Bitcoin, Ethereum, XRP Retreat, Dogecoin Gains As Strait Of Hormuz Blockades Continue: Analyst Says BTC Crossing This Level Will Be 'Massive'

Leading cryptocurrencies retreated alongside stocks on Thursday, amid lingering uncertainty over the Iran conflict.

Crypto Market Cools After Rally

Bitcoin wobbled in the $78,000 zone after teasing $80,000 the day before. Trading volume plunged 23% over the last 24 hours.

Ethereum also consolidated at $2,300, failing to sustain Wednesday's momentum, while Dogecoin traded upward.

Over $200 million was liquidated in the past 24 hours, with $126 million in bullish long positions erased, according to Coinglass data.

Open interest in Bitcoin futures fell 3.66% over the last 24 hours to $61.57 billion. Bitcoin's Long/Short ratio on Binance remained below 1, indicating that derivatives traders were betting on price declines.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $2.51 trillion, following a drop of 1.62% in the last 24 hours.

Stocks Retreat, Oil Prices Spike

Stocks pulled back from record highs on Thursday. The Dow Jones Industrial Average lost 179.71 points, or 0.36%, to end at 49,310.32. The S&P 500 fell 0.41% to close at 7,108.40, while the tech-focused Nasdaq Composite closed down0.89% at 24,438.50.

Geopolitical tensions persisted as President Donald Trump said he has ordered the Navy to "shoot and kill" any boat putting mines along the Strait of Hormuz.

"We have total control over the Strait of Hormuz. No ship can enter or leave without the approval of the United States Navy," he wrote on Truth Social.

Oil prices rose further, with West Texas Intermediate crude futures trading up 1.64% at $97.47 per barrel.

Why This Level Is Critical For $ETH

Widely followed cryptocurrency analyst and trader Ali Martinez said Ethereum is testing its realized price near $2,340, dubbing it a "critical level" that has historically separated "bear markets from macro expansions."

"During recovery phases, the realized price acts as a distribution wall where investors look to break even," Martinez stated. "But when this level is successfully turned into a support floor, $ETH tends to enter high-conviction expansion phases."

On-chain analytics firm Santiment noted Bitcoin crowd sentiment oscillating from "extreme pessimism" at the start of the week to "ultra FOMO" by Thursday.

"Prices can continue to rally, and a breach above this resistance level [$80,000] would be massive in bringing in new and returning traders. However, it will ideally happen when optimism calms down just slightly," Santiment added.

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