Crypto Market Liquidations Drop to $288.60 Million Amid Price Uncertainty
In the last 24 hours, crypto market liquidations decreased significantly to $288.60 million from $1 billion the previous Thursday. Long-side liquidations totaled $188.88 million, while short-side liquidations reached $99.75 million.
Bitcoin at $95K Eyes a Reversal Week
Bitcoin has experienced $42.01 million in long liquidations and $21.27 million in short liquidations over the past 24 hours, totaling $63.28 million. The open interest is at $60.49 million. Bitcoin is currently trading at $95,129, above a critical support level after a 2.17% drop on Sunday.
The intraday price range is between $93,639 and a high of $96,376, producing a doji candle. Doji candles indicate potential trend reversals at significant price levels. The RSI line's sideways movement after crossing the 50% line suggests increased chances for a bullish rebound. A recent lower price rejection from the 50-day EMA indicates strong support for Bitcoin.
If Bitcoin maintains its position above this level today, the likelihood of a morning star pattern leading to a bullish turnaround increases. Additionally, Metaplanet acquired 619.70 Bitcoin for nearly $61 million, boosting its yield to 309.8% quarter-to-date.
Ethereum Holds $3,200 Support
Ethereum is trading at $3,284, maintaining support from the 100-day EMA line despite a nearly 6% drop over the weekend. Similar to Bitcoin, Ethereum is showing signs of a possible bullish turnaround with a doji candle and Morningstar potential. The RSI line remains flat, indicating it has not yet reached oversold conditions.
Justin Sun has been selling Ethereum aggressively, contributing to a 15% price drop last week after liquidating $143 million worth of ETH. He redeemed 39,999 ETH from Lido Finance and EtherFi, depositing a total of 108,919 ETH (~$400 million) into HTX since November 10.
Altcoins Mirror Bitcoin in the Short-term
The altcoin market is struggling to maintain dominance, with a total market cap of $917.26 billion excluding Bitcoin and Ethereum. The altcoin market cap is facing challenges sustaining above the 50-day EMA line while forming a doji candle, which also indicates potential reversal possibilities.
Top Gainers and Losers
Despite market struggles, altcoins like Aave, Algorand, and Curve DAO token have shown gains. Aave rose 11% to $332.09, Algorand increased by 10.56% to $0.3632, and Curve DAO gained 4.76% to reach $0.8246. Conversely, HyperLiquid has dropped 22.81% to $26.36. Movement and SUI tokens also experienced declines of 16.50% and 4.92%, trading at $0.7583 and $4.26, respectively.
Will Bitcoin Bounce Back to $100K?
Bitcoin remains below the $100,000 mark, but there are hopes for a rebound. Holding at $95,000 could serve as a reversal point if institutional support from US spot Bitcoin ETFs materializes. El Salvador's addition of 29 BTC worth $2.84 million last week may also contribute to recovery prospects.
Large inflows into US spot BTC ETFs suggest a potential rally could reclaim the $100,000 level. However, recent funding rate drops indicate traders' hesitance to pay premiums for long positions. If Bitcoin sustains the $95,000 support level, it may lead to a short squeeze and a bullish cycle, potentially finishing 2024 above $100,000. Binance traders maintain optimism, with long-to-short ratios remaining favorable.