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Bitcoin Consolidates Near $78,000 Amid US Inflation and Fed Cues

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Bitcoin's price consolidated near $78,000 on Thursday, as investors await key US inflation and Federal Reserve cues. The cryptocurrency was trading at around $77,942.

In the past 24 hours, Bitcoin dropped by 1.35%, while Ethereum declined by 1.09% to trade at $2,467. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano corrected up to 5.98%, with Tron increasing by 0.32%.

Avinash Shekhar, Co-Founder & CEO of Pi42, stated that Bitcoin's current consolidation reflects a market waiting for clarity rather than a loss of conviction. He added that macroeconomic data could determine the direction of the next move across the crypto market.

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