Bitcoin finds support but progress is still needed.
Bitcoin and other cryptocurrencies showed mixed performance on Thursday, with ongoing outflows from Bitcoin ETFs causing a drop in Bitcoin's price to $64,851, before the cryptocurrency found its feet. Despite mid-March highs near $74,000, bearish sentiment currently dominates the crypto market, influenced by high bond yields and diminished expectations for Federal Reserve rate cuts.
Ether rose 0.68% to $3,583, supported by SEC rule changes allowing spot Ether ETFs, with final approvals expected this summer. Smaller cryptocurrencies like Solana, Cardano, and Dogecoin saw declines of 3.8%, 1.3%, and 1.2%, respectively.
Technically, Bitcoin seems to have found support near the $64,000 level. However, more progress will need to be made with trend-following and momentum indicators showing more constructive patterns. I.e. the EMAs need to cross positively, and the RSI needs to move to the positive side of 50.
Source: www.tradingview.com
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
These materials constitute marketing communication and do not take into consideration your personal circumstances, investment experience or current financial situation. The content is provided as general market commentary and should not be construed as containing any type of investment advice, investment recommendation and/or a solicitation for any investment transactions. This market communication does not imply or impose an obligation on you to perform an investment transaction and/or purchase investment products or services. These materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and are not subject to any prohibition on dealing ahead of the dissemination of investment research.
FXCM, and any of its Affiliates, shall not in any way be liable to you for any inaccuracies, errors or omissions, regardless of cause, in the content of these materials, or for any damages (whether direct or indirect) which may arise from the use of such materials, services and their content. Consequently, any person acting on them does so entirely at their own risk. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.