Bitcoin, Ethereum and other major cryptocurrency cryptocurrencies have consolidated around key levels over the past 24 hours. Their performance around these levels will likely determine the future direction.
Bitcoin Flirting with $24,000
BTC’s price is unchanged from 24 hours ago. The cryptocurrency is still flat at $24K, which is an important barrier. This could open the door to further gains if it breaks above it.
Despite relative calm, there were almost $200 million worth liquidated long and/or short positions on the market. ETH was the leader with $77 million, followed closely by BTC at $27 million.
This chart shows the trading range Bitcoin has traded within over the past week and the importance the $24K level.
Polkadot Soars 8 %, Altcoins Largely Flat
Altcoins have been trading flat for the past 24 hours. This is similar to Bitcoin. Ethereum is trading at the same price it was yesterday. The same can be said about many majors, as shown in the image below.
Source: Quantify Crypto
However, Polkadot’s DOT is the exception to the rule. According to CoinGecko, the cryptocurrency rose by an impressive 8% over the past day. It also landed itself in the top 10 for total market capitalization.
Market sentiment is also improving. The most widely used metric for gauging sentiment is the crypto fear and greed index. It currently stands at 42 points. This is indicative of fear, but not as severe as it was just a few weeks ago, when it stood at around 10.
Marla Brooks – Financial Analysis
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