Cryptocurrency markets faced a cautious trading environment on Thursday, as flagship digital asset Bitcoin extended its near-term corrective phase for the fourth consecutive session. While macroeconomic pressures and shifting market sentiments influenced top tokens differently, select altcoins demonstrated resilience by holding on to their recent gains.
Bitcoin Price Action and Technical Levels
Bitcoin traded below $78,000 on Thursday, reflecting a persistent corrective tone in the broader market. CoinMarketCap's Fear and Greed index registered a reading of 70, indicating that while a risk-on sentiment persists, it has moderated from the reading of 78 seen the previous week. From a technical perspective, the Relative Strength Index (RSI) eased to approximately 58, stepping down from overbought territory, while the Moving Average Convergence Divergence (MACD) drifted below the signal line to signal slowing upside momentum. On the downside, initial support rests around $75,233, which marks the 50% retracement of the downswing from $97,924 to $57,800. Further support is anchored near the 200-day EMA at roughly $73,011, providing a medium-term floor. Deeper pullbacks could test the 50-day EMA near $72,762 and the 100-day EMA around $70,731, where buyers are expected to defend the broader bullish structure.
Treasury Debt Operations and Macro Context
In broader financial markets, the US Treasury increased its buyback operations to $6 billion in long-term debt aimed at addressing rising bond yields. Despite this intervention, the US bond market shrugged off the move as yields continued to climb, with analysts pointing to ongoing geopolitical tensions involving Iran as a factor rendering the step insufficient. This macroeconomic backdrop has contributed to a more measured approach among crypto investors, keeping volatile movements in check across major asset classes.
Near Protocol and Zcash Performance
Bucking the broader weakness in flagship assets, specific altcoins like Near Protocol and Zcash emerged as notable performers over the 24-hour window. Near Protocol changed hands around $2.44 on Thursday, maintaining a solid near-term bullish bias while holding comfortably above its cluster of 50-, 100-, and 200-day EMAs situated between $1.83 and $1.95. The RSI near 69 suggests strong upside momentum, with immediate resistance pegged at the 78.6% Fibonacci retracement level of $2.65. Meanwhile, Zcash held well above the $1,200 threshold, backed by a strong bullish alignment where the 50-day EMA at $765 sits above the 100-day EMA at $640 and the 200-day EMA at $530. With an overheated RSI hovering around 75, Zcash faces potential corrective tests near the $1,200 psychological support zone, while upper targets eye pivot resistance levels at $1,435 and $1,709.
