Major cryptocurrencies moved sideways on Thursday as investors awaited the release of key employment data to glean insight on the health of the economy.
Cryptocurrency Profit +/- Price (Recorded at 9:30 PM EDT)Bitcoin BTC/USD-0.08%$61,059.00Ethereum ETH/USD
-0.72%$2,370.40Dogecoin DOGE/USD +0.30%$0.1065
What happened: Bitcoin was swinging in the $60,000 zone for most of the day before rising above $61,200 in an overnight rally.
Ethereum also meandered in the $2,300 area and was unable to break above $2,400.
Sentiment has cooled since Iran’s missile attack on Israel on Tuesday, and Bitcoin and Ether have since corrected significantly by 4.5% and 9.11%, respectively.
Liquidations continue to muddy the market, with more than $192 million locked up in the derivatives market disappearing in the past 24 hours. Upside bets accounted for 74% of the total.
Bitcoin open interest rose 0.85% in the past 24 hours despite the price decline. This probably indicates that a new short position is being opened.
The long/short ratio for this coin has also spiked to 1.09, indicating that there are more traders making bullish bets than traders looking for the price to fall.
The Cryptocurrency Fear and Greed Index rose from 37 to 41, but the dominant sentiment was still one of “fear.”
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 9:30pm ET) Aptos (APT) +7.36%$8.54 Monero (XMR) +4.81%$143.85 Stax (STX) +4.20%$1.88
Global cryptocurrencies totaled $2.12 trillion in the past 24 hours, a decline of only 0.36%.
Shares fell in Thursday trading. The Dow Jones Industrial Average fell 184.93 points, or 0.44%, to end at 42,011.59. The S&P 500 closed 0.17% lower at 5,699.9. The tech-heavy Nasdaq Composite Index fell 0.04% to 17,918.48.
The Dow and S&P 500 fell 7% this week due to rising geopolitical tensions in the Middle East.
Investors also focused on weekly jobless claims, which were higher than expected for the week ending Sept. 28. Participants are currently awaiting the release of non-farm payrolls statistics, which are expected to be released on Friday, to provide a better understanding of the labor market and economic situation.
See more: Best Cryptocurrency Scanner
Analyst Note: Influential cryptocurrency researcher Ali Martinez cited $60,365 as a key level to watch for Bitcoin.
“If BTC breaks below this, we could see a fall to $57,420. However, if BTC holds, we expect a rebound to $63,300,” the analyst said.
Widely followed crypto analyst Michael van de Poppe believes Bitcoin’s correction in the first week of October due to the unemployment numbers announcement is “relatively normal.”
“We are expecting a reversal from next week, so we can buy on the edge!” he predicted.
#bitcoin It will be revised in the first week of October.
It’s unemployment week so it’s relatively standard.
A reversal is expected from next week, so buy on the spur of the moment! pic.twitter.com/5QifVoMW62
— Michael van de Poppe (@CryptoMichNL) October 3, 2024
Photo by CMP_NZ on Shutterstock
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