Bitcoin, Ethereum Rally, Erase Monday's Losses, Reclaim Key Support Levels

The cryptocurrency market rallied handsomely Thursday, recouping losses suffered since its steep plunge earlier in the week.

Cryptocurrency markets rallied on Thursday, recouping losses following a steep decline earlier in the week.

What Happened: Bitcoin (CRYPTO: BTC) trended upward during trading hours and soared to $62,500 late evening. The sharp rebound erased sell-offs on Monday that saw the leading currency dip below $50,000 for the first time in nearly six months.

The second-largest cryptocurrency, Ethereum (CRYPTO: ETH), rose by double digits to $2,700 before retreating to the high $2,600s.

The rally resulted in cryptocurrency liquidations worth more than $229 million in the last 24 hours, with traders betting on downsides losing $168 million.

Bitcoin’s Open Interest rose 5.53%, while Ethereum saw a 6% increase in funds locked in the futures market.

The Cryptocurrency Fear & Greed Index improved from “Extreme Fear” to “Neutral” as a result of the recoil.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.14 trillion, soaring 8.84% in the last 24 hours.

Stocks Surged Thursday: The tech-focused Nasdaq Composite soared 464.21 points, or 2.87%, to close at 16,660.02. The S&P 500 ended 2.30% higher at 5,319.31. The Dow Jones Industrial Average gained 1.76% to close at 39,446.49.

The positive momentum came after lower-than-expected jobless claims data for the week ending Aug. 2, quelling fears of an economic slowdown.

Recall that a weaker July jobs report Friday fuelled recession concerns. Additionally, the unwinding of the Japanese yen “carry trade,” due to the Bank of Japan’s interest rate hike, contributed to the downturn in global markets earlier this quick rise in unemployment claims.

Analyst Notes: Pseudonymous cryptocurrency analyst Rekt Capital noted that Bitcoin could reclaim the $65,000 level over time if it maintains its hold above $60,600.

#BTC Bitcoin has successfully broken above $60600

Dips into $60600, if any at all, would constitute a retest attempt of that level

Generally, continued stability above $60600 and BTC will be able to revisit the $65000 (blue) over time$BTC #Crypto #Bitcoin pic.twitter.com/mrcMTItdHb

Well-known trader Ali Martinez revealed that he took a bullish position on Ethereum due to a lot of pessimism around the currency. He predicted $2,930 as the Altcoin King’s next target.

I'm seeing a lot of pessimism around #Ethereum, so I went long! $2,930 next for $ETH. pic.twitter.com/3hbwGDZXOg

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