Bitcoin, Ethereum, Dogecoin Edge Higher On Memorial Day: Analyst Finds The Climb 'Encouraging' On Stock Market Holiday

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The cryptocurrency market consolidated on Monday as stocks remained closed for Memorial Day

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Bitcoin BTC/USD+1.10%$69,289.67.60
Ethereum ETH/USD+1.03%$3,880.99
Dogecoin DOGE/USD+0.77%$0.168

What Happened: Blue-chip currencies, Bitcoin and Ethereum, spiked earlier in the day, with Bitcoin crossing $70,000. However, the rise was cut short due to profit-taking.

Ethereum bulls were similarly met with resistance as the second-largest cryptocurrency was about to break $4,000. 

With no apparent bearish or bullish dominance, total liquidations in the last 24 hours totaled $124 million, with longs and shorts split roughly equally.

Bitcoin's Open Interest rose 1.78% in the last 24 hours, higher than its spot price gains. This indicates that new money was flowing into the market, potentially leading to a more sustained price rise in the days ahead.

The Cryptocurrency Fear & Greed Index flashed "Greed," but the intensity of the market mood fell significantly in the last 2-3 days.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Notcoin (NOT)+54.52%$0.008386
Floki (FLOKI)+18.73%$0.0002741
dogwifhat (WIF)+13.44%$3.39

The global cryptocurrency market cap stands at $2.59 trillion, following a 1.24% increase in the last 24 hours.

Stock futures gained on Monday night. The Dow Jones Industrial Average Futures added 20 points, or 0.05%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 rose 0.06%, while Nasdaq 100 Futures gained 0.10%.

Cooler-than-expected inflation data and better-than-expected earnings reports have catalyzed stocks, pushing them to record highs in May. 

This week, investors will pay special attention to consumer confidence data due on Tuesday and the personal income and expenditures report due on Wednesday. 

See More: Best Cryptocurrency Scanners

Analyst Notes: On-chain analyst firm Santiment linked Bitcoin's lift to $70,000 to the closure of the stock market for Memorial Day

"This climb is particularly encouraging, as the positive movement reveals how crypto markets can perform on the rare weekdays where it is not reliant on the primary stock market it has been tightly correlated with since 2022," the firm noted.

Bitcoin grew 3.2% in the past three days while the S&P 500 remained paused.

Julio Moreno, Head Of Research at CryptoQuant, noted that Bitcoin at $70,000 currently is different from $70,000 in March.

"There should be much lower selling pressure from traders now as unrealized profits are low, 3%, compared to early March, 69%," Moreno asserted. "Heavy selling has been exhausted according to this indicator."

A widely-followed cryptocurrency trader, Trader Tardigrade observed an ascending channel pattern for Bitcoin, forecasting a rise to $76,000, if the King Crypto manages to sustain the channel.

Photo via Shutterstock

Read Next: Bitcoin Vs. SPY Vs. Gold: If You Had $1,000 Invested In Each Of These Assets Last Memorial Day, Here’s How Much You Would Have Now

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