Bitcoin (BTC) and several cryptocurrencies took a break from the recent rally on Thursday. The seven-day push saw the flagship cryptocurrency reclaim the $80,000 level for the first time since the beginning of February.
However, global equities rallied to new highs over optimism about a US-Iran ceasefire and record corporate earnings.
Crypto Market Rally Stalls
Bitcoin (BTC) reached an intraday high of $82,814 on Wednesday before retreating and ending the day at $81,438. It dipped to a low of $80,724 on Thursday but held above $80,000 as sellers attempted to gain control following the recent rally. According to Alex Kuptsikevich, chief market analyst at FXPro, Bitcoin faces its next test at the 200-day moving average, around $83,300. Kuptsikevich believes a consolidation above this level will indicate bullish dominance. However, he warned that short-term profit-taking could dent some of the gains.
Meanwhile, total liquidations crossed $500 million over the past 24 hours, with $224 million in long liquidations and $291 million in short liquidations, according to CoinGlass.
Other major tokens, including Ethereum (ETH), also retreated as market sentiment turned indecisive. The world’s second-largest cryptocurrency reached an intraday high of $2,419 on Wednesday before losing momentum and dropping to a low of $2,315 on Thursday. ETH is currently trading around $2,345, down over 1% in the past 24 hours.
Ripple (XRP) is down nearly 1%, while Dogecoin (DOGE) registered a substantial decline of almost 4% to $0.111 over the past 24 hours. Other tokens registered strong weekly gains, with Solana (SOL) up 8.50% and Cardano (ADA) up nearly 9%. Meanwhile, Toncoin (TON) is up 30% in the past 24 hours, and 112% over the past week, primarily due to a series of announcements linked to Telegram and its blockchain ecosystem.
Thursday’s pause came as global markets rallied to record levels as hopes of a US-Iran ceasefire increased. Several reports have indicated that the two countries are working on a proposal to end the ongoing conflict. Despite the breather, the crypto market cap remains marginally up at $2.7 trillion.
Equities Surge
The MSCI All Country World Index rose 0.3% and its Asia gauge reached record levels after a 1.9% jump as Japan’s 225 Nikkei jumped to intraday highs and South Korea surpassed Canada to become the world’s seventh-largest equity market by value. Wall Street gauges also closed at record levels on Wednesday, with most S&P 500 companies beating earnings estimates. Meanwhile, Brent crude remains under $102 with markets hopeful an agreement between the US and Iran would help reopen the Strait of Hormuz.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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