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Bitcoin (BTC) is remaining steady in the $86,000 range, falling a humble 0.4% today. While there has been widespread enthusiasm from Donald Trump’s crypto summit and continued speculation regarding a possible U.S. Bitcoin reserve, the market continues in consolidation mode.
What’s Propelling the Market at the Moment?
Trump’s Crypto Summit: Ex-U.S. President Donald Trump’s outreach to the crypto space has spurred rumors of regulatory backing in the future. Still, the market hasn’t reacted much—at least not yet.
U.S. Bitcoin Reserve Speculation: Rumors of the U.S. possibly maintaining a reserve in Bitcoin are stirring waves, but no actual policy actions have been taken. Investors wait with bated breath for an official pronouncement.
March 12 CPI Report Looms: The next big price driver may be the Consumer Price Index (CPI) report due on March 12. Inflation numbers will have a bearing on Fed policy, and that in turn affects Bitcoin and other risk assets.
Altcoins Stay Flat, PI Network Suffers
While Bitcoin consolidates, most altcoins are holding their ground. However, Pi Network (PI) has faced a notable 12% drop, making it the biggest loser among major cryptocurrencies today. The reason for PI’s dip remains unclear, but investors are monitoring whether this signals broader altcoin weakness.
What’s Next for Bitcoin?
With the CPI report looming and ongoing regulatory changes, Bitcoin’s next step is uncertain. Will it push through $90K, or is there another correction waiting? For the time being, the market remains wary but attentive.
Tune in for further updates as the crypto scene remains dynamic.
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