Authored by Mary Liu, reported by BitpushNews, the cryptocurrency market saw fluctuations on Thursday, with Bitcoin continuing to trade within a narrow range. Bitpush data indicates that BTC briefly reached a high of $66,455.50 during the session, only to lose momentum and drop to a low of $64,656.72 after lunch, before rebounding above $65,000 at the time of reporting, with a 24-hour volatility close to zero.
The altcoin market also showed signs of stability. Among the top 200 tokens by market capitalization in the past 24 hours, Worldcoin (WLD) led the gains with a rise of 11.82%, followed by Fetch.AI (FET) with an increase of 11.29%, and SingularityNET (AGIX) rising by 9.46%. On the other hand, zkSync (ZK) experienced the largest decline at 9.81%, followed by Flare (FLR) at 6.41%, and JasmyCoin (JASMY) at 5.57%.
The total market capitalization of cryptocurrencies currently stands at $2.36 trillion, with Bitcoin’s market share at 54.15%, showing minimal change from the previous day.
In the stock market, the S&P 500 and Nasdaq indices both experienced significant declines in afternoon trading, with the S&P 500 slightly down by 0.25% at closing, the Nasdaq down by 0.79%, and the Dow Jones up by 0.77%.
BTC miner reserves hit a low point since 2021
According to data from CryptoQuant, Bitcoin miner reserves have dropped to the lowest level since 2021. Miner reserves indicate the amount of Bitcoin held in related miner wallets that have not yet been sold. Currently, miner reserves are approximately 1.82 million BTC, down from around 1.87 million BTC at the beginning of the year.
When miners begin to sell, the supply increases, potentially leading to price depreciation depending on market demand. However, CryptoQuant charts show that miner reserves have been declining since October 2023, while Bitcoin’s price has risen by 150% during the same period.
Additionally, CryptoQuant data also reveals that the daily trading volume of Bitcoin miner off-exchange transactions has reached its highest level since the end of March.
“Stay patient”
Blockchain data platform Santiment noted that on-chain indicators suggest that retail investors are “largely fearful or disinterested in Bitcoin as the price hovers between $65,000 and $66,000.”
Santiment’s article states that during the current market downturn, patience will pay off: “This prolonged FUD situation is rare as traders capitulate continuously, and fatigue among Bitcoin traders, coupled with whale accumulation, typically leads to rebounds that are beneficial for those who are patient.”
Preparing for a reversal of fortunes
Some analysts believe that BTC may have bottomed out and could be preparing for another breakout.
Cubic Analytics founder Caleb Franzen mentioned that despite recent failures to break resistance levels, Bitcoin bulls have been defending key support levels well, and he is awaiting a breakthrough above $66,000.
Max, CEO and founder of BecauseBitcoin on the X platform, indicated that BTC and altcoins are simply repeating trends from previous cycles.
He said, “As BTC pushes towards its previous cycle’s highs, we often see poor performance from altcoins. In the previous two cycles, altcoins experienced significant declines at this stage, just like what is happening now. Patience is key, but this fear and price action towards altcoins is common, and the current situation is no different. I will wait for new evidence to emerge.”
Analyst Michaël van de Poppe believes that BTC has bottomed out within the current range and anticipates a mid-term upward trend.
In a post on X, he wrote, “Bitcoin may have formed a bottom between $63,000 and $65,000 and is accumulating upward momentum. As Bitcoin’s dominance decreases, altcoins are showing stronger resilience, signaling an impending reversal.”
