- Profit-taking pressures continue to affect crypto markets, with Dogecoin and Cardano leading declines.
- Bitcoin remains stable, while Tron is the only major token showing gains.
- Market sentiment is in the greed zone, but analysts predict potential upward movement for Bitcoin.
Profit-taking continued to weigh down crypto markets Thursday as Dogecoin and Cardanos ADA led declines among major tokens, with bitcoin little-changed over the past 24 hours.
XRP , Solanas SOL and BNB Chains BNB shed 1.5%, while Trons TRX was the only major token in the green with a 1.9% bump.
Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersRecent macro and policy conditions have created uncertainty in risk-on assets, which is reflected in the current Bitcoin price, said Anna Liu, CEO of HashKey Tokenization, said in a Telegram message to CoinDesk.
While we believe there will likely be volatilities in Bitcoin and cryptocurrencies, we remain positive on BTC as a strategic asset for investors in the longer term, she added, noting that recent inflows into BTC and ETH ETFs show institutions are still exploring crypto allocations despite short-term headwinds.
Market sentiment remains in the greed zone, with the crypto fear and greed index at 62, though it has lost a few points in the last day.
Alex Kuptsikevich, chief market analyst at FxPro, said bitcoins rebound from near $103,000 on May 31 signals the beginning of a potential upward movement. Potentially, this momentum could take the market to new highs above $130K, he said.
However, Ether continues to battle resistance at its 200-day moving average. A break above $2,700 could serve as an important indicator of renewed optimism, Kuptsikevich added.
Elsewhere, CryptoQuant suggested bitcoin could correct to $96,700, aligning with the average purchase price of short-term investors.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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