Crypto Market Suffers $386 Million As Bitcoin And Altcoins Shed Gains
The post Crypto Market Suffers $386 Million As Bitcoin And Altcoins Shed Gains appeared on BitcoinEthereumNews.com.
The cryptocurrency market has suffered from a wave of liquidations as Bitcoin (BTC) and altcoins lose their gains. The price of Bitcoin has dropped below the $100,000 mark, while Ethereum (ETH) fell below $3,500. The decline in the crypto market comes ahead of Donald Trump’s inauguration as US President. Bitcoin Price Sheds $5,000 in 1 Hour Amid Slipoff Bitcoin’s price has shed $5,000 from its recently achieved gains following the recent market liquidation in just one hour. According to current market data, Bitcoin price dropped to an intraday low of $97,332. After paring off some gains, the flagship cryptocurrency is now trading at $97,632. Bitcoin has decreased roughly 4.57% over the last 24 hours and 2.75% in the past month. On Tuesday, the flagship coin came close to reclaiming the $103,000 price mark before dropping to the current level. Bitcoin’s abrupt drop, which spurred a broader market sell-off, responds to the most recent US macroeconomic data. – Advertisement – Buyers who saw gains during Monday’s trading session may have also contributed to the recent pullback. These short-term investors sold huge amounts of their Bitcoin holdings, contributing to the market sell-off. Bitcoin price is still steady; however, further downside risks remain. A dip below $92,000 may signal that Bitcoin is forming a bearish head-and-shoulders pattern, with a potential downside range as low as $80,000. The closest resistance point is around the all-time high of $106,000. However, the 50-day Exponential Moving Average (EMA) provides short-term support. The Crypto Liquidation Data for Top Coins According to recent data provided by Coinglass, approximately $273 million in crypto positions were liquidated within an hour. Long positions accounted for the vast majority of the wipeout, amounting to $348.61 million. Notably, in the last 24 hours, 133,185 traders suffered the unexpected liquidation. Bitcoin, Ethereum, Solana, XRP, and…
Filed under: News - @ January 8, 2025 10:21 am