Bitcoin bulls stampede toward $60,000 but is there enough energy to break above to 200-day moving average?
Bitcoin price fell closer to $56,000, leading traders to question whether the bull market is coming to an end. US job market data could hold the answer.
“Liquidation data from exchanges are bogus and a vast underrepresentation of actual liquidation volumes in the market,” according to K33 Research.
Bitcoin’s weekend rally to $65,000 has evaporated despite confirmation that the US Federal Reserve will cut rates in 2024.
Bitcoin leveraged positions increased over the past week, and a portion of these late longs have been wiped out as BTC price dropped closer to $65,000.
U.S. regulators approved listing spot ETH ETFs but have not yet cleared to trade.
Bitcoin is showing resilience despite the slip, but the corrective period might continue for a while before a return to growth, one observer noted.
Some suggest a waning ETF narrative and economic data from the United States may have sparked the sudden crypto sell-off.
10x Research attributed the large liquidations to some traders anticipating a price correction, while others have fear of missing out (FOMO) that Bitcoin will keep rallying.
Traders were moving capital from SOL to stablecoins suggesting profit taking, one analyst said in an interview.
Zhu is expected to be released from jail this month for good behavior, Bloomberg reported.
The SEC delaying decision about spot BTC ETFs could leave the market without a catalyst until early January, halting the crypto rally's momentum, K33 analysts said this week.