Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies rose on Sunday evening with Bitcoin encountering selling pressure following its recent all-time highs.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.16% | $67,724 |
| Ethereum (CRYPTO: ETH) | +0.91% | $3,598 |
| Dogecoin (CRYPTO: DOGE) | +3.54% | $0.15 |
What Happened: Following a record-breaking week, Bitcoin encountered a notable increase in selling pressure, marked by a succession of declining lows and unsuccessful recovery attempts.
Throughout the weekend, selling persisted, however, the market optimism seems to recover back as BTC nears $68,000.
In the last 24 hours, CoinGlass data revealed that over 105,344 traders faced liquidation, resulting in a total of $289.28 million in liquidations. The most substantial liquidation occurred on OKX-ETH-USDT-SWAP, with a value of $7.11 million.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Dogwifhat (CRYPTO: WIF) | +32.34% | $3.08 |
| NEAR (CRYPTO: NEAR) | +20.85% | $8.46 |
| Render (CRYPTO: RNDR) | +15.70% | $13.02 |
The global cryptocurrency market cap now stands at $2.60 trillion, showing a 5.85% decrease in the past 24 hours.
Stock futures were little changed on Sunday as Wall Street anticipated insights on monetary policy from the Federal Reserve in the upcoming week.
S&P 500 futures saw a slight uptick of 0.1%. Meanwhile, Dow Jones Industrial Average futures remained near the flatline, and Nasdaq-100 futures experienced a 0.2% increase.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe believes that Bitcoin has likely reached its peak value before the halving.
"Perhaps, liquidity around the highs will be taken, but I think we’ll rotate towards altcoins in the coming period. Ultimately, Bitcoin
I think #Bitcoin has captured most of the upside pre-halving.Perhaps, liquidity around the highs will be taken, but I think we'll rotate towards altcoins in the coming period.
Ultimately, Bitcoin
— Michaël van de Poppe (@CryptoMichNL) March 17, 2024
Pseudonymous analyst Skew, identified specific price ranges between $60,000 and $64,000.
"Majority of the selling has been driven by takers (market selling). Constant spot selling since $74K especially from coinbase & binance."
Crypto Tony predicts a key benchmark of $69,000 as the critical level for bullish momentum for BTC. "Short term may be a pullback and consolidation if we remain below that level for the next few weeks."
$BTC / $USD – Update$69,000 is the bulls level to reclaim for continuation up. Short term may be a pullback and consolidation if we remain below that level for the next few weeks
I remain in my long due to the $43,500 entry i had and shared pic.twitter.com/0cyry8mmRC
— Crypto Tony (@CryptoTony__) March 17, 2024
On-chain analyst Ali Martinez suggested that market makers might be aiming to capitalize on a substantial liquidity pool within the $50,000 to $49,000 range before a potential surge in Bitcoin’s value. "Still, we can’t underestimate the buying pressure from $BTC ETFs we have seen lately."
Market makers may try to grab a huge liquidity pool between $50,000 and $49,000 before we see higher highs for #Bitcoin.Still, we can't underestimate the buying pressure from $BTC ETFs we have seen lately.
For this reason, I'll continue to hold my spot positions, but I will… pic.twitter.com/uPJWCyZB1H
— Ali (@ali_charts) March 17, 2024
Austin Arnold, a crypto market analyst and the founder of “Altcoin Daily,” discussed the potential post-halving projections for bitcoin.
Arnold predicted that Bitcoin could potentially double in value within 12 months, reaching a range between $100,000 to $150,000, guided by the fundamental principle of supply and demand.
Photo by Igor Faun on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.