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Cryptocurrency News Articles

Leading Cryptocurrencies Traded in the Red on Sunday as Risk Aversion Intensified Ahead of the Holidays

Dec 23, 2024 at 09:59 am

Bitcoin went downhill after being faced with strong resistance from the bears at $97,000. The apex cryptocurrency was down nearly 11% over the week

Leading Cryptocurrencies Traded in the Red on Sunday as Risk Aversion Intensified Ahead of the Holidays

Leading cryptocurrencies traded in the red on Sunday evening as risk aversion set in ahead of the holidays.

Bitcoin and Ethereum both encountered strong resistance levels, leading to declines of 2.15% and 3.22%, respectively.

Thin trading volumes were observed across the board, while over $276 million in liquidations occurred in the last 24 hours.

Bitcoin dropped below the crucial psychological level of $100,000, while another round of short liquidations were at risk if the coin rebounds to $100,000.

Cryptocurrency market capitalization witnessed a slight contraction, while stock futures edged higher after a slump.

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both traded lower Sunday evening, as risk aversion among investors intensified a day ahead of Christmas Eve.

Bitcoin dropped below the crucial psychological level of $97,000 after encountering strong resistance from the bears at the price point. The apex cryptocurrency was down nearly 11% over the week and 2.15% since December began.

Bitcoin dropped to an intraday low of $96,666 after opening the 24-hour period with a trading price of $99,220. Both the bulls and the bears were faced with thin trading volumes in the last 24 hours, as evidenced by a total volume of $1.12 billion.

Bitcoin's sell-off followed a 2.33% loss in the Dow last week, the biggest losing streak in years. The Federal Reserve's hawkish outlook for 2025 also led to a 2.30% loss in the S&P 500 last week.

Bitcoin's sell-off also occurred as another round of short liquidations were at risk if the coin rebounds to $100,000. Around $635 million in short positions were at risk of liquidation if the price of Bitcoin rebounds to $100,000.

On the other hand, if the coin fails to rebound to $100,000, the short liquidations may be minimal. Notably, Bitcoin's Open Interest dropped 1.46% in the last 24 hours.

However, the percentage of trader accounts on Binance placing long positions on Bitcoin surged to 60%, while the traders placing short positions on the coin accounted for 39% of the total数をえる人が多いほうを選択してください。

bullsbears

bears

Bitcoin rose 86 points, or 0.20%, while futures tied to the S&P 500 gained 0.22%, and Nasdaq 100 Futures lifted 0.27%.

The market remained engulfed in the "Greed" sentiment, according to the Cryptocurrency Fear & Greed Index, which stood at a reading of 63 on Sunday.

See More: Best Cryptocurrency Scanners

The global cryptocurrency market capitalization stood at $3.27 trillion, following a contraction of 1.53% in the last 24 hours.

Crypto Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez flagged a buy signal for Bitcoin based on the reading of the TD Sequential indicator.

For the curious, the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.

The TD Sequential presents a buy signal on the #Bitcoin $BTC 4-hour chart, anticipating a price rebound! pic.twitter.com/acDIusZCkW

Moreover, analysis of the Mayer Multiple indicator hinted that the leading cryptocurrency would hit a market top above $168,500.

Mayer Multiple is an oscillator calculated as the ratio between Bitcoin's price, and the 200-day moving average.

#Bitcoin $BTC will hit a market top above $168,500, based on the Mayer Multiple. pic.twitter.com/uvgG4mZHA8

Widely-followed cryptocurrency analyst Karan Singh Arora urged his followers not to open new longs, adding that if Bitcoin fails to close above $99,000, it may fall lower.

"We need to regain at least $95800 or else we are going for $91,945 – $90,500 zone," Arora remarked.

$BTC HAS BROKEN THE STRUCTURE DOWNSIDE 🚨Dont open new longs ‼️ I gave this warning yesterday, that if we don't hold Closing above $99000, we will go lower ⚠️ We need to regain at least 95800 or else we are going for $91945 – $90500 zone ✅ #Bitcoin #Crypto pic.twitter.com/Kw9HDovCcF

News source:www.benzinga.com

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