With a bearish dominant week, Bitcoin is down at $95k, and Ethereum is above $3k. Will crypto leaders rebound this week for a recovery run?
Over the past 24 hours, the liquidations in the crypto market have significantly dropped compared to the $1 billion liquidation on Thursday last week. The 24-hour liquidation in the crypto market stands at $288.60 million.
However, the bullish side continues to take a significant hit, with a liquidation of $188.88 million, while the short-side liquidations remain at $99.75 million. Under such conditions, let’s discover the chances of the crypto market bouncing back this week.
Over the past 24 hours, Bitcoin BTC $95 120 24h volatility: 1.5% Market cap: $1.88 T Vol. 24h: $52.49 B has lost $42.01 million in long liquidations. Meanwhile, the short sellers are liquidated worth $21.27 million. This accounts for $63.28 million over the past 24 hours, while the open interest remains at $60.49 million.
Bitcoin price is currently trading at $95,129, sustaining above the critical support level, the critical psychological mark. Following a 2.17% drop on Sunday, BTC price is struggling to sustain at this critical level.
The intraday price band extends from $93,639 to a 24-hour high of $96,376. The minimal price move of 0.02% with a large price band is creating a doji candle.
Doji candles are generally a trend reversal signal at critical price levels. Thus, the intraday price trend uncertainty with the Doji candle could result in a bullish turnaround.
Furthermore, the RSI line turning sideways after breaking the 50% line increases the chances of a bullish comeback. Adding brownie points, the recent lower price rejection from the 50-day EMA reveals strong support for Bitcoin at lower levels.
Hence, if the BTC price manages to sustain dominance above this level for the rest of the day, the chances of a morning start pattern resulting in a new bullish turnaround will significantly increase.
In bullish news, Japan’s answer to MicroStrategy, Metaplanet, revealed the acquisition of an additional 619.70 Bitcoin for 9.5 billion yen, worth nearly ~$61 million, at an average of 15.33 Yen million. This investment has boosted the company’s Bitcoin yield to 309.8% quarter-to-date.
As Bitcoin sustains dominance above the $95,000 level, Ethereum has managed to float above the $3,000 mark. Currently, ETH ETH $3 299 24h volatility: 1.8% Market cap: $397.38 B Vol. 24h: $30.05 B is trading at $3,284, taking support from the 100-day EMA line.
Despite a bearish weekend, accounting for a nearly 6% drop, the Ethereum price is showing a similar price action to Bitcoin, teasing a bullish turnaround. With a doji candle and Morningstar possibilities, the RSI line is flat before reaching the oversold boundary line.
Thus, the underlying dynamics project a bullish start to this week if the bullish dominance continues throughout the day.
Supply to watch out for: Justin Sun has been aggressively selling Ethereum since its upward trend following Donald Trump’s election win. Last week, the Tron founder sold $143 million worth of ETH, contributing to a 15% drop in Ethereum’s price amid a market crash.
Blockchain analytics firm Spot On Chain revealed Sun redeemed 39,999 ETH from Lido Finance and EtherFi, depositing the full amount into HTX. Since November 10, Sun has deposited 108,919 ETH (~$400 million) into HTX, mostly near local price peaks.
Apart from Bitcoin and Ethereum, the altcoin market is continuing to struggle for dominance and to sustain its position at above-critical levels. Currently, the crypto total market cap, excluding Bitcoin and Ethereum, stands at $917.26 billion.
The altcoin market cap is struggling to sustain above the 50-day EMA line while creating a doji, which gives a similar turnaround possibility.
Despite the bullish struggles in the crypto market, certain altcoins have risen against the tide. Such altcoins are Aave AAVE $332.5 24h volatility: 9.3% Market cap: $4.98 B Vol. 24h: $1.15 B , Algorand, and Curve DAO token.
Aave price is currently at $332.09, up 11% over the past 24 hours. Algorand ALGO $0.36 24h volatility: 9.4% Market cap: $3.00 B Vol. 24h: $430.81 M has increased by 10.56% to reach a value of $0.3632. Meanwhile, Curve DAO CRV $0.83 24h volatility: 5.4% Market cap: $1.04 B Vol. 24h: $528.02 M reflects a conservative growth of 4.76% to hit $0.8246.
Amid the uncertain market, HyperLiquid, one of the quickest-to-rise tokens in the crypto market over the past week, has witnessed a price drop of 22.81% over the past 24 hours. Currently, the HYPE token HYPE $28.16 24h volatility: 15.6% Market cap: $9.40 B Vol. 24h: $698.04 M is trading at $26.36.
Following HyperLiquid, Movement and SUI SUI $4.26 24h volatility: 4.6% Market cap: $12.48 B Vol. 24h: $2.20 B remain the top losers, with price drops of 16.50% and 4.92%, respectively. Movement’s token MOVE MOVE $0.75 24h volatility: 13.9% Market cap: $1.71 B Vol. 24h: $647.01 M is trading at $0.7583. Meanwhile, the SUI token is priced at $4.26.
As the Bitcoin price remains under the $100,000 support level, the optimistic eye continues to search for a bullish comeback. The short-term holding at the $95,000 support level could become a reversal spot if the institutional support from the US spot Bitcoin ETFs kicks in.
Furthermore, with the additional support from the El Salvador government, which added 29 BTC worth $2.84M last week, BTC price is likely to spring back.
Considering the large inflows resurfacing in the US spot BTC ETFs, the turnaround rally in Bitcoin could reclaim the $100,000 support level. However, the recent drop in the funding rates from 0.0097% on December 17 to 0.0076% reflects a hesitance in traders to pay extra premiums to hold long positions.
However, if BTC price holds on to a critical support level like $95,000, it also increases the chance of a short squeeze. In such a case, the bearish exhaustion could lead to a virtual uptrend in Bitcoin, creating a short-term bullish cycle. Thus, the BTC price could end 2024 above $100,000.
Furthermore, the optimism among Binance traders remains the usual. The top traders’ long-to-short ratios based on accounts remain at 1.5517, and based on positions, they remain at 2.0769.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
