Bitcoin, Ethereum, XRP, and Dogecoin Decline as Stocks and Oil Rise: Expert Warns BTC Must Maintain This Threshold to Stay Above $70,000

Cryptocurrency Market Faces Downturn

Major digital currencies experienced a pullback on Thursday, as investors became more cautious following recent gains in the crypto sector.

Momentum Slows in Crypto Trading

Bitcoin briefly slipped below the $90,000 mark before rebounding to around $91,000, with trading activity remaining largely unchanged over the past day.

Ethereum fluctuated near $3,100, while both XRP and Dogecoin were unable to break through resistance levels.

According to Coinglass, the past 24 hours saw over $400 million in crypto positions liquidated, with nearly $320 million of that coming from long positions.

Additionally, more than $450 million in Bitcoin short positions on Binance are at risk of being liquidated if Bitcoin climbs back above $93,000.

Bitcoin’s open interest dropped by 0.55% in the last day, though it remains up 8% since the start of the year.

Top Performing Cryptocurrencies (Past 24 Hours)

The total value of the global cryptocurrency market reached $3.13 trillion, reflecting a 1.87% decrease over the last 24 hours.

Stock Market Bounces Back, Oil Prices Recover

U.S. equities rebounded on Thursday. The Dow Jones Industrial Average advanced by 270.03 points (0.55%) to close at 49,266.11. The S&P 500 edged up 0.01% to finish at 6,921.46, while the Nasdaq Composite slipped 0.44% to 49,266.11.

Defense sector stocks saw notable gains, with Lockheed Martin Corp. (LMT) rising 4.34% and Kratos Defense & Security Solutions, Inc. (KTOS) jumping 13.78%. These moves followed President Donald Trump's announcement of plans to boost the 2027 military budget from $1 trillion to $1.5 trillion.

Oil prices also saw an uptick, as U.S. West Texas Intermediate crude increased by 0.87% to $58.26 per barrel.

Assessing Bitcoin’s Market Outlook

CryptoQuant, a blockchain analytics provider, observed that the Market Value to Realized Value (MVRV) Ratio is declining after failing to maintain levels near historically high valuation zones.

The firm stated, “Unless the MVRV Ratio stabilizes and moves higher, the broader trend suggests continued cooling rather than renewed momentum.”

Popular crypto analyst Ali Martinez emphasized that Bitcoin needs to remain above $87,200 to avoid a potential drop toward $69,230.

Martinez also commented on Ethereum, predicting a possible move to $3,730 based on an ascending triangle chart pattern.

Further Reading

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