The price of BTC is rapidly approaching $24,000 as the leading digital asset encounters significant resistance and a bevy of sellers waiting in the wings.
Crypto traders are ecstatic to see green on the market on July 19 as the market flashed its first significant relief rally in at least a month, signaling the end of months of “down only” price action.
Bitcoin’s weekend climb continued, reaching the $23,804 market on Bitstamp according to TradingView, a price level not seen in over a month.
The market has seen significant rises in the last week for Ether as well as a number of other major assets like Solana, MATIC, and Cardano. The total market capitalization of cryptocurrencies is currently at $1.062 trillion as the market tries to break out of the downtrend it has been in for the entire year.
Due to traders’ failure to profit from their wagers against the trend and that the price of Bitcoin and other cryptocurrencies will decrease over the course of the next 24 hours, the market surge has resulted in a sizable amount of liquidation. Short order liquidations account for 52.32% of all liquidations, according to data from Coinglass.
In the past 24 hours, 107,583 traders from across the cryptosphere liquidated their long orders, bringing the total amount liquidated to close to $600 million.
Today’s Wall Street open witnessed more gains for American stocks despite a weakening dollar that had extended its retracement after reaching its most recent two-decade top. The U.S. dollar index (DXY) was at roughly 106.4, down 2.6% from its peak on July 14 at the time of writing.
While many have assumed that the $24,000 resistance will be broken and that prices will rise to the mid-$30,000 range, some analysts warn that this could just be another fakeout pump.
They caution that in order to confirm the strength of the current breakout, a lower support retest is required. As a result, they advise traders to wait and see as markets oscillate between buy and sell levels.