Markets
Bitcoin, Ethereum and Dogecoin Gains Trade Lower as Market Undergoes Consolidation: King Crypto’s ‘Breakout’ Early Not Favored by History, Says Analyst
May 30, 2024 9:49 pm | 2 minutes of reading
The cryptocurrency market remained stable on Thursday as blue chip coins failed to force a major bullish breakout.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| Bitcoin (CRYPTO: Bitcoin) | +1.06% | US$68,353.39 |
| Ethereum (CRYPTO: ETH) | -0.56% | US$3,747.86 |
| Dogecoin (CRYPTO: DOGE) | -2.84% | $0.1597 |
What happened: Bitcoin, the world’s largest cryptocurrency, broke its previous record of $69,000 but faced stiff resistance soon after. King Crypto has fluctuated in the $67,000 to $68,000 range this week.
Ethereum failed to hold $3,800 despite positive developments around the listing of spot ETFs.
Open interest in Bitcoin futures is down 1.46% in the last 24 hours. The drop, 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 shorted the asset in the last 24 hours.
The Cryptocurrency Fear and Greed Index has continued to display “Greed” as of this writing, implying a significant degree of FOMO in the market.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:35 pm EDT) |
| JasmyCoin (JASMY) | +19.88% | $0.0304 |
| ORDI (ORDI) | +17.94% | US$48.63 |
| Notcoin (NO) | +14.87% | $0.1225 |
The global cryptocurrency market cap is $2.53 trillion, after an increase of 0.14% in the last 24 hours.
Stocks ended on Red Thursday. O Dow Jones Industrial Average fell 0.86% to close the session at 38,111.48. O S&P 500 fell 0.60% to end at 5,235.48, while the high-tech sector Nasdaq Composite it ended 1.08% lower at 16,737.08 at the close.
Thursday’s losses come in the middle of a difficult week, with all three indexes posting significant losses. The Dow Jones was poised to record its second consecutive week of losses.
Investors will be watching Friday’s personal consumption expenditures report, which is considered the Federal Reserve’s inflation barometer.
View more: Best Cryptocurrency Scanners
Analyst Notes: Well-known cryptocurrency analyst Rekt Capital noted that Bitcoin was “not too far away” from a historic breakout.
But he soon added a caveat, stating: “history does not favor a breakout this early post-halving.”
He added that a weekly close above the highs could change this historical reality.
Prominent analyst Michael van de Poppe called the market’s continued trajectory boring, due to Bitcoin’s consolidation.
“Important support level approaching where it should be between US$ 66 and 67 thousand to avoid an even greater downward impulse towards US$ 60 thousand”, pointed out the analyst.
A dull mood for markets as #Bitcoin is consolidating.
Important support level approaching where $66-67K must hold to avoid further downward momentum towards $60K.
The Ethereum ETF will likely go live in late June, with slow upward momentum until then. pic.twitter.com/ZrBZzkhxpp
-Michaël van de Poppe (@CryptoMichNL) May 30, 2024
Read next: IBIT Surpasses GBTC as Largest Bitcoin ETF: See How They Compare
SIGN UP TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.