Bitcoin Ethereum, Dogecoin Tumble As Santa Rally Fails To Materialize: Analyst Says 'Consolidation Is Next' For King Crypto
Portfolio Pulse from Mehab Qureshi
Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced declines as the anticipated 'Santa rally' did not occur. Over $200 million in long positions were liquidated, affecting 106,755 traders. Despite the overall crypto market cap decreasing by 0.86%, some cryptocurrencies like Sei, Mina, and Astar saw significant gains. Analysts suggest Bitcoin is entering a consolidation phase with resistance at $47-50K and support at $36-39K. Some expect a minor dip before a potential upward trend. Meanwhile, traditional stock indices like the S&P 500, Nasdaq, and Dow Jones saw modest gains.
December 27, 2023 | 2:57 am
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NEUTRAL IMPACT
Bitcoin (BTC) did not experience the anticipated 'Santa rally' and is now entering a consolidation phase with potential support at $36-39K and resistance at $47-50K.
The lack of a Santa rally and the subsequent consolidation phase suggest a neutral short-term impact as the market determines its direction within the identified support and resistance levels.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin (DOGE) experienced a larger drop than Bitcoin and Ethereum, which may indicate increased selling pressure and a bearish short-term outlook.
The larger percentage drop for Dogecoin compared to Bitcoin and Ethereum suggests that it may be facing stronger selling pressure, potentially leading to further short-term declines.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Ethereum (ETH) also saw a decline and contributed to the significant liquidation of long positions, indicating potential short-term volatility.
The liquidation of long positions and the overall market sentiment could lead to further short-term price declines for Ethereum.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80