Bitcoin Gains, Ethereum And Dogecoin Trade Lower As Market Undergoes Consolidation: King Crypto 'Breakout' This Early Not Favored By History, Says Analyst

The cryptocurrency market remained steady on Thursday, as blue-chip coins failed to force a major upward breakout.

CryptocurrencyGains +/-Price (Recorded 8:35 p.m. EDT)
Bitcoin BTC/USD+1.06%$68,353.39
Ethereum ETH/USD-0.56%$3,747.86
Dogecoin DOGE/USD-2.84%$0.1597

What Happened: Bitcoin, the world's largest cryptocurrency, breached its previous all-time high of $69,000 but faced stiff resistance soon after. The King Crypto has wiggled in the $67,000–$68,000 range this week. 

Ethereum failed to hold on to $3,800, despite positive developments around listing of spot ETFs.

The Open Interest in Bitcoin futures dropped 1.46% in the last 24 hours. The drop, coming alongside a rise in the spot price, is a potentially bearish signal.

That said, the number of traders opening long positions surged in comparison to those shorting the asset in the last 24 hours.  

The Cryptocurrency Fear & Greed Index continued to flash "Greed" as of this writing, implying a significant degree of FOMO in the market.

 Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 8:35 p.m. EDT)
JasmyCoin (JASMY)+19.88%$0.0304
ORDI (ORDI)+17.94%$48.63
Notcoin  (NOT)+14.87%$0.1225

The global cryptocurrency market cap stands at $2.53 trillion, following a 0.14% increase in the last 24 hours.

Stocks ended in the red Thursday. The Dow Jones Industrial Average slipped 0.86% to close the trading session at 38,111.48. The S&P 500 fell 0.60% to end at 5,235.48, while the tech-heavy Nasdaq Composite finished 1.08% lower to 16,737.08 at the closing bell.

Thursday's losses come in the middle of a rough week, with all three indexes recording significant losses. The Dow was set to record its second consecutive losing week.

Investors will be watching Friday’s personal consumption expenditures report, which is considered the Federal Reserve’s inflation barometer. 

See More: Best Cryptocurrency Scanners

Analyst Notes: Well-known cryptocurrency analyst Rekt Capital noted that Bitcoin was "not too far" from a historic breakout.

But he soon added a caveat, stating, "history doesn’t favour a breakout this early Post-Halving."

He added that a weekly close above the range highs could change this historical reality.

Prominent analyst Michaël van de Poppe termed market's ongoing trajectory as boring, owing to Bitcoin's consolidation.

"Important support level approaching where it must hold $66-67K to avoid further downwards momentum to $60K," the analyst pointed out.

Read Next: IBIT Overtakes GBTC As The Biggest Bitcoin ETF: Here’s How They Compare

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