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Leading cryptocurrencies retreated alongside stocks on Thursday as uncertainty around the Iran conflict lingered. Bitcoin slipped back after testing the $80,000 area, while Ethereum consolidated near $2,300 amid broader market cooling.
Bitcoin wobbled in the $78,000 zone after teasing $80,000 the previous day. Trading volume fell 23% over the last 24 hours. Ethereum also consolidated at around $2,300, failing to sustain Wednesday’s momentum, while Dogecoin moved higher.
Over $200 million in liquidations were recorded in the past 24 hours, including $126 million in bullish long positions erased, according to Coinglass data.
Open interest in Bitcoin futures declined 3.66% over the last 24 hours to $61.57 billion. On Binance, Bitcoin’s Long/Short ratio remained below 1, suggesting derivatives traders were positioned for potential price declines.
Stocks pulled back from record highs on Thursday. The Dow Jones Industrial Average fell 179.71 points, or 0.36%, to close at 49,310.32. The S&P 500 dropped 0.41% to finish at 7,108.40, while the Nasdaq Composite ended down 0.89% at 24,438.50.
Geopolitical tensions persisted after President Donald Trump said he ordered the Navy to “shoot and kill” any boat putting mines along the Strait of Hormuz. He added that the U.S. Navy would control access to the strait, writing on Truth Social that no ship can enter or leave without U.S. approval.
Oil prices rose further, with West Texas Intermediate crude futures up 1.64% to $97.47 per barrel.
Analyst and trader Ali Martinez said Ethereum is testing its realized price near $2,340, calling it a “critical level” that has historically separated “bear markets from macro expansions.”
“During recovery phases, the realized price acts as a distribution wall where investors look to break even,” Martinez said. “But when this level is successfully turned into a support floor, ETH tends to enter high-conviction expansion phases.”
On-chain analytics firm Santiment reported Bitcoin crowd sentiment swinging from “extreme pessimism” at the start of the week to “ultra FOMO” by Thursday.
“Prices can continue to rally, and a breach above this resistance level [$80,000] would be massive in bringing in new and returning traders. However, it will ideally happen when optimism calms down just slightly,” Santiment added.
The global cryptocurrency market capitalization stood at $2.51 trillion, down 1.62% over the last 24 hours.
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