Profit-taking continued to weigh down crypto markets on Thursday as Dogecoin (DOGE) and Cardano’s ADA led declines among major tokens. Bitcoin (BTC) remains little changed, hovering around $104,636, while XRP, Solana (SOL), and BNB Chain's BNB shed around 1.5%. Conversely, Tron (TRX) saw a slight increase of 1.9%. According to Anna Liu, CEO of HashKey Tokenization, the recent macroeconomic factors have generated uncertainty in risk-on assets, which is evident in Bitcoin's price movement.
Despite these challenges, Liu is optimistic about Bitcoin as a strategic long-term investment. She remarked that institutional inflows into Bitcoin and Ethereum ETFs indicate continued interest from institutional investors, despite short-term market fluctuations. Market sentiment is still in the greed zone, with the crypto fear and greed index at 62, showing a slight decrease in the past day.
Alex Kuptsikevich, chief market analyst at FxPro, noted that Bitcoin’s rebound from around $103,000 on May 31 might signify a potential upward movement, projecting a possible rise above $130,000. However, Ether (ETH) is currently facing resistance at its 200-day moving average, with a breakthrough above $2,700 potentially reigniting positive sentiment in the market. Analysts at CryptoQuant have suggested that Bitcoin could also correct to $96,700, aligning with short-term investors' average purchase price.
Despite these challenges, Liu is optimistic about Bitcoin as a strategic long-term investment. She remarked that institutional inflows into Bitcoin and Ethereum ETFs indicate continued interest from institutional investors, despite short-term market fluctuations. Market sentiment is still in the greed zone, with the crypto fear and greed index at 62, showing a slight decrease in the past day.
Alex Kuptsikevich, chief market analyst at FxPro, noted that Bitcoin’s rebound from around $103,000 on May 31 might signify a potential upward movement, projecting a possible rise above $130,000. However, Ether (ETH) is currently facing resistance at its 200-day moving average, with a breakthrough above $2,700 potentially reigniting positive sentiment in the market. Analysts at CryptoQuant have suggested that Bitcoin could also correct to $96,700, aligning with short-term investors' average purchase price.
