Crypto Buying Selling trend Analysis
Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations.....
Crypto market capitalization dropped 7%, with major tokens like bitcoin, ether, and others falling sharply in the past 24 hours.
The decline was triggered by higher-than-expected inflation data and profit-taking by some traders, with some analysts predicting further losses before a potential rebound.
Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin (BTC) plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline.
Bitcoin slumped from Thursdayâs high of $73,000 to as low as $65,800 early Friday before slightly recovering. Meanwhile, Coindesk 20, a broad-based index of most liquid cryptocurrencies, was down 8.25%.
Ether (ETH), Cardanoâs ADA, BNB Chainâs BNB and XRP showed similar losses, while volatile meme coins dogecoin (DOGE) and shiba inu (SHIB) fell 13%. Solanaâs SOL tokens were the only major token in green, up 1% since Thursday.
âNew historical highs are a trigger for selling,â shared Alex Kuptsikevich, FxPro senior market analyst, in an email to CoinDesk. âSome players are taking profits, which raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction.â
âIn a corrective scenario, the $65.0-65.5K and $60.0-60.5K areas are of particular interest, as they contain important round levels (significant for retail) and the 76.4% and 61.8% Fibonacci retracement lines,â Kuptsikevich added.