Bitcoin Holds Above $100K, Altcoins Slide as Analyst Sees Crypto Rally Into Summer
The crypto rally took a long-overdue pause on Thursday as traders took some profits following weeks of relentless advance that lifted bitcoin BTC close to record prices.
The consolidation occurred amid a slew of U.S. economic data releases. April retail sales missed expectations, producer prices rose less than forecast, jobless claims stayed on track, while the NY Empire State Manufacturing Index and Philadelphia Fed Manufacturing Survey showed softening business activity—signals that did little to rattle traditional markets. The S&P 500 added 0.4%, while the Nasdaq finished flat.
Bitcoin pulled back to $101,000 early in the U.S. session before rebounding above $103,000 later, modestly down over the past 24 hours.
Altcoins…
