Leading cryptocurrencies moved sideways on Thursday as investors considered America’s involvement in the Israel-Iran war.
What Happened: Bitcoin continued to oscillate in the $104,000-$105,000 range, with trading volumes remaining thin in the last 24 hours.
Ethereum bulls were also left disappointed, as the second-largest cryptocurrency faced resistance at $2,540.
Bitcoin’s market dominance hit 64%, while Ethereum’s share rose to 9.4%.
About $81 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $46.58 million.
Bitcoin’s Open Interest dipped 0.24% in the last 24 hours to $69.19 billion. Since the beginning of June, the Open Interest has fallen by 3.6%.
More than 50% of Binance traders with open BTC positions were positioned long as of this writing, according to the Long/Short ratio.
The market sentiment flipped from “Greed” to “Neutral,” according to the Crypto Fear & Greed Index.
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The global cryptocurrency market capitalization stood at $3.25 trillion, following a modest decrease of 0.42% in the last 24 hours.
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Stock market futures slid overnight on Thursday. The Dow Jones Industrial Average Futures fell 138 points, or 0.32%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 dipped 0.25%, while Nasdaq 100 Futures lost 0.21%.
Investors remained anxious about the ongoing Iran-Israel war and potential U.S. involvement, as the White House told reporters that President Donald Trump would “make a decision within two weeks.”
The New York Stock Exchange and the Nasdaq were closed on Thursday in observance of Juneteenth National Independence Day. Trading will resume as normal on Friday.
See More: Best Cryptocurrency Scanners
Analyst Notes: On-chain analytics firm Santiment highlighted that the number of Bitcoin wallets holding more than 10 BTC rose 0.15% in the last 10 days, while those with 0.001 to 10 BTC declined 0.15% in as many days.
“When large wallets accumulate as retail loses confidence, this is historically the right combination for bullish momentum to inevitably return to crypto markets,” Santiment added.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe said Bitcoin was back to its “normal trading game” after the FOMC meeting offered nothing substantial.
“I suppose we’ll see a test of $106,000 and breakout north in the coming days,” Van De Poppe predicted.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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Unlock RankingsEdge RankingsMomentumNot AvailablePrice TrendShortMediumLongOverview$BTCBitcoin$104752.570.07%$DOGEDogecoin$0.1704-0.32%$ETHEthereum$2529.040.30%Market News and Data brought to you by Benzinga APIs
