Bitcoin (BTC) and Ethereum (ETH) Rangebound as Investors Await Fresh Macroeconomic Data

Leading cryptocurrencies were rangebound Sunday as investors awaited fresh macroeconomic data to assess investments in riskier markets.

Bitcoin, Ethereum Stagnated; Here's What Happened in Crypto Markets SundayLeading cryptocurrencies were rangebound Sunday as investors awaited fresh macroeconomic data to assess investments in riskier markets.

What Happened: Bitcoin saw choppy movement, oscillating between $98,700 and $97,300. The world’s leading cryptocurrency has regained momentum since New Year, resulting in weekly gains of 4.59%.

Ethereum also stagnated at around the $3,600 level. The coin has endured weeks of corrective action since hitting $4,000 last month.

About $136 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions accounting for 66% of the total.

Bitcoin’s Open Interest rose by 0.48%, indicating speculative interest for the leading asset.

That said, the Long/Short Ratio dropped in the last 24 hours, suggesting expectations of further decline in prices.

Market sentiment entered the “Extreme Greed” zone, according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.49 trillion, following a marginal drop of 0.31% in the last 24 hours.

Stock futures edged slightly lower on Sunday evening. The Dow Jones Industrial Average Futures fell 33 points, or 0.08%, as of 7:45 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slid 0.08%.

Investors will keep their eyes peeled on the upcoming December jobs report, due on Friday, for hints about the market’s outlook and the Federal Reserve’s rate-cut plans.

The NYSE and NASDAQ will be closed on Thursday to honor former President Jimmy Carter, who died at 100.

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Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital said Bitcoin was back to its previously lost support area of $97,000-$98,000 and the technical uptrend.

"If Bitcoin weekly closes inside this blue area, there’ll be a good chance of reclaiming that previously lost support into support once again," the analyst remarked.

#BTC Since confirming additional downside, Bitcoin dropped into the ~$91000 Weekly support before reversing to the upsideBitcoin is now back at the previously lost support area that is the blue Order Block ($97k-$98k) and the previously lost technical uptrend (orange)If… https://t.co/qMf2hJz2g6 pic.twitter.com/MOdXEmWhwF

Well-known on-chain analyst Ali Martinez called attention to Ethereum's strong move in the ascending parallel channel, painting a target of as much as $6,000.

An ascending parallel channel is a pattern of two parallel lines that slope upward, connecting higher highs and lows. It indicates a bullish trend.

Despite the volatility, #Ethereum $ETH is holding strong within an ascending parallel channel, pointing towards $6,000! pic.twitter.com/GKrHvv9mkA