Bitcoin appears to be losing momentum as its rally stalls around the $66,000 mark, with the market forming two consecutive red candles on the daily timeframe.
U.S. Stocks
Futures contracts were quiet on Thursday night as Wall Street seemed to stabilize after a downturn in stocks.
Futures tied to the Dow Jones Industrial Average inched up 28 points, nearly 0.1%. S&P 500 futures rose by 0.1%, while Nasdaq 100 futures added 0.2%.
This move came after stocks fell during regular trading hours on Thursday. The Dow dropped more than 500 points, ending a six-day winning streak. The S&P 500 and Nasdaq Composite fell by 0.78% and 0.7%, respectively.
Despite Thursday’s sell-off, market rotation appeared to be the theme of the week. The S&P 500 and Nasdaq Composite were down 1.26% and 2.87% respectively as of Friday. On the other hand, the Dow was up 1.66%, and the small-cap Russell 2000 index rose by 2.33%.
This divergence has encouraged some Wall Street experts, who were concerned that the market rally was becoming overly dependent on a few large tech stocks.
Investors will get a broad look at consumer and financial sector health on Friday, with several key earnings reports set to be released. American Express, Travelers, Comerica, and Fifth Third are all expected to report results before Wall Street opens.
Investors will also be keeping an eye on the political sphere, where Donald Trump is ramping up his campaign as the Republican National Convention concludes and President Joe Biden is under pressure from Democratic members to withdraw from the race.
Bitcoin and Altcoins
Bitcoin declined for the second consecutive day after failing to continue beyond $66,000.
The leading asset had seen a strong recovery from the previous week, but the momentum appears to have weakened, and the bulls are losing steam.
BTC has now fallen back below the $64,000 region, trading around $63,800, down nearly 1.5% from the previous 24 hours.
BTC Price Chart – 4 Hours | Source: TradingView
The altcoin market saw significant declines yesterday.
Leading the losses was XRP (XRP), which dropped over 10% in just 24 hours.
In a surprising development, the U.S. SEC canceled its initial closed meeting scheduled for July 18, which was set to discuss the ongoing Ripple lawsuit. The SEC announced the cancellation on July 17 without providing a reason.
Other major projects in the top 100, such as Worldcoin (WLD), Shiba Inu (SHIB), Gala (GALA), Fantom (FTM), Render (RNDR), Mog Coin (MOG), Starknet (STRK), Internet Computer (ICP), Polygon (MATIC), Floki (FLOKI), Immutable (IMX), The Sandbox (SAND), Brett (BRETT), JasmyCoin (JASMY), Stellar (XLM), saw losses ranging from 4-9%.
Ethereum (ETH) continued to face strong resistance at $3,500 for the fourth consecutive day.
Over the past few days, ETH bulls have made multiple attempts to push the price above this level but have failed each time. Currently, the second-largest asset by market capitalization is trading around $3,415, remaining relatively flat over the past 24 hours.
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