2 weeks Ago By Aniket Verma
Leading cryptocurrencies slid further Tuesday, as long-term investors continued to chase profits. Cryptocurrency Gains +/- Price (Recorded at 8:30 p.m.
ET) Bitcoin BTC/USD -2.18% $92,538.27 Ethereum ETH/USD -3.
32% $3,335.13 Dogecoin DOGE/USD -4.39% $0.
3886 What Happened : Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 in overnight hours. The corrective action has wiped all of the gains made over the week, halting the leading cryptocurrency’s rise to $100,000. Long-term Bitcoin holders have offloaded 728,000 coins in the past 30 days, marking the largest sell-off since April.
Long-term holders have offloaded 728,000 #Bitcoin in the past 30 days. This marks the highest sell-off since April. pic.
twitter.com/oWqqgIUeSR Over $364 million in long positions were liquidated in the past 24 hours, out of a total of $477 million. Bitcoin's Open Interest also declined by over 5% in the last 24 hours.
That said, the number of Binance traders going long on Bitcoin still heavily outpaced those betting against the asset, according to the Long/Shorts Ratio indicator. Additionally, around $695 million in leveraged shorts risked liquidation if the apex cryptocurrency rebounds to $98,000. Top Gainers (24-Hours) Cryptocurrency Gains +/- Price (Recorded at 8:30 p.
m. ET) Algorand (ALGO) +13.71% $0.
3031 Fantom (FTM) +7.27% $1.08 Injective (INJ) +7.
09% $29.61 The global cryptocurrency market capitalization stood at $3.18 trillion, following a contraction of 2.
29% in the last 24 hours. Stocks climbed to new records Tuesday. The Dow Jones Industrial Average rose 123.
74 points, or 0.28%, to close at 44,860.31, while the S&P 500 gained 0.
57% to end at 6,021.63. Both the broad-based indexes closed at record highs.
Tech-focused Nasdaq Composite added 0.63% higher to close at 19,175.58.
Investors parsed the minutes from the Federal Reserve meeting, which revealed a consensus among policymakers that inflation was gradually reducing. Market participants raised the odds of a 25 basis-point cut in next month's FOMC meeting to 57.7%, up from 52.
3% a day earlier, according to the CME FedWatch tool. The personal consumption expenditure (PCE) data, considered the Fed's preferred inflation gauge, is slated to be released Wednesday. .
See More: Best Cryptocurrency Scanners Analyst Notes: In a note shared with Benzinga, Haider Rafique , Global Chief Marketing Officer at cryptocurrency exchange OKX , commented on why Bitcoin was fumbling around the $100,000 mark. “There’s definitely profit-taking at these levels. The average holding price is around $30,000, representing a two to three-times upside for investors.
So, there’s significant sell pressure, but we also see equal buyback pressure," Rafique stated. He added, "Many people have had $100,000 as a price target for liquidation. We’re seeing institutions like MicroStrategy buying and holding significant supply, which naturally reduces available liquidity on exchanges and creates upward momentum.
" Widely-followed cryptocurrency analyst Ali Martinez spotted a ‘buy signal' from the TD Sequential indicator on Bitcoin's hourly chart. Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was witnessed, potentially helping Bitcoin to rebound to $95,000-$96,000. The TD Sequential presents a buy signal on the #Bitcoin $BTC hourly chart, while a bullish divergence forms against the RSI, which could help #BTC rebound to $95,000 – $96,000! Join me in this trade by signing up to @coinexcom using my referral link https://t.
co/73n8mW9Y5p . pic.twitter.
com/lKozxI8JVP Photo by CMP_NZ on Shutterstock Read Next: Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment © 2024 Benzinga.com. Benzinga does not provide investment advice.
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