Markets
Bitcoin Gains, Ethereum and Dogecoin Trading Decline as Market Undergoes Consolidation: King Crypto’s ‘Breakthrough’ So Early Is Not Favored by History, Says Analyst
May 30, 2024 9:49 p.m. | 2 minutes of reading
The cryptocurrency market remained stable on Thursday as blue-chip coins failed to cause a major breakout to the upside.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +1.06% | $68,353.39 |
| Ethereum (CRYPTO: ETH) | -0.56% | $3,747.86 |
| Dogecoin (CRYPTO: DOGE) | -2.84% | $0.1597 |
What happened: Bitcoin, the world’s largest cryptocurrency, surpassed its previous high of $69,000, but faced strong resistance shortly after. King Crypto has been hovering between $67,000 and $68,000 this week.
Ethereum failed to hold on to $3,800, despite positive developments regarding the listing of spot ETFs.
Open interest on Bitcoin futures fell by 1.46% in the last 24 hours. This decline, which is accompanied by an increase in the spot price, is a potentially bearish signal.
That said, the number of traders opening long positions increased compared to those who shorted the asset over the past 24 hours.
The Cryptocurrency Fear and Greed Index continued to show “Greed” at the time of writing, implying a significant degree of FOMO in the market.
Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 p.m. EDT) |
| JasmyCoin (JASMY) | +19.88% | $0.0304 |
| COMPUTER (COMPUTER) | +17.94% | $48.63 |
| Notcoin (NOT) | +14.87% | $0.1225 |
The global cryptocurrency market capitalization stands at $2.53 trillion, following a 0.14% increase over the past 24 hours.
Stocks ended in the red on Thursday. THE Dow Jones Industrial Average slipped 0.86% to close the trading session at 38,111.48. THE S&P500 fell 0.60% to end at 5,235.48, while the technology market Nasdaq Composite ended down 1.08% at 16,737.08 at the closing bell.
Thursday’s losses come amid a tough week, with all three indexes posting significant losses. The Dow Jones was preparing to record its second consecutive week of decline.
Investors will be watching Friday’s personal consumption expenditures report, considered the Federal Reserve’s barometer of inflation.
See more : Best Cryptocurrency Scanners
Analyst Ratings: Well-known cryptocurrency analyst Rekt Capital noted that Bitcoin was “not too far away” from a historic breakthrough.
But he quickly added a caveat, saying: “history does not favor a breakout this soon after the halving.”
He added that a weekly close above the range highs could change this historical reality.
Prominent analyst Michael van de Poppe called the current market trajectory boring, due to Bitcoin consolidation.
“An important support level is approaching where it must hold between $66-67,000 to avoid further downward momentum to $60,000,” the analyst highlighted.
A boring mindset for markets like #Bitcoin is consolidating.
An important support level is approaching where it must hold at $66-67,000 to avoid further downward momentum towards $60,000.
The Ethereum ETF will likely go live at the end of June, but will slow its upward momentum until then. pic.twitter.com/ZrBZzkhxpp
– Michaël van de Poppe (@CryptoMichNL) May 30, 2024
Read next: IBIT Overtakes GBTC as Largest Bitcoin ETF: Here’s How They Compare
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