Leading cryptocurrencies like Bitcoin witnessed significant sell-offs on Monday, with Bitcoin’s $100,000 barrier remaining elusive. The top cryptocurrency fell to a low of $92,600 before rebounding above $94,000 in overnight trading.
Ethereum, however, made a strong comeback, rallying past $3,500 for the first time in four months. This rally triggered strong inflows into Ether spot exchange-traded funds (ETFs), totaling $283 million. In contrast, Bitcoin ETFs lost over $684 million in value.
The recent price fluctuations led to a significant increase in long positions being liquidated, with over $386 million in losses. Short positions risked liquidation if Bitcoin’s price rebounds to $98,000, indicating traders’ cautious stance towards the top cryptocurrency.
According to Binance’s Long/Shorts Ratio, more bullish bets on Bitcoin have been placed than shorting the asset, suggesting that traders are buying dips. The Cryptocurrency Fear and Greed Index fell from 82 to 79, indicating overall sentiment remained in the “Extreme Greed” region.
The market witnessed gains from other cryptocurrencies like Lido DAO (+17%), Arbitrum (+9.92%), and Optimism (+9.80%). The global cryptocurrency market capitalization stood at $3.25 trillion after a 2.61% contraction in the last 24 hours.
In related news, stocks surged to new highs on Monday, with the Dow Jones Industrial Average rising 440.06 points or 0.99%. President-elect Donald Trump’s decision to pick Scott Bessent as Treasury Secretary also contributed to the rally.
Key analysts are warning of potential price corrections, predicting that a major correction won’t occur until Bitcoin hits $135,000 or even $159,000. Meanwhile, on-chain analytics firm Santiment observed positive discussions for Ethereum on social forums after its steady gains.
Source: https://www.benzinga.com/markets/cryptocurrency/24/11/42179986/bitcoin-dogecoin-reverse-ethereum-gains-as-stocks-touch-new-peaks-top-analyst-anticipates-no-major-correction-for-btc-until-135k