Leading cryptocurrencies traded in the red on Sunday as risk aversion intensified ahead of the holidays.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.03% | $94,810.09 |
| Ethereum (CRYPTO: ETH) | -1.76% | $3,283.41 |
| Dogecoin (CRYPTO: DOGE) | -1.07% | $0.3124 |
What Happened: Bitcoin went downhill after being faced with strong resistance from the bears at $97,000. The apex cryptocurrency was down nearly 11% over the week and 2.15% since December began.
Ethereum's move above $3,600 was short-lived as the second-largest cryptocurrency reversed course, falling to an intraday low of $3,220.
Both the blue-chip cryptocurrencies witnessed thin trading volume in the last 24 hours.
Over $276 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $204 million.
Around $635 million in short positions risked liquidation if Bitcoin rebounds to $100,000.
Bitcoin's Open Interest dropped 1.46% in the last 24 hours. However, the percentage of trader accounts on Binance placing long positions on the coin surged to 60%.
The market remained engulfed in the "Greed" sentiment, according to the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| BitTorrent [New] (BTT) | +8.26% | $0.000001154 |
| Aave (AAVE) | +7.23% | $320.23 |
| FTX Token (FTT) | +7.12% | $2.99 |
The global cryptocurrency market capitalization stood at $3.27 trillion, following a contraction of 1.53% in the last 24 hours.
Stock futures edged higher Sunday evening. The Dow Jones Industrial Average Futures rose 86 points, or 0.20%, as of 7:45 p.m. EDT. Futures tied to the S&P 500 gained 0.22%, while Nasdaq 100 Futures lifted 0.27%.
Stocks are coming off a slump that saw blue-chip averages record their biggest losing spree in years.
The Dow Jones Industrial Average fell 2.33% last week, witnessing a 10-day losing streak, the worst since 1974. The S&P 500 also lost 2.30% last week, precipitated by the Federal Reserve's hawkish outlook for 2025.
Markets will be shut on Christmas Day..
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Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez flagged a buy signal for Bitcoin based on the reading of the TD Sequential indicator.
For the curious, the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
The TD Sequential presents a buy signal on the #Bitcoin $BTC 4-hour chart, anticipating a price rebound! pic.twitter.com/acDIusZCkW
— Ali (@ali_charts) December 22, 2024
Furthermore, analysis of the Mayer Multiple indicator hinted that the leading cryptocurrency would hit a market top above $168,500.
Mayer Multiple is an oscillator calculated as the ratio between Bitcoin's price, and the 200-day moving average.
#Bitcoin $BTC will hit a market top above $168,500, based on the Mayer Multiple. pic.twitter.com/uvgG4mZHA8
— Ali (@ali_charts) December 22, 2024
Widely-followed cryptocurrency analyst Karan Singh Arora urged his followers not to open new longs, adding that if Bitcoin fails to close above $99,000, it may fall lower.
"We need to regain at least $95800 or else we are going for $91,945 – $90,500 zone," Arora remarked.
$BTC HAS BROKEN THE STRUCTURE DOWNSIDE
— Karan Singh Arora (@thisisksa) December 22, 2024
Dont open new longs right now
I gave this warning yesterday, that if we don't hold Closing above $99000, we will go lower
We need to regain at least 95800 or else we are going for $91945 – $90500 zone #Bitcoin #Crypto pic.twitter.com/Kw9HDovCcF
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