Bitcoin (BTC) has pumped around 5% in the past 24 hours, while Ethereum (ETH) has pumped around 10%. This resulted in the liquidation of shorts worth $800m.
The overall crypto market cap grew by almost 5%. According to data from Coingglass, this resulted in a small squeeze of over $800 million. Pump liquidated over 100,000 traders in 24 hours. The largest single liquidation order was placed on the Okex exchange in ETH-USDT-SWAP worth $3.05m.
total crypto market cap
On the 4-hour time frame, the crypto total market cap formed an inversion head and shoulders. It broke the neckline at 901.6bn and reached 944bn. The one trillion dollar mark would be a huge psychological resistance.
bitcoin price action
BTC showed price action similar to the crypto total market cap chart. On the 4-hour time frame, it broke out with an inversion head and shoulders. The volume during the breakout was more than three times the average of the last 50 candles. This may indicate that whales were purchased in significant quantities.
On the daily time frame, BTC is trading well above the 50-day simple moving average (SMA) after around 45 days. The price is consolidating from $18,500 to $20,300 for over a month. However, as seen in the chart below, BTC is forming a potential double bottom. A breakout above the $20,300 area with volume support would be considered bullish.
A daily close above $21,000 is needed to sustain the pump as it is an area of solid resistance. The price rally could be slow with resistance coming from the 100-day SMA and 20-week SMA in the area. A daily candle close above these SMAs could push the price higher into the 23,000+ area.
btc community believe thatFinally, there is enough volume to push the price in one direction after weeks of super-low volatility.
ETH Price Action
On the 1-hour time frame, ETH was forming a Volatility Contraction Pattern (VCP) before exiting the neckline at 1351. The volume declined significantly before the breakout, which strengthened the base. Following the breakout, ETH pumped up over 10% within hours.
On a daily time frame, ETH was consolidating between 1265 and 1382 for over a month. It closed above this range with volume more than double the previous 50-day average.
However, ETH price seems to be rejecting the 100-day SMA. A close above the 100-day SMA is necessary to sustain the rally. crypto trader will suggest Refrain from buying FOMO.
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