Profit-taking pressures persisted across cryptocurrency markets on Thursday, with Dogecoin (DOGE) and Cardano's ADA leading declines among major tokens. Bitcoin (BTC) remained relatively stable over the past 24 hours, while other altcoins showed mixed performance.
Market Overview
Top Decliners:
- Dogecoin (DOGE)
- Cardano's ADA (ADA)
- XRP (XRP), Solana (SOL), and BNB Chain's BNB all dipped ~1.5%
Outperformer:
- Tron's TRX gained 1.9%, the only major token in positive territory
"Recent macro and policy conditions have created uncertainty for risk-on assets, reflected in Bitcoin's current price action," noted Anna Liu, CEO of HashKey Tokenization, via Telegram message to CoinDesk.
She added: "While we expect continued volatility in Bitcoin and crypto, we maintain a positive long-term view of BTC as a strategic asset." Institutional interest persists, evidenced by recent inflows into BTC and ETH ETFs despite short-term headwinds.
Key Market Indicators
- Fear & Greed Index: Holds at 62 (Greed zone), though slightly cooled from recent highs
Bitcoin Technicals:
- Rebound from ~$103k on May 31 suggests potential upward momentum
- "This could propel BTC toward new highs above $130K," says Alex Kuptsikevich, FxPro's Head Market Analyst
Ethereum Watch:
- ETH struggles against resistance at its 200-day moving average
- Break above $2,700 may signal renewed bullish sentiment
Potential Correction Ahead?
CryptoQuant analysts suggest Bitcoin may correct to $96,700—aligning with the average purchase price of short-term holders.
FAQs
Q: Why are Dogecoin and ADA falling more than other cryptos?
A: As meme coins and mid-cap alts, they're typically more volatile during risk-off periods when traders secure profits.
Q: Is now a good time to buy Bitcoin?
A: Long-term investors may view dips as entry opportunities, but short-term traders should monitor the $96.7K support level.
Q: What’s driving institutional crypto interest?
A: ETF inflows indicate growing acceptance of crypto as a hedge asset despite regulatory uncertainties.
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Keywords: Bitcoin price, crypto market analysis, Dogecoin decline, ADA correction, institutional crypto, BTC ETF inflows, Ethereum resistance, profit-taking
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