The cryptocurrency market concluded the week with a downward trend, witnessing Bitcoin (BTC) slipping below $64,000 again, while altcoins also recorded losses amidst profit-taking activities by traders preparing for the next significant uptrend.
Similarly, stocks faced pressure after a Thursday rally pushed all three major indexes to new record highs, driven by expectations of lower interest rates. At the market close, the S&P and Dow finished in negative territory, down by 0.14% and 0.77%, respectively, while the Nasdaq managed to recover from losses, ending the day up by 0.16%.
Despite stock investors celebrating the new record highs, crypto investors took a subtle jab at the achievement. While Bitcoin has experienced a more than 13% decline from its recent peak, the S&P has only seen a roughly 0.5% downturn. It’s worth noting that since 2014, Bitcoin’s price has surged by over 29,000%, while the S&P has risen by 195%, with gold’s price witnessing an increase of 91.5% during the same period.
As of the time of writing, BTC is trading at $63,570, marking a 2.3% decline over the 24-hour chart.
Market analyst CryptoChiefs noted, “After Bitcoin continued to bleed throughout yesterday, we saw a nice reaction from the previous week’s Low at $64.6k,” suggesting the formation of an inverse head and shoulders pattern, with resistance seen around the Monday low at $65.6k.
Despite the drop in Bitcoin’s price, Poppe highlighted BlackRock’s consistent inflow in the Spot Bitcoin ETF, indicating continued institutional buying, which signals that the cycle is far from over.
Looking ahead, Rekt Capital outlined the Pre-Halving Retrace, setting up a future Post-Halving Re-Accumulation Range, paving the way for the future Parabolic Upside phase of the cycle.
In the altcoin market, DeXe (DEXE) led with a 21.9% gain, followed by DAO Maker (DAO) with a 16.2% increase, and Aptos (APT) with an 11.5% gain. Conversely, Echelon Prime (PRIME) dropped by 9.3%, while Raydium (RAY) and Flux (FLUX) declined by 8% and 7.7%, respectively.
The overall cryptocurrency market cap stands at $2.43 trillion, with Bitcoin’s dominance rate at 51.7%.
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