Bitcoin remained just above $78,000 during Thursday’s Asian trading session, slipping about 1% over the previous 24 hours as selling pressure intensified across other major cryptocurrencies.
Dogecoin suffered the steepest decline among the major tokens, falling more than 5%. BNB dropped roughly 4%, while XRP declined about 3%. Ether, Solana and Hyperliquid’s HYPE also traded lower, each losing between 1% and 3%. Ether fell below $2,475, while Solana traded near $102. Tron bucked the broader weakness, rising less than 1% to around 34 cents, according to CoinDesk data.
Bitcoin’s technical picture offered a more positive signal earlier in the week, with its 50-day moving average moving above the 200-day average on Tuesday to form a golden cross.
FxPro analysts said previous golden crosses in October 2024 and May 2025 failed to generate significant gains. However, they argued that the current setup differs because the signal has emerged following an extended bull market rather than during a market correction.
They compared the current pattern more closely with 2019, when Bitcoin climbed 90% in less than two months following a similar technical crossover.
Meanwhile, developments in oil markets added to pressure on global assets. Brent crude approached $102 per barrel during Asian trading after Iran said it was prepared for a more intense war. The rise in crude prices has also strengthened concerns about the impact of energy costs on interest-rate expectations.
The benchmark 10-year U.S. Treasury yield remained near 4.85%, its highest level since late 2023. Investors were disappointed by the U.S. government’s announcement of plans to purchase up to $6 billion of longer-dated debt, as markets had anticipated a larger operation.
Asian equities followed Wall Street lower. The MSCI Asia Pacific Index declined nearly 1%, while markets in Japan, South Korea, Taiwan and Australia also fell. The S&P 500 ended Wednesday’s session down about 1%, while the Nasdaq 100 recorded a smaller loss. U.S. and European futures subsequently edged higher.
The dollar index held within the 98 range, although its earlier intraday gains failed to last. The greenback has also lost some of the support it previously received from higher oil prices during the conflict.
In foreign exchange markets, traders focused on the yen after it returned to the 150-per-dollar region following comments from Treasury Secretary Scott Bessent. The Canadian dollar was also in focus, strengthening enough to push the U.S. dollar below 1.38 after retaliatory tariffs came into effect and the U.S. prohibited some Canadian imports.
The next major catalyst is Friday’s U.S. consumer price index report. A stronger-than-expected inflation reading could revive expectations for a Federal Reserve rate hike and potentially add further pressure to the assets that weakened during Thursday’s trading.
