Bitcoin briefly hit $105,000 as Ethereum held steady between $2,400-$2,500. Over $333 million was liquidated in the crypto market, with concerns over short positions. Analysts pinpoint key levels for potential price movements. US-China trade deal progress fuelling market optimism.
Bitcoin reached a significant milestone over the weekend, briefly touching $105,000, the highest level since late January. Meanwhile, Ethereum remained stable, trading between the mid-$2,400s and early $2,500s. Over the past 24 hours, Bitcoin’s market dominance represented 62%, while Ethereum’s edged up to just over 9%. Interestingly, the cryptocurrency market saw more than $333 million in liquidations during this period, with bullish leveraged positions accounting for around $216 million of that total.
In the backdrop of this price movement, nearly $720 million in Bitcoin short positions are at risk of liquidation if the cryptocurrency pushes past its all-time high of $109,000. Bitcoin’s Open Interest rose by 1.81% in the last day, although there was a notable disposition of short positions among Binance traders, with over 60% positioned this way. Despite the bullish sentiment, the Crypto Fear and Greed Index labelled the market as “Greedy,” suggesting a potential increase in buying pressure.
Regarding the broader market context, the global cryptocurrency market capitalization stands at approximately $3.34 trillion. The overall market experienced a modest 0.60% dip in the past day, yet stock futures surged during the same timeframe. The Dow Jones Industrial Average Futures saw a notable rise of 436 points (1.06%) as of 8:36 p.m. EDT. Futures for both the S&P 500 and Nasdaq 100 also registered increases of 1.34% and 1.76%, respectively.
This market rally follows remarks from President Donald Trump, who indicated “great progress” during recent trade talks in Geneva between the U.S. and China. This announcement came with expectations of a “total reset” in trade relations. Furthermore, the White House confirmed this progress via an update on social media platform, X.
As we head into this week, investors are keeping a close eye on the upcoming consumer price index reading for April. This will provide insights into how ongoing trade tensions could be affecting both the economy and inflation rates. Last Wednesday, stock indices also saw gains; the Dow rose by 254.48 points (0.62%), closing at 41,368.45. Likewise, the S&P 500 and Nasdaq Composite ended up at 5,663.94 and 17,928.14, gaining 0.58% and 1.07%, respectively.
On the analysis front, cryptocurrency analyst Rekt Capital flagged $104,500 as a crucial level for Bitcoin, suggesting that a weekly close above this threshold could trigger a “price discovery uptrend.” In addition, trader Roman observed Ethereum’s weekly growth as indicative of a “solid recovery.” He mentioned he would consider re-entering altcoin positions if further momentum towards growth emerges. Overall, traders and analysts alike are watching the market closely, with significant developments in both the crypto and stock worlds likely affecting investment decisions moving forward.
