Major coins tumbled on Thursday evening as investors seemed unfazed by encouraging employment and price data.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | -2.39% | $26,899 |
| Ethereum ETH/USD | -2.40% | $1,789 |
| Dogecoin DOGE/USD | -1.95% | $0.071 |
What Happened: Bitcoin prices have slumped once again to dip below the $27,000 mark for the second consecutive day. This has left investors in a wait-and-see mode as they try to assess the market conditions. For the past few days, BTC has been fluctuating between $25,000 and $30,000, causing unrest among investors and traders alike.
At the time of writing, the global crypto market capitalization stood at $1.11 trillion, a decrease of 2.37% over the last day.
The U.S. stock market faced significant pressure due to persistent concerns surrounding regional banks. The S&P 500 index closed with a 0.17% decline, while the tech-heavy Nasdaq Composite index saw a marginal gain of 0.18%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: “Bitcoin is lower as risk aversion runs wild on Wall Street. The return of some banking jitters to PacWest was unable to trigger strong demand for cryptos this time. Banking contagion fears still remain low as some banks like Western Alliance show deposits are rising,” said Edward Moya, Senior Market Analyst At OANDA.
He added, ” Bitcoin will likely stay in a trading range as crypto traders remain in wait-and-see mode over what will happen on the regulatory front.”
According to crypto analyst Michael Van De Poppe, Bitcoin has returned to its range lows, indicating favorable long entry opportunities. A significant level to watch out for is $26,800, which as per the analyst has been mentioned and achieved.
For potential long entries, Van de Poppe advises to look for a sweep of this level down to $26,500 and then wait for Bitcoin to reclaim $26,800 to act as a long trigger.
Pseudonymous crypto analyst The Wise Guy said that Elon Musk stepping down as CEO of Twitter could be "bad news" for DOGE. "This news could increase sell pressure on the coin, leading to a further drop in its value."
The analyst noted that "the bearish momentum may not last for a long time."
The Wise Guy added, "Dogecoin is currently experiencing a strong downtrend. RSI is at 34 and has struggled to break the neutral 50 mark, which suggests that there’s a lot of downward momentum for the coin at the moment."
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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