Bitcoin Price Rises. The Crypto Rally Isn't Over Yet. — Barrons.com

By Elsa OhlenBitcoin rose early Tuesday as cryptocurrencies took a breather from last week's rally and traders looked ahead to key price data.Bitcoin was trading flat over the past 24 hours at $109,703, but was up from $108,200 in the early hours of the morning, according to CoinDesk data. The world's largest crypto has been range-bound between $107,500 and $109,000 over the Memorial Day weekend after it hit a new all-time high last week of $111,769, according to CoinDesk.Ether rose 2.5% while XRP and Solana fell around 1%.The sideways move comes as Bitcoin is up about 4% over the last seven days, 17% over the past month, fueled by optimism around a more favorable regulatory landscape for cryptos. Last week, the Senate advanced legislation to regulate stablecoins — tokens pegged to a fiat currency.The next catalyst could be the U.S. personal consumption expenditures (PCE) index, scheduled for Friday, often cited as the Federal Reserve's favorite inflation gauge. If inflation remains elevated above the central bank's 2% goal, interest rates are likely to stay higher for longer, which in turn puts investors off risk-assets such as cryptos.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.