Bitcoin, Ethereum, Dogecoin Surge As 162M Shorts Wiped Out In A Day: Analyst Says King Crypto May Slide Back To $38K Before Continuing Upward Trajectory
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) surged, with BTC reaching $43,858, ETH at $2,293, and DOGE at $0.095. The rally was attributed to declining interest rates and anticipation of a U.S. Bitcoin ETF. A significant number of short positions were liquidated, totaling $162 million for BTC shorts. Analysts predict potential retracements for BTC before a continued upward trend, with targets of $38,000 and $48,000 based on technical analysis. The global crypto market cap increased by 3.56% to $1.60 trillion.
December 06, 2023 | 2:40 am
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Bitcoin surged to $43,858 with a 4.92% increase. Analysts suggest a potential retracement to $38,000 before continuing its upward trajectory. $92 million worth of BTC shorts were liquidated.
The surge in Bitcoin's price and the liquidation of a large number of short positions indicate strong market momentum, which could lead to further short-term gains. However, analysts' predictions of a potential retracement could introduce volatility.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Dogecoin surged by 5.95% to $0.095. The overall positive sentiment in the cryptocurrency market is likely to impact DOGE as well.
Dogecoin's price increase is part of the broader cryptocurrency market rally. While no specific targets or predictions were mentioned for DOGE, the positive market sentiment is expected to have a favorable impact on its price in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum experienced a 2.94% increase to $2,293. Analysts predict a breakout above $2,150 and a potential target of $3,100 in the coming months.
Ethereum's price increase and the analyst's prediction of a breakout above $2,150 suggest a bullish outlook. The potential target of $3,100 indicates significant upside potential in the short term.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100