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Leading cryptocurrencies encountered losses on Thursday as investors maintained a cautious stance ahead of the crucial jobs report.
Bitcoin briefly dipped to an intraday low of $91,220 late afternoon before recovering some losses by evening. The leading cryptocurrency declined by nearly 10% from the highs of $102,000 earlier in the week.
News of the Justice Department getting approval to sell $6.5 billion in Bitcoin and on-chain movements sparked panic in the market, although it was yet to be confirmed the sale happened.
The extended slump liquidated nearly $285 million in long positions in the last 24 hours.
Meanwhile, more than 68% of traders on Binance were betting on Bitcoin's rebound, as evident from the Long/Short ratio.
A reversal to $100,000 would liquidate almost $780 million in short positions.
The market sentiment slipped into the "Neutral" zone from "Greed" on the Crypto Fear & Greed Index as traders lowered their risk appetite.
Top Gainers (24-Hours)
The global cryptocurrency market cap stood at $3.23 trillion, indicating a 2.54% decrease in the last 24 hours.
Stock futures slipped in overnight trading on Thursday as investors prepared for the December jobs report, which could influence the Federal Reserve's next steps on monetary policy.
The Dow Jones Industrial Average Futures fell by 183 points, or 0.43%, at 7:44 p.m. EDT. Meanwhile, futures tied to the S&P 500 dropped by 0.58%, and Nasdaq 100 Futures lost 0.73%.
The New York Stock Exchange and Nasdaq were closed on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. Markets will resume trading on Friday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that Bitcoin was yet to reach a cycle top, according to an analysis of the Market Value to Realized Value indicator.
"MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of this cycle," CryptoQuant noted.
100-day moving average of MVRV: Bitcoin has not yet reached the top price of this cycle"MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top pri… pic.twitter.com/YlNLQwgE3w
Another widely followed cryptocurrency analyst, Michaël van de Poppe, highlighted that the altcoin season was yet to begin, according to the Altcoin Season Index.
"However, as the number drops sub-50, it provides a tremendous opportunity to accumulate your altcoins," Van De Poppe added. "It's bull market year."
At the time of his post, the indicator showed a reading of 47.
Altseason indicator says: It's not an altseason!
However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your #Altcoins.
It's bull market year. pic.twitter.com/BfXm4pyzeW
A photo by Igor Faun on Shutterstock
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