Markets
Bitcoin, Ethereum and Dogecoin Pull Back as Market Pins Hopes on Key Jobs Data to Take King Crypto to New ATH
Major cryptocurrencies retreated on Thursday as investors took a cautious approach ahead of much-awaited U.S. labor market data.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: Bitcoin) | -0.51% | US$70,793.37 |
| Ethereum (CRYPTO: ETH) | -1.45% | US$3,808.32 |
| Dogecoin (CRYPTO: DOGE) | -1.64% | $0.1604 |
What happened: Bitcoin it rose to $71,500 during the day on the European Central Bank’s rate cut, but faced stiff resistance immediately, falling below $71,000. King Crypto has fluctuated in a narrow trading range since May 20.
Ethereum witnessed strong selling pressure, falling below $3,850.
Open interest on Bitcoin futures rose 0.18%. An increase in OI accompanied by a drop in price typically indicates the opening of new short positions, interpreted as a bearish signal.
That said, the number of traders taking long positions on Bitcoin has increased compared to those who have shorted the asset in the last 24 hours.
Investors waited expectantly for nonfarm payrolls data to move the market in either direction.
The Cryptocurrency Fear & Greed Index displayed “Extreme Greed” ahead of the data, suggesting traders were anticipating a strong upward move, possibly a breach of Bitcoin’s all-time high.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Worm hole (W) | +9.83% | $0.6845 |
| JasmyCoin (JASMY) | +6.30% | $0.04178 |
| Injective (INJ) | +4.95% | $28.16 |
The global cryptocurrency market value is $2.62 trillion, decreasing 0.74% in the last 24 hours.
Stocks fell on Thursday, pulling back from record highs seen the day before. O S&P 500 ended 0.02% lower, at 5,352.9 points. Focused on technology Nasdaq Composite fell 0.09% to 17,173.12. O Dow Jones Industrial Average gained 78.84 points, or 0.20%, to close at 38,886.17
Investors were focused on Friday’s nonfarm payrolls report, looking for signs of a weakening labor market that could justify rate cuts by the Federal Reserve.
The report comes after the European Central Bank cut rates for the first time in five years on Thursday, raising expectations of similar policy easing from the Fed.
View more: Best Cryptocurrency Scanners
Analyst Notes: On-chain analytics company Sanction observed less crowd enthusiasm for Bitcoin’s $70,000 level currently compared to 3 months ago.
“Generally, a lack of FOMO is a good sign that BTC and other coins may breakout with less of the crowd euphoria that previously caused spikes,” Santiment stated.
.https://x.com/santimentfeed/status/1798765274029806021
Popular Cryptocurrency Analyst Rekt Capital predicted a new infusion of capital into the altcoin market if Bitcoin manages to break out of the current range.
British multinational bank Chartered Standard issued a bullish prediction for Bitcoin previouslypredicting an increase to US$ 100 thousand by November and US$ 150 thousand if donald trump returns to power.
Photo by Matt Benzero on Shutterstock
Read next: Will Bitcoin ETFs Soar as Fed Rate Cuts Sooner Than Expected?
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