Key Points:
- Bitcoin and other major cryptocurrencies fell by more than 3%, particularly Bitcoin dipping below $84,000.
- Tron’s TRX and TON were the only cryptocurrencies to increase, each by 2%.
- The likelihood of Bitcoin exceeding $100,000 by June 30 has surged to nearly 30%.
Bitcoin (BTC) and other significant cryptocurrencies experienced a drop of over 3% as profit-taking occurred after Thursday’s rally, aligning with market expectations.
The overall market cap of cryptocurrencies decreased by 3.2% in the last 24 hours, with Bitcoin falling from $86,000 to below $84,000, Ethereum (ETH) dropping under $2,000, and Solana’s SOL declining by 5%.
XRP recorded a steady decline, though it has marked a 4.8% weekly gain following a previous spike. BNB has also seen an upward trend with weekly increases exceeding 8%.
At the time of reporting, Tron’s TRX and TON are the only major cryptocurrencies showing growth, rising by 2% each. TRX launched on Solana recently to broaden its user base, while TON attracted retail interest after the Toncoin Foundation disclosed that venture capital firms now possess over $400 million of the asset through new investments.
Wednesday’s meeting of the Federal Open Market Committee (FOMC) provided the upside movement anticipated by traders, pushing Bitcoin past $85,000 as no interest rate cuts were announced. However, the Federal Reserve indicated it would begin reducing its “quantitative tightening” program in April, interpreted by traders as a potential indirect rate cut. As a result, options markets have started to make adjustments accordingly.
“The probability of Bitcoin reaching above $100,000 by June 30 has risen from 20% to nearly 30% in the last 24 hours,” Dr. Sean Dawson stated in an email. “Conversely, the likelihood of Ethereum staying above $2,000 by June 30 has become a coin flip, up from 40% yesterday. Nearly 60% of ETH options traded on Derive.xyz in the last 24 hours represented buyer optimism for a bullish outlook. For Bitcoin, 34% of all trade volumes consisted of buyers seeking protective measures.”
FxPro’s Alex Kuptsikevich observed the $80,000 support level as crucial for the market’s stability. He expressed caution, highlighting the importance of the crypto market surpassing its 200-day moving average, which currently stands near $2.9 trillion. A robust rally over this threshold could ignite further purchasing activity, although there remains a risk of short-sellers setting traps, a scenario that has happened multiple times before.
“It’s essential for Bitcoin to maintain momentum by staying above key support levels. Achieving this could refresh buying interest across various coins that have been in the correction phase lately,” he remarked, focusing on the broader altcoin and memecoin market.
