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Analyst Explores Possibilities of Bitcoin Jump to $68,000 — TradingView News
Major cryptocurrencies fell slightly on Tuesday following higher-than-expected wholesale inflation data for last month.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin | -2.10% | $61,719.45 |
| Ethereum | -2.11% | $2,890.58 |
| Dogecoin | -1.67% | $0.1467 |
What happened: The largest cryptocurrency in the world, Bitcoin fell below $62,000, failing to maintain its gains from the previous trading day.
The market decline triggered $144 million in liquidations over the past 24 hours, with long liquidations reaching $114 million. Bitcoin leads the pack with $39.5 million in liquidations.
The price decline influenced derivatives market sentiment as traders taking short positions on Bitcoin increased sharply compared to those looking to increase prices over the past 24 hours.
Negative sentiment spread as the U.S. Bureau of Labor Statistics reported a 0.5% increase in wholesale prices in April, above analyst estimates, lowering expectations for a cut in interest rates by the Federal Reserve.
Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Ethena (ENA) | +4.10% | $0.8947 |
| Lido DAO (YES) | +3.11% | $1.97 |
| UNUS SED LEO (LEO) | +2.61% | $5.93 |
The global cryptocurrency market capitalization stands at $2.24 trillion, down 2.12% over the past 24 hours.
On the other hand, the stock market jumped that day. THE Dow Jones Industrial Average added 126.60 points, or 0.32%, to close at 39,558.11. THE S&P500 gained 0.48% to end the session at 5,246.68 points. The heavy on technology Nasdaq Composite closed at a record high of 16,511.18, after rising 0.75%.
Investors chose not to overreact to higher-than-expected wholesale inflation data ahead of more meaningful Consumer Price Index data, scheduled for release on Wednesday.
See more : Best Cryptocurrency Scanners
Analyst Notes: According to on-chain analytics firm Santiment, bearish sentiment for large-cap cryptocurrencies was on the rise, as they failed to recover strongly. The company also blamed Coinbase’s Recent Downtime to fuel the FUD.
However, Santiment added that the growing negativity could play a significant role in accelerating the market’s recovery.
Prominent technical analyst Kevin spotted a downtrend for Bitcoin, noting: “BTC is currently squeezed between a ton of support and resistance and it’s going to break out one way or the other within a few days.”
The researcher pointed out that an upward breakout of this zone could propel the coin to $68,400, a breakout that could lead to price discovery. On the contrary, a downward breakout could see Bitcoin fall to between $50,000 and $52,000.
Update on #BTC daily chart. BTC is currently squeezed between a ton of support and resistance and it’s going to break out one way or another within a few days. Even though it’s not well defined, I guess you can say we’re in this falling wedge or bull flag type pattern. 100 EMA is below with… pic.twitter.com/ZM4csGBnBX
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