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Bitcoin BTC$83,178.91 remained steady near $82,600 following President Donald Trump's announcement that the U.S. would refrain from military action against Iran before the upcoming midterm elections. This news helped the leading cryptocurrency recover from a drop to approximately $80,400 on Thursday, shifting some liquidation pressure onto bearish traders.
Meanwhile, Ether ETH$2,504.55 experienced a 2% decline over the past 24 hours, hovering around $2,500. It is still recovering from a significant downturn on Thursday, during which ether positions were liquidated at a rate six times that of Bitcoin, relative to its market cap.
Among the major cryptocurrencies, SOL saw the largest decline, dropping nearly 4% to about $110, while XRP and HYPE remained relatively unchanged. The broader CoinDesk 20 index fell by around 2%.
The dip on Thursday tested a critical level that traders monitor for medium-term trends. Alex Kuptsikevich, chief market analyst at FxPro, noted in an email to CoinDesk, "At the peak of its decline on Thursday, Bitcoin fell to $80.4K, marking its lowest point in three weeks and hitting its 50-day moving average, which shifted the balance in favor of buyers. This moving average is often seen as a medium-term trend indicator and has effectively served this role since July, providing support in August. The recent dip further confirmed buyer interest during pullbacks."
In the broader market, there were signs of recovery after earlier drawdowns this week. S&P 500 index futures increased by less than 0.5%, and Nasdaq 100 contracts rose nearly 1%, fueled by reports of OpenAI anticipating $70 billion in annual revenue by year-end.
Additionally, Brent crude prices fell below $103 a barrel following Trump's comments about Iran, easing some inflation concerns that had led to speculation about another interest rate hike by the Federal Reserve. Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk's Crypto Week Ahead.