Bitcoin Consolidates Near $79K Ahead of US Data as Whales Book Record Profit

Bitcoin traded near $79,000 on Wednesday as investors awaited key US macroeconomic data, including PCE inflation and GDP figures. The cryptocurrency was last seen trading at $78,766.

Over the past 24 hours, Bitcoin declined by 1.48%, while Ethereum fell 1.05%. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Cardano dropped up to 4.80% in value.

Prateek Gupta, Head of Business at Mudrex, noted that Bitcoin is consolidating around $79,000 as traders await key US macro data. He added that profit-taking is emerging, with short-term holder whales realizing a record $1.2 billion in profits over the past three days.

The global crypto market capitalization rose 1.52% to $2.65 trillion, according to CoinMarketCap. Sentiments remain 'extreme greed' despite the small pullback as the fear and greed index sticks at 80, said CoinDCX Research Team.