Leading cryptocurrencies dipped on Wednesday as investors booked profits on the recent advances, while S&P 500 extended its gains.

What Happened: Bitcoin traded in a range of $103,000 and $104,000 for much of the day, even as trading volume for the coin dipped nearly 12% in the last 24 hours.

Ethereum slipped below the $2,600 level in a wave of profit-taking after the second-largest cryptocurrency pushed beyond a 10-week high of $2,700 the day before.

Over $280 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for 76%.

Meanwhile, nearly $500 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rallied to the $106,000 level.

Bitcoin's Open Interest fell 1.87% in the last 24 hours, while bets against the cryptocurrency in the Binance derivatives market stayed above the 50% mark.

The magnitude of "Greed" sentiment fell from 73 to 70, according to the Crypto Fear and Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market cap now stands at $3.34 trillion, showing a 1.90% decrease in the last 24 hours.

The S&P 500 extended its gains on Wednesday. The broad-based index rose 0.10% to close at 5,892.58, while the tech-focused Nasdaq Composite gained 0.72% to end at 19,146.81. The Dow Jones Industrial Average fell for the second straight day, losing 89.37 points, or 0.21%, to end at 42,051.06.

Nvidia Corp. NVDA contributed to the tech rally, jumping more than 4% on news that it would export semiconductor chips to Saudi Arabia.

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Analyst Notes: On-chain analytics firm CryptoQuant noted that Bitcoin's rally has resulted in a renewed interest among retail investors.

Retail investors are those with balances ranging from $0 to $10,000.

"From April 28th, when this trend turned positive, until May 13th, there has been a +3.40% increase in purchases by this group," CryptoQuant said. "As they enter the market, they tend to create a positive feedback loop, reinforcing bullish narratives and increasing buying pressure. Conversely, smaller investors are exiting the market."

Cryptocurrency analyst and trader Ali Martinez warned of a "brief pullback" for the leading cryptocurrency, citing an overbought Relative Strength Index.

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