Bitcoin and other cryptocurrencies experienced a slight dip on Thursday, but continued to hold steady near important levels as the market reacted to the approval of spot Bitcoin exchange-traded funds. While further selling could be on the horizon, the price of Bitcoin only dropped by less than 1% over the past 24 hours, falling below $39,800 and slipping under the crucial $40,000 level. Despite this decline, Bitcoin managed to stay above recent lows in the $38,000 range. However, it's worth noting that the largest digital asset is still more than 15% lower than its peak of over $48,000, which was achieved amidst heightened trading activity surrounding the anticipation and eventual approval of spot Bitcoin ETFs in the United States.
Earlier this week, improvements in sentiment towards risk-sensitive assets and a rally in the stock market provided some buoyancy for cryptocurrencies. The Dow Jones Industrial Average and S&P 500 were trading near record highs, giving hope to crypto investors. Unfortunately, these gains were short-lived as cryptocurrencies struggled to maintain their upward momentum. Bitcoin is currently hovering around the key $40,000 level, and while recent price movements have predominantly been downwards, the short-term trend seems to indicate stability. However, this stability might not last much longer.
According to Alex Kuptsikevich, an analyst at broker FxPro, there is a cautious uptrend observable in Bitcoin since Tuesday. Some market participants are capitalizing on the opportunity to secure profits from short positions or buy in after a major sell-off. Kuptsikevich points out that Bitcoin did not enter oversold territory before stabilizing, which means that bears may utilize the current lull to accumulate liquidity before another sell-off.
In addition to Bitcoin, Ether, the second-largest cryptocurrency, experienced a 1% drop to $2,200. Smaller tokens, known as altcoins, witnessed less significant changes, with Cardano slightly above and Polygon just below the neutral line. Memecoins also showed mixed performance, as Dogecoin fell by 2% while Shiba Inu saw a modest increase of over 1%.
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