, it would mark the largest monthly gain since January 2024 and significantly exceed the 2.7% average over the past 12 months. Core CPI is expected to rise year-over-year to 2.7%, up from 2.6% previously. Analysts are concerned that, amid persistently high oil prices and former President Trump’s characterization of the U.S.-Iran ceasefire as “extremely fragile,” an upside surprise in inflation data could further fuel risk-off sentiment and weigh on risk assets. Lukman Otunuga, Head of Market Research at FXTM, noted that the market is now entering a sensitive phase where geopolitical risks, inflation pressures, and central bank expectations are intertwined. High oil prices, uncertainty surrounding Iran’s situation, and key U.S. economic data could amplify volatility across commodities, currencies, and global equities. Beyond macro factors, XRP and SOL are again approaching key supply zones. XRP tested $1.50 today but has repeatedly failed to break above this level since February this year; SOL is once again nearing resistance around $97. Meanwhile, institutional interest in these assets is rising. The U.S. spot XRP ETF recorded a net inflow of $25.8 million on Monday, the highest since January 5. Bitcoin and Solana ETFs have also maintained net inflows, while Ethereum ETFs saw a net outflow of $16.9 million.
Crypto Market Pauses Ahead of U.S. April CPI; XRP and SOL Encounter Key Resistance
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Summary
The crypto market remains on hold ahead of the U.S. April CPI data, with Bitcoin consolidating between $80,000 and $82,000 since last week. The Fear & Greed Index shows mixed signals as traders await inflation data due at 8:30 PM Beijing time. XRP and SOL are testing key resistance levels, with XRP near $1.50 and SOL approaching $97. The U.S. XRP ETF recorded a $25.8 million net inflow on Monday, the highest since early January.
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