Market update: Bitcoin consolidates near $117K
The post Market update: Bitcoin consolidates near $117K appeared on BitcoinEthereumNews.com. Bitcoin (BTC) is down 1.8% but trades above $117,800 as traders take profits after recent all-time highs. AI-focused crypto tokens jumped 5% overnight as big tech firms like Google and Meta announced massive infrastructure investments. Google plans a $25B data center investment; a Trump-led summit saw over $90B in AI/data pledges unveiled. Bitcoin has taken a slight breather as the East Asian business day gets underway, dipping 1.8% but still trading firmly above the $117,800 mark at the time of writing this article. This pause comes as some traders take profits after a powerful run that saw the leading cryptocurrency push through multiple all-time highs. While bullish sentiment remains strong, with some market participants calling for even higher price targets, seasoned observers are sounding a note of caution, warning that risks are building just as quickly as market enthusiasm. A rally on pause? The current market sentiment is a mix of unbridled optimism and underlying apprehension. There is a palpable belief among some that the recent rally is just the beginning, with bold calls for Bitcoin to reach $160,000, $200,000, or even higher. However, Lennex Lai, Chief Commercial Officer at the crypto exchange OKX, warns that this very enthusiasm could be a source of risk. “Across platforms, we’re seeing an increase in aggressive long positions and widening funding rates as ‘Crypto Week’ headlines boost sentiment,” Lai told CoinDesk in an interview via Telegram. He stressed that at these elevated levels, “risks can build quickly – escalation of trade tensions with the EU, Mexico, and other trading partners could trigger sharp corrections. Another risk is letting euphoria drive decisions.” Lai pointed to a slate of upcoming macroeconomic announcements that could sway global risk sentiment and set the tone for broader markets. These include the UK Consumer Price Index (CPI) release, as…
The post Market update: Bitcoin consolidates near $117K appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) is down 1.8% but trades above $117,800 as traders take profits after recent all-time highs. AI-focused crypto tokens jumped 5% overnight as big tech firms like Google and Meta announced massive infrastructure investments. Google plans a $25B data center investment; a Trump-led summit saw over $90B in AI/data pledges unveiled. Bitcoin has taken a slight breather as the East Asian business day gets underway, dipping 1.8% but still trading firmly above the $117,800 mark at the time of writing this article. This pause comes as some traders take profits after a powerful run that saw the leading cryptocurrency push through multiple all-time highs. While bullish sentiment remains strong, with some market participants calling for even higher price targets, seasoned observers are sounding a note of caution, warning that risks are building just as quickly as market enthusiasm. A rally on pause? The current market sentiment is a mix of unbridled optimism and underlying apprehension. There is a palpable belief among some that the recent rally is just the beginning, with bold calls for Bitcoin to reach $160,000, $200,000, or even higher. However, Lennex Lai, Chief Commercial Officer at the crypto exchange OKX, warns that this very enthusiasm could be a source of risk. “Across platforms, we’re seeing an increase in aggressive long positions and widening funding rates as ‘Crypto Week’ headlines boost sentiment,” Lai told CoinDesk in an interview via Telegram. He stressed that at these elevated levels, “risks can build quickly – escalation of trade tensions with the EU, Mexico, and other trading partners could trigger sharp corrections. Another risk is letting euphoria drive decisions.” Lai pointed to a slate of upcoming macroeconomic announcements that could sway global risk sentiment and set the tone for broader markets. These include the UK Consumer Price Index (CPI) release, as…
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