Written by: Mary Liu, BitpushNews

Crypto markets as a whole were up slightly on Thursday, with Bitcoin reversing losses during midday trading to hit an intraday high of $69,536 after falling to $67,000 support overnight.

Altcoins had a mixed performance, with the top 200 tokens by market cap seeing mixed gains and losses. Notcoin (NOT) was the best performer, surging 39.1% to $0.13, JasmyCoin (JASMY) gained 24.2%, and DOG•GO•TO•THE•MOON (DOG) gained 23.3%. Meme tokens cat in a dogs world (MEW) and dogwifhat (WIF) were the biggest losers, falling 16.8% and 9.1%, respectively, while Chiliz (CHZ) fell 8.1%.

The current overall market value of cryptocurrencies is $2.55 trillion, with Bitcoin accounting for 53% of the market share.

Trump-related currencies fell across the board

In the meme sector, affected by the conviction of Trump's felony charges, meme currencies related to him fell across the board. On Thursday afternoon local time, a New York jury found Trump guilty of all 34 charges. He was accused of falsifying business records, becoming the first former US president to be convicted. The judge set Trump's sentencing date at 10 a.m. Eastern Time on July 11, and all parties in the case can file motions before June 13.

After the news broke, Trump meme tokens with lower market capitalization fell sharply, with TRUMP falling 35% in a short period of time, and MAGA Hat (MAGA) plummeting from about $15 before the verdict was read to $11.27 shortly after the verdict, falling nearly 25% in just over an hour. As of the time of writing, MAGA rebounded slightly to $12.37. Super Trump (STRUMP) also fell 16%, and MAGA VP (MVP) fell 22% in an hour.

Meanwhile, Jeo Boden, a meme token inspired by U.S. President Joe Biden, surged 20% in a short period of time.

Despite this, traders at blockchain prediction market Polymarket still expect Trump to defeat Biden in the November election. At press time, Polymarket predicts a 56% chance of Trump winning the election, compared to 38% for Biden.

Additionally, nearly three-quarters of registered independents said a guilty verdict against Trump would have no impact on their vote, according to an NPR/PBS NewsHour/Marist poll released Thursday morning. Trump's legal troubles would not prevent him from running for president, as the U.S. Constitution does not prohibit felons from holding the highest office, CNBC reported.

It's unclear, though, what impact Trump's criminal conviction will have on his presidential race against Joe Biden.

$69,000 is a key level for BTC

Crypto analysts say BTC will now enter a price discovery phase if it can effectively hold the critical resistance level of $69,000, the 2021 record high.

Analysts at Secure Digital Markets warned that another break below this level could lead to a drop below $67,000, noting that “a break below this threshold could foreshadow a further drop towards $65,000, in line with the 50-day moving average.”

Market analyst Bloodgood believes that Bitcoin’s price has been hovering around the $69,000 level during a two-and-a-half-month consolidation, and he will wait for Friday’s personal consumption expenditures (PCE) report and Bitcoin’s weekly close before deciding on his next move.

CryptoQuant analyst Tarekonchain highlighted the “MVRV (Market Value vs. Realized Value) indicator,” which is said to “provide a high degree of accuracy in early warning of Bitcoin price tops and bottoms.”

“As long as the MVRV value is below 2, it indicates a persistent accumulation zone, which means that the price is still below its true value. In previous cycles, peaks were always seen when this indicator reached 3.5 or above. At these levels, we begin to gradually exit the market, as this indicates that a peak has been reached or is very close to it,” Tarekonchain said.

They said: “Currently, the MVRV value is 2.3, which means that the price still has room to rise significantly to reach the fair value of Bitcoin. Even if the price falls, it is a new opportunity for strengthening. Only when the indicator approaches 3, you should start to exit.”

“This means we are still some distance away from the peak and BTC price will hit a new high in this cycle, possibly exceeding $100,000,” Tarekonchain concluded.