“Bitcoin is likely to keep consolidating in the $76,000–$80,000 range, with attempts to break out toward the $85,000 psychological level,” Gracy Chen, CEO at Bitget.
The crypto market is down today. After a single day of increases, it fell 1.7% over the past 24 hours to the current $3.06 trillion. Also, 90 of the top 100 coins fell in this period. The total crypto trading volume stands at $124 billion.
TLDR: Crypto market cap is down 1.7% on Thursday morning (UTC); 90 of the top 100 coins and 9 of the top 10 coins have gone down; BTC decreased by 1.7% to $80,820, and ETH fell 2.5% to $2,942; The drop follows economic stress, lack of fresh capital, and geopolitical pressure; ‘This period of consolidation allows for a necessary reset’; Rate cuts are unlikely until later in the year;
This environment could reinforce BTC’s and ETH’s ‘roles as hedges against medium-term monetary pressures and dollar debasement narratives’; Markets are set up for a holding pattern, not a policy pivot; This period of consolidation allows for a necessary reset; Sygnum raised 750 BTC for the Starboard Sygnum BTC Alpha Fund; US spot BTC ETFs posted outflows of $19.64 million, and spot ETH ETFs saw $28.1 million in inflows; Crypto market sentiment saw a minor increase within the fear zone.
