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Cryptocurrency News Articles
Leading Cryptocurrencies Go Sideways, Total Liquidations Exceed $112M as Bitcoin (BTC) Market Sentiment Remains in 'Greed' Zone
Oct 23, 2024 at 10:02 am
Leading cryptocurrencies went sideways on Tuesday, aligning with the stock market's subdued movements.
Leading cryptocurrencies traded sideways on Tuesday, tracking the muted movements in the stock market.
Bitcoin saw choppy price action in the $67,000 range, as the bulls eyed the key psychological level of $70,000 and above. Meanwhile, Ethereum dropped close to $2,500 before reversing course. Both assets rallied to multi-month highs at the start of the trading week but failed to sustain the rally.
Cryptocurrency liquidations totaled over $112 million in the past 24 hours, with bullish leveraged traders marking the majority of the losses.
In the event of a Bitcoin rebound to $69,000, nearly $1.6 billion in short positions will be liquidated, according to Coinglass.
Bitcoin futures Open Interest saw a marginal 0.60% decrease, reflecting the contraction in the spot price movements.
However, market sentiment continued to be in the "Greed" zone at press time, according to the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
The global cryptocurrency market cap stood at $2.33 trillion, showing a 0.66% decrease over the past 24 hours.
Among the major stock indexes, the Dow Jones Industrial Average closed 0.02% lower at 42,924.89. The S&P 500 dropped marginally by 0.05% to reach 5,851.20. In contrast, the tech-focused Nasdaq Composite rose slightly, closing 0.18% higher at 18,573.13.
The muted movements occurred as the benchmark 10-year Treasury yield climbed above 4.2% for the first time in nearly three years.
As per the CME FedWatch tool, investors priced in a 91% probability of a 25 basis point rate cut during the next FOMC meeting.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency analyst and trader Justin Benett anticipates Bitcoin may drop lower from the rangebound action.
"Bitcoin whale positioning vs. retail indicates the path is likely to be lower for now. But don’t rule out a quick liquidity grab at $68,200 first," Bennett remarked.
Is today's $BTC range a bottoming pattern or simply a pause before lower? 🤔#Bitcoin whale positioning vs. retail indicates the path is likely to be lower for now.
BUT don't rule out a quick liquidity grab at $68,200 first.
Source: @hyblockcapital
Sign up at:… pic.twitter.com/wBx0JF44u9
Interestingly, cryptocurrency analytics firm Kaiko reported that the Bitcoin premium on Korean exchanges has transformed into a discount, traditionally considered a forerunner to BTC rallies.
BTC premium on Korean exchanges has turned into a discount for the second time since September.
"This has often preceded $BTC price rallies!" pic.twitter.com/VQqJWSqzmT
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