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Leading coins traded sideways Thursday even as the Securities and Exchange Commission eased rules for listing institutional cryptocurrency products.
Bitcoin all but broke $118,000 before diving to $116,527 late in the evening. The trading activity remained thin, with volumes dropping 21% over the last 24 hours. Ethereum wiggled in the tight range between $4,550 and $4,643.
The SEC approved “generic listing standards” for cryptocurrency exchange-traded products, potentially easing barriers for institutional capital.
Nearly $250 million was liquidated from the cryptocurrency market in the last 24 hours, with short liquidations accounting for $160 million.
Bitcoin’s open interest rose 2.40% in the last 24 hours. If the price is flat but open interest increases, it signals potential for a large move in either direction.
Meanwhile, more than 53% of the top BTC traders on Binance i.e, the top 20% users with the highest margin balance, were positioned long.
The market sentiment remained "Neutral," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $4.10 trillion, following a modest increase of 0.6% in the last 24 hours.
Stocks hit new intraday highs on Thursday. The Dow Jones Industrial Average spiked 124 points, or 0.27%, to finish at 46,142.42. The S&P 500 added 0.48% to end at 6,631.96, while the tech-focused Nasdaq Composite closed up 0.94% at 22,470.73.
The tech rally followed Nvidia Corp. NVDA announcing a joint initiative with Intel Corp. INTC to develop AI infrastructure and personal computing products.
Intel shares closed up 22.7%, while Nvidia's stock popped 3.49% during the regular trading session.
Widely-followed cryptocurrency analyst and trader Ali Martinez said Bitcoin may be forming an inverse head and shoulders pattern, with a possible dip to $112,000 before a rally to $130,000.
For the curious, the inverse head and shoulders pattern is a bullish reversal pattern, indicating exhaustion of a prolonged downturn. It consists of a left shoulder, a lower head and a right shoulder, followed by a price break above the “neckline.”
Ted Pillows, an angel investor and cryptocurrency market observer stated that Bitcoin peaks 1,070-1,080 days after market bottoms, citing historical price cycles.
"This time, I’m expecting a longer cycle due to institutional arrival. IMO, BTC will likely top in Jan/Feb 2026," the analyst predicted.
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