Bitcoin Reclaims $105,000 Amidst Broader Market Gains
Bitcoin has continued this rally above the $105,000 level, breaking above this level for the first time since the end of January. This reemergence comes at a moment of robust returns in conventional capital markets. The gain on the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index would be around 3%. Though Bitcoin and Ethereum have spent almost the entire week in the green, Dogecoin didn’t escape unscathed.
Bitcoin maintained a positive momentum with a 0.65% increase, pushing its price to $105,015.33. Even with this dramatic price surge, Bitcoin’s dominance has edged down a bit to 62%. Now, analysts are focusing on BTC’s ability to remain around the $104,500 mark.
According to Rekt Capital, a sustained weekly close above $104,500 could signal the beginning of a significant "price discovery uptrend" for Bitcoin. The implication for future upward trajectory should be strong if Bitcoin is able to continue holding above this important line in the sand.
Bitcoin’s more recent rally has exerted extreme pain on short sellers. According to reports, nearly $720 million in Bitcoin shorts are at risk of being liquidated, provided this comes after Bitcoin manages to flip its previous all-time high of $109,000.
Ethereum ETH-USD was up, up 0.33% and trading at $2,536.90. The cryptocurrency has spent the past four days consolidating between the mid-$2,400s and the low $2,500s. Ethereum has even briefly had its market dominance rise above 9%.
Not all cryptocurrencies experienced gains. The meme-based cryptocurrency Dogecoin was the biggest loser on the list with a 4.10% dip, affecting DOGE price, which fell to $0.2364.
Traditional financial markets showed strength. The Dow Jones Industrial Average gained 254.48 points, or 0.62%, finishing at 41,368.45. Furthermore, Dow Jones Industrial Average Futures were up 436 points, or 1.06%, as of 8:36 p.m. EDT. The S&P 500 rose 0.58% to settle at 5,663.94, with S&P 500 futures up 1.34%. The tech-heavy Nasdaq Composite climbed 1.07% to close at 17,928.14, and Nasdaq 100 Futures jumped 1.76%.
"I'd like to see a bit more continuation before a pullback. Will consider opening up alt spot positions once again if this occurs," - Roman
Ava Thompson
Blockchain Market Psychology Editor
Ava Thompson explores blockchain and market psychology through an evidence-based yet human-focused lens. She bridges strategic thinking with direct, nuanced communication, and her work features a balance of in-depth analysis and relatable storytelling. Outside the newsroom, Ava is an avid urban gardener and street art enthusiast.
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