Bitcoin and Ethereum registered little price movement on Tuesday as the apex cryptocurrency maintained its momentum.
Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
Bitcoin (CRYPTO: BTC) | +0.10% | $70,328 |
Ethereum (CRYPTO: ETH) | -0.13% | $3,604 |
Dogecoin (CRYPTO: DOGE) | +2.91% | $0.18 |
What Happened: Bitcoin is currently priced at $70,328. If it reaches $71,000, CoinGlass data shows that $156.18 million in short positions will be liquidated. Furthermore, a climb to $75,000 will result in the liquidation of $3.85 billion in short positions.
In the last 24 hours, a total of 70,225 traders were liquidated, resulting in a total of $179.83 million in liquidations. The largest single liquidation order occurred on OKX – BTC-USDT-SWAP, with a value of $1.56 million.
Top Gainer (24 Hour)
Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
Dogwifhat (CRYPTO: WIF) | +20.40 | $3.28 |
Sui (CRYPTO: SUI) | +12.80% | $1.97 |
Shiba Inu (CRYPTO: SHIB) | +8.59% | $0.00003149 |
The global cryptocurrency market cap now stands at $2.66 trillion, showing a 0.16% increase in the past 24 hours.
The S&P 500 dropped for the third consecutive day on Tuesday, decreasing by 0.28% to conclude at 5,203.58. Similarly, the Nasdaq Composite experienced a 0.42% decline, ending at 16,315.70. The Dow Jones Industrial Average also dipped by 31.31 points, or 0.08%, settling at 39,282.33.
On Tuesday, economic data produced mixed results, with durable goods orders surpassing expectations, while consumer confidence showed a decline.
Investors are anticipating the upcoming personal consumption expenditures report on Friday, along with statements from Federal Reserve Chairman Jerome Powell. Median forecasts suggest a 2.8% increase in core PCE, the Fed's preferred inflation measure.
Notably, markets will be closed for Good Friday, preventing investors from acting on the news that day.
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe reports that Bitcoin has been performing well, currently approaching the first resistance. "Expecting consolidation to continue, one more test of ATH pre-halving and then we're finalizing this run for Bitcoin. Altcoins to do well!"
#Bitcoin has been running up nicely and is currently at the first resistance.
Expecting consolidation to continue, one more test of ATH pre-halving and then we're finalizing this run for #Bitcoin.#Altcoins to do well! pic.twitter.com/6MaTrbOCul— Michaël van de Poppe (@CryptoMichNL) March 26, 2024
Pseudonymous analyst Dave the Wave said Bitcoin's price trajectory from 2020 suggests that the cryptocurrency could reach $160,000 before May and keep rising.
A #BTC 160K target, should we see a continued parabolic run, is actually quite conservative on this comparison. pic.twitter.com/YWpgbDwvyh
— dave the wave (@davthewave) March 25, 2024
"A BTC $160,000 target, should we see a continued parabolic run, is actually quite conservative on this comparison."
According to on-chain analyst Ali Martinez, it seems like Bitcoin is breaking out of an ascending triangle on the lower time frames. "...which could see $BTC rise toward $71,800 as long as the $70,400 support holds."
It appears that #Bitcoin is breaking out of an ascending triangle on the lower time frames, which could see $BTC rise toward $71,800 as long as the $70,400 support holds. pic.twitter.com/CQUyrc9vkv
— Ali (@ali_charts) March 26, 2024
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