Bitcoin (BTC) declined from a high of $30,658 during the New York trading day as buyers remained on the sidelines. The cryptocurrency is up by 3% over the past week but has struggled to outperform a majority of alternative cryptos (altcoins).
Internet Computer's ICP token pared Thursday's gains and declined by 10% over the past 24 hours, compared with BTC's flat performance over the same period. Avalanche's AVAX token and Solana's SOL token were down by 4% on Friday, while Polkadot's DOT token rose by 4%.
Sentiment among crypto traders remains bearish, evidenced by a downtick in the bitcoin Fear & Greed Index over the past few days. The index moved deeper into "extreme fear" territory, similar to what occurred in January of this year, which preceded an upswing in BTC's price.
Still, technical indicators suggest limited upside for bitcoin, particularly at its 50-day moving average, currently at $34,177.
In traditional markets, the S&P 500 and Nasdaq declined on Friday as the 10-year Treasury yield ticked higher. Gold was also lower on Friday, and is down by 5% over the past three months, compared with a 25% loss in BTC and a 4% dip in the S&P 500 over the same period.
