Markets
Bitcoin Gains, Ethereum and Dogecoin Trades Fall as Market Undergoes Consolidation: King Crypto’s ‘Breakout’ Not Helped by History, Analyst Says
May 30, 2024 9.49pm | 2 minute read
The cryptocurrency market remained stable on Thursday as blue chip coins failed to force a major breakout to the upside.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| Bitcoin (CRYPTO: Bitcoin) | +1.06% | $68,353.39 |
| Ethereum (CRYPTO: ET) | -0.56% | $3,747.86 |
| Dogemoneta (CRYPTO: DOGE) | -2.84% | $0.1597 |
What happened: Bitcoin, the world’s largest cryptocurrency, surpassed its previous all-time high of $69,000, but faced stiff resistance soon after. King Crypto has been hovering in the $67,000 – $68,000 range this week.
Despite this, Ethereum failed to maintain $3,800 positive developments regarding the listing of spot ETFs.
Open interest on Bitcoin futures fell 1.46% in the last 24 hours. The decline, accompanied by an increase in the spot price, is a potentially bearish signal.
That said, the number of traders who opened long positions increased compared to those who sold the asset in the last 24 hours.
The cryptocurrency’s Fear & Greed Index has continued to flash “Greed” as of this writing, implying a significant degree of FOMO in the market.
Best profit (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| JasmyCoin (JASMY) | +19.88% | $0.0304 |
| ORDER (ORDERS) | +17.94% | $48.63 |
| Not money (NOT) | +14.87% | $0.1225 |
The global cryptocurrency market capitalization stands at $2.53 trillion, after an increase of 0.14% in the last 24 hours.
Stocks closed in the red on Thursday. THE Dow Jones industrial average it slipped 0.86% to close the trading session at 38,111.48. THE S&P500 it fell 0.60% to close at 5,235.48, with a strong technological impact Nasdaq composite it closed 1.08% lower at 16,737.08 at the close.
Thursday’s losses come in the midst of a difficult week, with all three indexes posting significant losses. The Dow was expected to post its second straight week of losses.
Investors will keep an eye on Friday’s personal consumption expenditures report, considered the Federal Reserve’s barometer of inflation.
See more: Best Cryptocurrency Scanners
Analyst Notes: Well-known cryptocurrency analyst Rekt Capitale noted that Bitcoin is “not too far away” from a historic breakout.
But he soon added a caveat, saying that “history does not favor a breakout so early after the Halving.”
He added that a weekly close above the range highs could change this historical reality.
Leading analyst Michael van de Poppe he called the market trajectory boring, due to Bitcoin consolidation.
“A major support level is approaching the point where it needs to hold $66-67,000 to avoid further downside momentum to $60,000,” the analyst highlighted.
A boring state of mind for markets like #Bitcoin is consolidating.
An important support level is approaching, where it will have to hold at $66-67,000 to avoid further downside momentum to $60,000.
The Ethereum ETF will likely go live at the end of June, until then the bullish momentum will be slow. pic.twitter.com/ZrBZzkhxpp
— Michaël van de Poppe (@CryptoMichNL) May 30, 2024
Read next: IBIT surpasses GBTC as the largest Bitcoin ETF – here’s how they compare
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