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Cryptocurrency News Articles
Weekend Crypto Surge Precedes Market Swings and ETF Withdrawals
Mar 23, 2024 at 08:01 pm
In the midst of a volatile crypto market on Saturday, Bitcoin and Ethereum surged slightly, alleviating the broader sell-off. However, aggressive outflows from US-listed Bitcoin ETFs continue to pressure Bitcoin, triggering selling pressure in altcoins like Ethereum, Gala Games, and Shiba Inu. Despite positive rebounds, market correction remains a prevalent threat, hindering a sustained recovery.
Crypto Price Analysis: Weekend Upturn Precedes Market Volatility and ETF Outflows
Key Points:
- Cryptocurrency market experiences modest weekend uptick.
- Bitcoin and Ethereum surge, temporarily easing market sell-off.
- US-listed spot BTC ETFs witness aggressive outflow, pressuring Bitcoin.
- Bitcoin ETFs see $52 million net outflow on March 22, 2024.
- Ethereum price rebounds but faces resistance, potentially retesting support levels.
- Gala Games shows bullish signs, indicating potential for recovery.
- Shiba Inu demonstrates bearish pattern, suggesting prolonged downtrend.
Market Overview
On Saturday, the cryptocurrency market exhibited a modest uptick, with Bitcoin (BTC) and Ethereum (ETH) witnessing a near 1% surge. This uptick temporarily alleviated the broader market sell-off sentiment. However, concerns remain as US-listed spot BTC ETFs (exchange-traded funds) continue to experience aggressive outflows.
BTC ETFs Witness Outflows
According to a report by SpotOn Chain, Bitcoin ETFs saw a steep net outflow of $52 million on March 22, 2024. This capped off a week of relentless outflows totaling $888 million across 10 ETFs. The cumulative net inflow now stands at a low of $11.27 billion after 50 trading days. Notably, the iShares Bitcoin Trust recorded a single-day inflow of just $18.9 million, the lowest in 20 days.
This aggressive outflow exerts downward pressure on the underlying asset, Bitcoin, prolonging its ongoing correction. The outflow also triggers selling pressure in altcoins, further contributing to the market's volatility.
Ethereum Price Analysis
Ethereum, the pioneer smart contract platform, witnessed a price rebound during the mid-week from the 38.2% Fibonacci retracement level. This recovery surged the price to $3587, but buyers failed to sustain the momentum, causing a setback to $3363.
In the past 24 hours, Ethereum's market capitalization has dipped to $404 billion, while trading volume fluctuates around $19.5 billion. If the correction trend persists, ETH sellers may attempt to retest the $3125 support level, potentially extending the correction to $2820. Conversely, a breakout above the $3600 barrier would provide further confirmation of a potential recovery.
Gala Games Surge
Gala Games (GALA), a blockchain gaming platform, has shown resilience amidst market volatility. GALA's price rebounded from a 50% retracement level at $0.0536, indicating that buyers remain engaged. This positive upswing propelled the altcoin to $0.06, with a market capitalization of $1.8 billion.
At the time of writing, GALA's price had surged by 6.5%, supported by a trading volume of $289 million. If the bullish reversal sustains and breaks through immediate resistance at $0.065, buyers may target potential gains at $0.073 and $0.086.
Shiba Inu Bearish Pattern
Shiba Inu (SHIB), initially a meme-based cryptocurrency, has evolved into a project with its own decentralized exchange, ShibaSwap, and plans to expand into the NFT market and gaming. Driven by a large and active community, SHIB's scarcity tactics, such as coin burning, differentiate it in the market.
Despite its large market capitalization of $16.15 billion, Shiba Inu has been struggling to maintain momentum. An analysis of the daily chart reveals that the coin price is consolidating above the 61.8% Fibonacci level at $0.000024. This consolidation, coupled with a downsloping trendline and horizontal support, suggests the formation of a descending triangle pattern.
In the current bearish market environment, this pattern indicates a potential for a prolonged downtrend. A bearish breakdown from the $0.0000238 support level could drive the Shiba Inu price down to $0.000019.
Conclusion
The weekend witnessed heightened volatility in the cryptocurrency market, with Bitcoin grappling to sustain a rebound from the $60,000 mark. While the modest uptick in prices provided temporary relief, the ongoing correction remains a concern. The presence of short-body candles in daily charts reflects uncertainty among market participants, highlighting the fragility of the recovery. Traders should exercise caution and await further confirmation before committing to new positions.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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