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Bitcoin, Ethereum, Dogecoin Dip As Investors Seek Volatility Over A Dull Weekend: Analyst Thinks 'Blindly' Longing The BTC Range Lows May Not Be A Good Idea
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF +5.75%
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF BTC | 37.54 | +5.75% |
Leading cryptocurrencies slid on Sunday, as the market endured dwindling volume and volatility.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -1.34% | $96,387.98 |
| Ethereum (CRYPTO: ETH) |
-1.23% | $2,669.97 |
| Dogecoin (CRYPTO: DOGE) | -2.39% | $0.2661 |
What Happened: Bitcoin consolidated between $96,000 and $97,650, extending the sideways market trajectory since recovering from the ‘Black Sunday' crash. Ethereum dipped below $2,700, falling to an intraday low of $2,655.30.
The two blue-chip assets witnessed a decline in 24-hour trading volumes, suggesting weak demand.
Cryptocurrency liquidations rose above $109 million in the last 24 hours, with long liquidations amounting to $78 million.
Over $300 million in short positions risked liquidation if Bitcoin rises to $100,000.
About 52% of Bitcoin derivatives traders were positioned short, according to the Long/Short Ratio, implying a further decline in prices.
Market sentiment remained "Neutral," according to the Crypto Fear & Greed Index, indicating no clear dominance of either bullish or bearish forces.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| PancakeSwap (CAKE) | +4.90% | $2.82 |
| Hyperliquid (HYPE) | +4.02% | $26.88 |
| Sonic (S) | +3.38% | $0.5328 |
The global cryptocurrency market capitalization stood at $3.2 trillion, contracting 1.16% in the last 24 hours.
Stock futures were largely unchanged on Sunday evening. The Dow Jones Industrial Average Futures traded on the flatline at 7:39 p.m. EDT. Futures tied to the S&P 500 rose 0.03%, while Nasdaq 100 Futures added 0.04%.
The New York Stock Exchange and Nasdaq will be closed for trading Monday in observance of the Presidents Day holiday, also known as Washington’s Birthday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst CrypNuevo, who has a large following, forecasted a “nice” trading week and pointed out important levels of interest on Bitcoin’s chart.
"I do think that the upside liquidations will likely get hit fairly soon ($99,200) but would love to re-enter at the lower liquidations ($93,300) first.
The analyst also cautioned against longing the range lows "blindly" as he projected Bitcoin to dip further to $88,000 if it touched range lows of $91,000.
Influential cryptocurrency expert and trader Ali Martinez warned that if Ethereum failed to hold $2,570, the next "key" support level was at $2,200.
Photo Courtesy: Shutterstock
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