A surge attempt by Bitcoin to reach new heights was swiftly halted and reversed during Thursday morning’s trading session in the U.S.
Bitcoin, which was trading just under $124,000 before the stock market opened, saw its value dip below $121,000 approximately ninety minutes later. This decline coincided with similar pullbacks in the previously booming gold and silver markets.
While gold has recently captured most of the media attention, it seems that silver played a significant role today. Rising 50% from its April lows, silver reached an unprecedented $50 per ounce on Thursday. However, this milestone triggered rapid profit-taking activities that caused its price to drop by about 4% within minutes. At last check, silver was priced at $48.55.
“In the short term, momentum appears volatile as technical indicators suggest an increasingly overbought market; in the medium term, there should be sustained interest above $50 if macroeconomic conditions and real-yield scenarios remain favorable,” noted Daniela Sabin Hathorn from Capital.com.
Gold also experienced a reversal of more than 1%, retreating from challenging the $4,100 per ounce mark down to around $4,035 currently.
The ongoing shutdown of U.S. government operations might also be affecting investor confidence by delaying crucial economic data releases and hampering businesses dependent on federal services—casting uncertainty over both traditional and digital asset markets.
Altcoins Struggle Against BTC
Lesser-known cryptocurrencies suffered more during this downturn: Ether dropped 3.5% to reach $4,300 while BNB and DOGE fell between 3%-4% as well.
Amidst these risk-averse movements among investors—Bitcoin’s share within total crypto market capitalization rose significantly for nearly eight weeks straight—the Bitcoin Dominance metric climbed past 59.4% for first time since August according TradingView data indicating traders reallocating capital back into largest cryptocurrency asset available today!
This downward trend reverberated through crypto derivatives markets too—with CoinGlass reporting over $600 million worth leveraged trades liquidated across all digital assets within last day alone!