Cryptocurrencies gained ground on Thursday while major stock indexes closed at all-time highs, as softer-than-expected jobs data lowered expectations for a Federal Reserve rate hike. The recovery lifted major cryptocurrencies, with Bitcoin, Ethereum, XRP, and Dogecoin posting gains, suggesting potential stabilization despite continued volatility in exchange-traded products.

Cryptocurrency Prices

The following table details the prices and 24-hour gains of major cryptocurrencies recorded at 10:20 p.m. EDT.

Market Statistics and Flows

Bitcoin briefly broke $62,000 but failed to sustain the rally, pulling back to the low $61,000 range. Ethereum experienced a more pronounced rally, breaking through the $1,700 level before consolidating sideways. The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.

Coinglass data shows nearly $460 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in short positions. Bitcoin’s open interest rose 1.14% over the last 24 hours to $46.22 billion. Derivatives traders on Binance, including both retail and whale investors, remained net long on the leading cryptocurrency but trimmed their long positions.

Top Gainers

In the past 24 hours, top gainers include Magma Finance, MemeCore, and LAB.

Analyst Perspectives

Blockchain analytics firm CryptoQuant warned that Bitcoin’s failure to hold $60,000 could trigger accelerated selling, potentially driving the price down toward its realized price of $53,000, which serves as a major support level. CryptoQuant reported that the average Bitcoin deposit size has doubled from 1 BTC to 2 BTC, signaling increased activity from whales and institutional investors rather than retail participants. "Whales appear to be leading the move. Incoming volatility," the firm added.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said that he’s not selling his altcoins and plans to take profits once market excitement around altcoins returns. "The markets are just waking up and sentiment can change fast," Van De Poppe said. "There’s no need to be looking to be selling the actual market bottom, as that would be here."

Broader Market Context

Major indexes bounced back on Thursday after a brief pause. The Dow Jones Industrial Average rallied 594.83 points, or 1.14%, to hit a record close of 52,900.07. The S&P 500 eked out a narrow gain to end at 7,483.24, while the tech-focused Nasdaq Composite dropped 0.8% to close at 25,832.67.

U.S. job growth slowed sharply in June, with only 57,000 jobs added, missing economists’ forecast of 110,000 and down from 129,000 in May. The unemployment rate edged down to 4.2%, below the 4.3% consensus. The CME Group’s FedWatch tool showed markets lowering the likelihood of the Fed keeping the rates unchanged in September to 45% from nearly 50% the day before.

Bitcoin and Ethereum are displaying technical and on-chain indicators suggesting the formation of major market bottoms, according to analysis by crypto chart expert Ali Martinez. The assessment follows a period of volatility where Bitcoin retreated to around $58,000 and Ethereum traded near $1,500, with the global cryptocurrency market capitalization holding steady at $2.07 trillion. The analysis points to specific accumulation levels that have historically preceded significant recoveries.

Bitcoin's Macro Bottom Zone

Martinez identified $48,300 as a critical long-term accumulation level for Bitcoin. This price point corresponds to Bitcoin’s Investor Price, an on-chain metric estimating the average acquisition cost of economically active coins by excluding permanently lost Bitcoin. Historically, Bitcoin has found major bear-market bottoms around this level, establishing it as a key long-term support metric.

Recent accumulation trends show retail investors holding less than one Bitcoin and mid-sized holders with 10 to 100 BTC leading the buying activity over the past month. The largest entities, controlling between 1,000 and 100,000 BTC, have also turned into net buyers, albeit at a slower pace. Martinez noted that synchronized buying by both retail investors and whales has historically coincided with durable market bottoms and laid the foundation for longer-term recoveries.

ETH Monthly Buy Signal Returns

Ethereum has entered a historically significant support zone, with $1,100 representing the lower boundary of its long-term price channel dating back to 2021. Previous tests of this channel floor have attracted aggressive buying, making it a high-conviction long-term accumulation area. If Ethereum successfully defends this support, projections indicate an initial recovery toward the channel midpoint near $3,000, followed by a potential move toward the upper boundary around $5,000.

Adding to the bullish outlook, the TD Sequential indicator has printed a fresh monthly buy signal for Ethereum. Previous monthly signals preceded a 78% correction from the 2021 highs, a 235% rally following the 2022 bottom, and a 182% advance after the March 2025 buy signal. The latest signal points to macro-level seller exhaustion and suggests Ethereum may be carving out another major bottom.

Market Performance and Liquidations

Despite the optimistic long-term indicators, short-term market pressure remains. Nearly $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $183 million in bullish long positions erased. Bitcoin’s open interest rose 1.52%, indicating a short buildup as sellers enter the market. "Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.