The crypto market was mixed on Thursday, with Bitcoin continuing to fluctuate within a narrow range. Bitcoin once hit an intraday high of $66,455.5, but bulls once again lost momentum and fell to a daily low of $64,656.72 after midday, as of press time. Back above $65,000, 24-hour volatility is almost zero.
Altcoin trends are also flattening. Among the top 200 tokens by market capitalization over the past 24 hours, Worldcoin ($WLD) led the gains with an increase of 11.82%, followed by Fetch.AI ($FET) with an increase of 11.29% and SingularityNET ($AGIX) with a gain of 9.46%. ZKsync ($ZK) led the losers, down 9.81%, Flare ($FLR) fell 6.41%, and JasmyCoin ($JASMY) fell 5.57%.
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The overall cryptocurrency market capitalization is currently $2.36 trillion, and Bitcoin’s market share is 54.15%, almost unchanged from yesterday.
In stocks, both the S&P 500 and Nasdaq were down sharply in afternoon trading, with the S&P 500 down 0.25% at the close, the Nasdaq down 0.79% and the Dow Jones up 0.77%.
Bitcoin miner reserves fall to lowest level since 2021
Bitcoin miner reserves have fallen to their lowest levels since 2021, according to CryptoQuant. Miner Reserves displays the number of Bitcoins held by the associated miner's wallet. This value represents the miner's reserves that have not yet been sold. Data shows that miners currently have about 1.82 million Bitcoins in reserve, compared with about 1.87 million Bitcoins at the beginning of the year.
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When miners start selling, the supply increases, potentially causing the price to depreciate, depending on market demand for the token. However, CryptoQuant charts show that miner reserves have been declining since October 2023, while Bitcoin’s price increased by 150% during the same period.
In addition, CryptoQuant data also shows that the daily trading volume of Bitcoin miners’ over-the-counter transactions has also increased to the highest level since the end of March.
"keep patient"
On-chain data platform Santiment said on-chain indicators show retail investors are “primarily fearful or uninterested in Bitcoin as prices range between $65,000 and $66,000.”
Santiment published an article saying that in the current market downturn, patience will be rewarded: "This kind of FUD lasting situation is rare, because traders continue to surrender, and the fatigue of Bitcoin traders, coupled with the increase of giant whales, Holding on, usually leading to a rebound, is good for the patient."
Prepare to reverse the situation
Some analysts believe that Bitcoin may have hit a bottom and may be preparing for another breakout.
Cubic Analytics founder Caleb Franzen says Bitcoin bulls have done a good job defending key support levels despite the recent failure to break through resistance, and he is awaiting a breakout of $66,000 levels.
BecauseBitcoin CEO and founder Max said on the X platform that Bitcoin and altcoins are just repeating the trends of each previous cycle.
He said: “As Bitcoin rushes towards the top of its previous cycle, we typically see altcoins underperform. In the previous two cycles, altcoins fell significantly during this cycle phase, as is happening now. The situation is the same. Take your time, but this kind of PA and fear of altcoins is common and the situation is not different at the moment. I will wait until new evidence comes out.”
Analyst Michaël van de Poppe believes Bitcoin has bottomed out within its current range and expects to move higher in the medium term.
Source: X
He wrote in the Coming soon."
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "Foresight News"
Original author: Mary Liu, BitpushNews