At the weekend, cryptocurrency markets were liquidated, adding another $ 10 billion, so that the total capitalization reached $ 290 billion. More than half of this amount was liquidated on Monday morning in early trading in Asia, which led to a decrease in market capitalization to the level that was last week.
BITCOIN REJECTS $10K TWICE
With a low of $ 9,600 over the weekend, BTC has made big strides to return to the five-digit numbers in Sunday's trading. There were two cartridges of $ 10,000 at fifteen hour intervals, but both were severely rejected, indicating increased resistance at this level.
BTC price 1 hour chart – Tradingview.com
Just a few hours ago, Bitcoin fell again to $ 9,600, as assets fell by 4% in a few hours. Dumping coincided with the opening of CME markets, indicating that futures contracts could again be held liable.
CME gap filled. pic.twitter.com/ovLaXYWypm
— Hsaka (@HsakaTrades) February 24, 2020
According to Datamish charts over $26 million in long positions were liquidated on BitMEX. Crypto trader ‘Cantering Clark’ called the move a few hours before it initiated;
“After rejection again there are 2 small bounces that fail at the equal highs within the range. After second failure buyers are toast, done stepping in at the low.”
Cooperative trader and analyst Josh Rager rated support levels for other shortcomings. Echoes received daily and weekly support, and the weekly chart has not yet confirmed the trend reversal.
“Holding above the $9550s is a good sign on higher time frames and breaking below the $9300s will still flip bear bias,”
Price dropped & bounced near the weekly/daily support around $9580
Holding above the $9550s is a good sign on higher time frames and breaking below the $9300s will still flip bear bias
Lower time frames in down channel but weekly chart still not confirmed trend reversal pic.twitter.com/vCZzAajReD
— Josh Rager (@Josh_Rager) February 24, 2020
The current level should remain in place to continue the bull trend, but the more $ 10,000 is denied, the more likely it is that bitcoin will fall further. A break of less than $ 9,300 would confirm that the rally ended in the short term.
ELSEWHERE ON CRYPTO MARKETS
Bitcoin dominance has dropped to 64% according to Tradingview.com so this latest dip does not appear to have affected the altcoins.
Ethereum is trading slightly below resistance at $ 270, though its chart almost reflects bitcoin. XRP Ripple continues to weaken and is now back at $ 0.275. The remaining ten have hardly changed, with the exception of Tezos, which is shrinking as traders make a profit in recent times.
If analysts are right, it looks like there may be more lows throughout the rally before the rally resumes.