Leading cryptocurrencies retraced on Thursday, while the market mood fell back into the “Extreme Fear” category.

Bitcoin’s relief rally was short-lived as the apex cryptocurrency fell back to an intraday low of $100,336.87. Ethereum, XRP and Solana also gave up their previous day’s gains.

Interestingly, JPMorgan analysts were optimistic about the asset in the near term, predicting it could rise to $170,000 within 6 to 12 months.

Overall sentiment stayed subdued, with BTC and ETH still 18% and 31%, respectively, below their all-time highs set earlier this year.

In the past 24 hours, 196,202 traders were liquidated, with total cryptocurrency liquidations at $562.82 million, according to Coinglass. Nearly $370 million in bullish longs was wiped out.

Bitcoin’s open interest rose by 0.61% in the last 24 hours. A rise in open interest, coming alongside a dip in spot price, typically indicates that new short positions are getting opened.

The market switched back to “Extreme Fear” mode, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $3.38 trillion, falling 1.67% over the previous day.

Stocks came under pressure yet again on Thursday. The Dow Jones Industrial Average fell 398.70 points, or 0.84%, to end at 46,912.30. The S&P 500 slid 1.12%, to finish at 6,720.32, while the tech-focused Nasdaq Composite closed down 1.9% to end at 23,053.99.

The decline comes after Chicago Federal Reserve President Austan Goolsbee expressed doubt about further rate cuts in a CNBC interview, citing the prolonged government shutdown as the reason for lack of recent inflation data.

Investors were also keeping a tight eye on the Supreme Court’s decision on President Donald Trump’s tariffs, with the majority of justices looking skeptical about his emergency powers

Arthur Azizov, founder and investor at B2 Ventures, admitted in a note to Benzinga that Bitcoin’s decline is affecting broader cryptocurrency sentiment.

“Despite ongoing liquidity shortages and heightened investor caution, I believe the $100,000 level is likely to hold as Bitcoin’s base in the near term,” the analyst projected.

Azizov added that If the Fed really “resumes money printing earlier than expected,” it could be a bullish signal for risk assets in the long run.

Widely followed cryptocurrency analyst Ali Martinez highlighted that Bitcoin has historically rebounded when realized losses fall below 12%.

“It’s now at -11%, signaling a potential rebound ahead,” Martinez predicted.

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