Cryptocurrency market remains mixed as larger macroeconomic concerns weigh on investor sentiment. Bitcoin, Ethereum, and Dogecoin experience varying degrees of gains and losses. Bitcoin records a 17.5% correction in the past 12 days, leading to a significant liquidation in long futures contracts. On a broader economic scale, the U.S. dollar gains traction against other currencies, indicating investor confidence. The probability of an interest rate reduction in March decreases, suggesting a more conservative approach from the Federal Reserve.
In terms of top gainers in the cryptocurrency market, Manta Network, Helium, and Pendle show significant gains in the past 24 hours. The global cryptocurrency market cap sees a slight increase of 0.48%.
In the traditional stock market, the S&P 500 and Nasdaq Composite conclude on a positive note, while the Dow Jones exhibits weaker performance. Traders focus on upcoming earnings reports from Tesla, Las Vegas Sands, and IBM.
Notable cryptocurrency analysts provide insights on Bitcoin’s future. Michael Van de Poppe suggests a critical support level at the $36-38K range, emphasizing the importance of buying the dip. Benjamin Cowen signals a potential downtrend based on the deviation from the 20-week simple moving average, indicating a bearish outlook. On the other hand, Ali Martinez reports an increase in Bitcoin whales, indicating continued interest from major players.
Overall, the cryptocurrency market remains volatile, influenced by both internal factors within the crypto space and broader economic trends. Investors should closely monitor market developments and seek expert advice before making any investment decisions.
