The past 24 hours saw Bitcoin, Ethereum, and other major cryptocurrencies consolidate around important levels, and their performance around them is likely to determine the direction going forward.
Bitcoin flirts with $24,000
The price of BTC is the same as 24 hours ago, as the cryptocurrency remains stable at the $24,000 level, which is a significant hurdle. Should a break above occur, it could pave the way for further gains.
Despite the relative calmness, the market saw almost $200 million worth of liquidated long and short positions, but the leader in this department was ETH with $77 million, followed by BTC with $27 million.
The chart perfectly visualizes the range that Bitcoin has been trading in over the past few weeks and the importance of the $24,000 level.
Polkadot Soars 8%, Altcoins Largely Flat
The majority of the altcoins are trading flat over the past 24 hours, much like Bitcoin. Ethereum is at the same price as it was yesterday, and the same can be said for many majors – as seen in the image below.
That said, Polkadot’s DOT is the most obvious outlier and exception to the above. The cryptocurrency has climbed 8% in the past day and earned a spot in the top 10 by total market capitalization, according to CoinGecko.
The general market sentiment is also steadily improving. The crypto fear and greed index – the most commonly used metric to gauge the sentiment – currently sits at 42 points which is indicative of fear but not as bad as it was a couple of weeks ago when it clocked in around 10.
