After an unsuccessful second attempt to surge above the $28,000 threshold this week, Bitcoin (BTC) experienced a slight drop of more than 1%, taking it under the $27,500 benchmark. The 200DMA, positioned at $28,000, continues to function as a formidable barrier. Traders display what could be interpreted as hesitation in propelling the price beyond this significant, long-standing level ahead of this Friday’s crucial US jobs data release.
US yields are retracting significantly from earlier weekly apexes, although they remain elevated for the week. A more robust-than-projected jobs data release may rekindle the upward pressure on yields, which would likely impose a weighty burden on crypto prices. Higher yields on risk-free assets like US government bonds dilute the appeal for investors to hold riskier and non-yielding assets — a group where Bitcoin is often placed.
Other major tokens like Ether (ETH), XRP (XRP), and Solana (SOL) also experienced a downturn on Thursday, with each one receding approximately 2-3% over the last 24 hours, as per CoinMarketCap data.
In the midst of these quiet market conditions, which are anticipated to endure until Friday’s US jobs data disclosure, traders will persist in their pursuit of more gratifying trading opportunities within the less liquid domains of shitcoin/meme coin markets.
A number of lesser-known tokens have taken the spotlight according to DEXTools. Blinky Red Ghost ($Blinky), a recently introduced shitcoin, experienced a noteworthy surge with a 300% ascent over the last 24 hours. Accompanied by a relatively healthy market cap of $260,000, liquidity of $224,000, and more than 200 holders, these numbers indicate a potentially promising outlook.
Similarly, Master Shifu ($SHIFU), introduced earlier this week, is aiming for its third consecutive day of gains, with its value heightening by over 160% in the last 24 hours. Its numbers tell a similar story with a market cap reaching $700,000, approximately $370,000 in liquidity, and nearly 300 holders, painting an equally promising picture.
Bolt ($BOLT), the native token of a Telegram-based trading bot, presents a contrasting narrative. Its trading volumes of just $60,000 in the past 24 hours are quite low, suggesting the recent upward momentum may be short-lived. With this in mind, prospective investors ought to exercise caution considering a reverse could be on the horizon. Despite these uncertainties, it’s clear that while the major coins may be languishing, the smaller cap markets offer their fair share of highs and lows to keep traders engaged.
Source: Cryptonews
