Leading cryptocurrencies dipped on Thursday under a volatility squeeze, even as investors awaited a decisive breakout.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | -1.41% | $117,214.66 |
| Ethereum ETH/USD | +1.26% | $3,686.38 |
| Dogecoin DOGE/USD | -6.32% | $0.2287 |
What Happened: Bitcoin retraced sharply from the $119,000 zone, dropping to the early $117,000s overnight, as traders amped up sell pressure. Volume rose 16.35% to $77.66 billion in the last 24 hours.
Ethereum's pullback was less severe, as the second-largest cryptocurrency held the $3,640 level as support.
The blue-chip cryptocurrencies have been off to a strong start in the third quarter, with Ethereum up 48% and Bitcoin up 9.50%.
In the past 24 hours, 201,155 traders were liquidated, totaling $583.09 million. Over $435 million in bullish long bets were erased.
Bitcoin's open interest rose slightly by 0.41% in the last 24 hours. The majority of Binance derivatives traders with open BTC positions were leveraged short, according to the Long/Shorts ratio.
The "Greed" sentiment weakened further in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Maple Finance (SYRUP) | +37.09% | $0.6248 |
| Cronos (CRO) | +5.78% | $0.128 |
| Conflux (CFX) | +5.55% | $0.18 |
The global cryptocurrency market capitalization stood at $3.84 trillion, following a 1.26% dip in the last 24 hours.
Stocks extended their record-breaking surge. The S&P 500 gained 0.07% to end at 6,363.35, while the tech-heavy Nasdaq Composite climbed 0.18% to close at 21,057.96, both closing at new highs.
The Dow Jones Industrial Average was the outlier, dropping 316.38 points, or 0.70%, to finish at 44,693.91.
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Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez spotted a Bollinger Band Squeeze between $117,000 and $119,700 on Bitcoin's 4-hour chart
"A close outside the $117,000–$119,700 range will set the stage for the next big move," Martinez predicted.
The Bollinger Band Squeeze occurs when the volatility drops, causing the space between the bands to tighten. When the price closes outside of bands, traders consider it a potential new breakout.
Crypto Eagles, a widely followed cryptocurrency market commentator, noticed Ethereum's move into a major buy-side liquidity zone around $3,750
"Bullish continuation confirmed, but short-term correction into the new FVG [Fair Value Gap] at $3,250–$3,300 is likely," the analyst said. They anticipated that the next bounce could take ETH past $4,200.
Photo: Yalcin Sonat on Shutterstock.com
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