Bitcoin, Ethereum Spike, XRP and Dogecoin Climb Amid Sharp Crypto Recovery: Analyst Says ‘Don’t Fear’ BTC Dropping to $60,000

Leading cryptocurrencies staged a sharp recovery alongside stocks on Thursday, sell-off the day before.

Crypto Market Rebounds

After a brief lull, Bitcoin pushed back above $65,000. Ethereum, meanwhile, continued to wrestle with bears near the $1,930 level

Nearly $200 million was liquidated from the cryptocurrency market in the last 24 hours, th bearish short traders taking the biggest hit, according to Coinglass data

Bitcoin’s open interest rose 2.25% over the last 24 hours, aligning with the spike in spot prices. The total cryptocurrency buy orders broadly matched the market sells, indicating equilibrium between market forces.

Despite the gains, “Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $2.19 trillion, representing a 1.04% increase over the last 24 hours.

Stocks Also Claw Back

The Dow Jones Industrial Average jumped 613.92 points, or 1.2%, to end the day at 52,208.06.The S&P 500 rallied 1.7% to settle at 7,437.63, while the tech-heavy Nasdaq Composite lifted 2.8% to settle at 25,122.18.

Meanwhile, geopolitical tensions remained elevated. The U.S. military rejected in a recent missile attack on an American base in Jordan, adding that all the projectiles were intercepted.

‘Don’t Fear a Drop to $60,000’

Ali Martinez, a widely followed cryptocurrency analyst and trader, said a Bitcoin drop to $60,000 would not be unwelcome, as it could complete an inverse head-and-shoulders pattern.

The inverse head and shoulders pattern is a bullish reversal pattern, indicating exhaustion of a prolonged downturn.

“A confirmed breakout above $66,500 would then put $74,000 in play,” the analyst added.

Michaël van de Poppe, another prominent cryptocurrency influencer, flagged $1,975 as a key resistance for Ethereum, projecting a swift move to $2,300 upon breakout.

Photo: Memory Stockphoto / Shutterstock

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