Overall cryptocurrency market capitalization rose nearly 5%. This resulted in a short squeeze worth over $800 million, according to data from. coin glassThe pump liquidated over 100,000 traders in 24 hours. The largest single liquidation order, worth $3.05 million, occurred on his Okex exchange for ETH-USDT-SWAP.
Overall Crypto Market Cap
Over the 4-hour timeframe, the crypto’s total market capitalization formed an inverse head and shoulders, breaching the neckline at 901.6 billion and surged to 944 billion. The $1 trillion mark will be of great psychological resistance.
Bitcoin price movement
BTC exhibited similar price action to the cryptocurrency market cap chart. On the four-hour timeframe, it came out of the reverse head and shoulders, with volume during the breakout more than three times his average over the last 50 candles. This may indicate that the whale bought in bulk.
On the daily timeframe, BTC is trading well above the 50-day Simple Moving Average (SMA) after almost 45 days. The price has increased from $18,500 to $20,300 for over a month. However, BTC is forming a potential double bottom as seen in the chart below. It is considered bullish when volume supports above the $20,300 zone.
This is a solid resistance area, so a daily close above $21,000 is needed to keep the pump going. With the 100-day SMA and 20-week SMA in this area, price gains are likely to slow. The daily candle close above these SMAs could push the price to the 23,000+ area.
ETH price action
On the 1-hour timeframe, ETH was forming a volatility contraction pattern (VCP) before breaking the neckline at 1351. After the breakout, ETH rose by over 10% within hours.
On the daily timeframe, ETH has been consolidating between 1265 and 1382 for over a month. It topped this range with more than double the volume of the last 50-day average.
However, the ETH price seems to be rejected from the 100-day SMA. A closing price above the 100-day SMA is essential to sustain the uptrend.crypto traders are suggestion Avoiding FOMO purchases.
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