Ether also gained, rising above the $1,600 resistance level before dropping back to just below it
Bitcoin was trading above $26,300 Thursday morning after briefly breaking $26,800 Wednesday evening. Ether also gained, rising above the $1,600 resistance level before dropping back to just below it. Other top non-stablecoin crypto currencies traded mixed, with the Open Network’s (TON) Toncoin leading the winners. U.S. stock futures were higher after Wall Street ended mixed on Wednesday. Investors are digesting a 16-year high in U.S. 10-year treasury yields as well as a potential government shutdown in October.
Bitcoin added 0.56% to $26,354.64 during the past 24 hours but still held a weekly loss of 2.87%, according to CoinMarketCap data. The token on Wednesday night briefly surpassed $26,800 for the first time in the past seven days, but soon pulled back to nearly $26,300.
The U.S. dollar index (DXY) reached a ten-month high of 106.84 on Thursday.
A high DXY has been a bearish signal for crypto currencies and the S&P 500 alike, blockchain intelligence firm Santiment said Thursday on X (previously Twitter). Nevertheless, Bitcoin has “held up well” in spite of the rise in the U.S. dollar. That “may indicate a breakout could come once the DXY settles down,” Santiment said.
Along with Bitcoin, Ether rose 0.31% to $1,597.56 over the past 24 hours but is trading 1.55% lower for the week. The token also reached a seven-day high of $1,631.91 on Wednesday evening.
The price moves in the crypto market yesterday were driven by macro markets, said Justin d’Anethan, head of Asia-Pacific business development at Keyrock.
Overnight Asia time, American investors started the day full of optimism, trying to reverse this week’s pullback, only to turn risk-off again in the second half of the day and finish in the red, he added.
While traditional markets suffered, crypto actually outperformed, gaining and, then retreating but only to return to a neutral position. Bitcoin and ether are essentially flat or timidly up on the session, he said.
Other leading non-stablecoin crypto currencies traded mixed for the past 24 hours. Toncoin, the native token of TON, led the winners with a 2.21% rise to $2.17, but was still 9.96% lower for the week. Polkadot’s DOT token led the decliners, dropping 0.56% to $3.99 for a 3.63% weekly loss.