The price of bitcoin is having difficulty holding onto its $61,000 level on Thursday, according to statistics from the cryptocurrency exchange. The biggest cryptocurrency was losing value on Thursday, and other cryptocurrencies showed varying degrees of movement after a spike in value earlier in the year.
Over the past day, Bitcoin has dropped 1.9% to $61,172. The biggest cryptocurrency, Bitcoin, had a spike in demand from new spot Bitcoin exchange-traded funds, or ETFs, in mid-March, which caused it to reach a record high close to $74,000. However, since then, its price has fallen.
The second-biggest cryptocurrency, ether, dropped 0.8% to $2,980. This month, the Securities and Exchange Commission is anticipated to provide a definitive ruling regarding Ether spot ETFs. But there hasn’t been much optimism for a speedy follow-up to the approval of Bitcoin ETFs which sent Bitcoin to all-time highs.
Despite this recent pullback, the broader technical indicators present a mixed outlook for the leading coin. The Relative Strength Index (RSI) currently stands at 42, indicating neutral sentiment among traders. However, it is noteworthy that the current price remains above the 200-day Exponential Moving Average (EMA), suggesting a bullish outlook over the longer term.
The crypto market, renowned for its volatility, has been grappling with heightened uncertainty in recent weeks. Bitcoin, often regarded as a bellwether for the wider sector, has faced challenges in sustaining its upward trajectory amid regulatory uncertainties and macroeconomic factors.
Concerns surrounding inflation and potential interest rate hikes on traditional financial markets have added to the apprehension among investors, influencing sentiment across the space. Given the prevailing market dynamics, analysts are meticulously monitoring Bitcoin’s price movements for any indications of a potential trend reversal.
Meanwhile, smaller cryptos or altcoins were mixed Thursday, with Cardano up 3% and Polygon gaining 0.6%, while Dogecoin fell 1.5%. The price of DOGE has dropped by 1.05% over the last 24 hours. The price of DOGE has been steadied after yesterday’s bearish trade.
