By NewsBlogger The cryptocurrency market, including Bitcoin, has seen significant price fluctuations and volatility, with technical analysts suggesting a potential cycle top for Bitcoin and altcoins experiencing sharp price movements.
At a glance
- CryptoCon predicts potential Bitcoin cycle top in April to June 2024
- Record net inflows for spot Bitcoin ETFs at $1.05 billion
- Bitcoin hits a new all-time high above $73,000 before a significant drop
- Swissblock analysts suggest a potential 20% correction for Bitcoin
- The total crypto market cap is down to $2.650 trillion with extreme volatility
The details
Bitcoin and the cryptocurrency market have been experiencing significant fluctuations and volatility, as indicated by various technical analysts and market data.
Here is a detailed and comprehensive brief on the recent developments in the crypto space:
CryptoCon, a technical analyst, has suggested a potential Bitcoin cycle top based on indicators like the Directional Movement Index (DMI). The cycle top could occur in two weeks to three months, possibly around April to June 2024. Previous DMI signals indicate that the final top has been reached twice in ten months, making December 2024 a more likely timeframe for Bitcoin’s cycle top.
A new record of net inflows for spot Bitcoin ETFs was reported, reaching $1.05 billion, up 56% from $673 million on Feb. 28th.
This influx of funds indicates continued interest and investment in Bitcoin.
Bitcoin’s price recently hit a new all-time high above $73,000 but then dropped significantly, leading to liquidations.
Altcoins like Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) also experienced price surges and retracements.
Swissblock analysts suggest that Bitcoin is entering a cooling period after a rapid rise, with a chart showing a negative bearish divergence and a potential 20% correction to around $58,000 – $59,000. The Relative Strength Index (RSI) indicates waning momentum for Bitcoin, suggesting a price pullback, although the cycle top is believed not to have been reached yet.
Bitcoin’s price retraced to a weekly low of $67,000 after days of gains and new all-time highs.
Almost 200,000 traders were liquidated in the past 24 hours as altcoins turned red.
Ethereum surpassed $4,000, Solana reached $180, and Binance Coin went past $600 before experiencing sharp retracements.
Bitcoin reached a new all-time high of almost $74,000 before experiencing a significant drop.
Altcoins such as XRP, Cardano (ADA), Avalanche (AVAX), Dogecoin, and Shiba Inu also saw double-digit price decreases.
The total crypto market cap has lost over $250 billion in a day and is down to $2.650 trillion.
Overall, the cryptocurrency market has been characterized by extreme price volatility, with Bitcoin and altcoins experiencing significant price fluctuations and liquidations.
Investors and traders are advised to exercise caution and closely monitor the market trends to make informed decisions.
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Sources
Facts attribution
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| cryptopotato.com |
|---|
| – CryptoCon, a technical analyst, suggests a potential Bitcoin cycle top based on indicators like the Directional Movement Index (DMI) – The cycle top could occur in two weeks to three months, possibly around April to June 2024 – Previous DMI signals indicate that the final top has been reached twice in ten months, making December 2024 a more likely timeframe for Bitcoin’s cycle top – A new record of net inflows for spot Bitcoin ETFs was reported, reaching $1.05 billion, up 56% from $673 million on Feb. 28th – Bitcoin’s price hit a new all-time high above $73,000 but then dropped significantly, leading to liquidations – Swissblock analysts suggest that Bitcoin is entering a cooling period after a rapid rise, with a chart showing a negative bearish divergence and a potential 20% correction to ~58-59K – The RSI indicates waning momentum for Bitcoin, suggesting a price pullback, but the analyst believes that the cycle top is not yet reached |
| cryptopotato.com |
|---|
| – Bitcoin’s price retraced to a weekly low of $67,000 after days of gains and new ATHs – Almost 200,000 traders were liquidated in the past 24 hours as altcoins turned red – BTC recently rose from $61,000 to over $73,000 in ten days, reaching nearly $74,000 – Ethereum surpassed $4,000, SOL reached $180, and BNB went past $600 – Sharp retracements often follow such rallies as investors cash out – BTC dropped to $67,000 after hitting $74,000 – Altcoins like ETH and BNB fell by 7% to under $3,700 and $575, respectively – Dogecoin and Shiba Inu saw the most substantial losses at -12% and -11% – More than 190,000 traders were liquidated, totaling nearly $700 million – The largest liquidation took place on OKX, worth over $13 million |
| cryptopotato.com |
|---|
| – Bitcoin reached a new all-time high of almost $74,000 before experiencing a significant drop – Altcoins such as XRP, ADA, AVAX, DOGE, and SHIB also saw double-digit price decreases – Bitcoin’s price trajectory has been positive, breaking above $50,000 and reaching an all-time high of $73,900 – Bitcoin’s market cap decreased by over $100 billion in a day to just over $1.3 trillion – Ethereum failed to surpass $4,000 and dropped 7.5% to under $3,700 – BNB reached a multi-year peak but is now down to $570 after a daily retracement – Other altcoins like Cardano, Avalanche, Dogecoin, Ripple, Polkadot, Polygon, Toncoin, and Shiba Inu has all seen double-digit declines – The total crypto market cap has lost over $250 billion in a day and is down to $2.650 trillion. |
