After experiencing a severe downside for most of the week, Bitcoin (BTC) and Ethereum (ETH) prices recovered in the last 24 hours. At press time, BTC, which had initially slipped below $58,000, was trading at $63,151. For ETH, it was able to gain 4.26% and rise to $3,116. Previously, the broader market had expected the […]
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- BTC and ETH prices increased, leading to liquidations worth over $100 million.
- The closeness of the 20 and 50 EMAs suggested that BTC might trade sideways.
- ETH lacked money flow, indicating a possible decline below $3,000.
After experiencing a severe downside for most of the week, Bitcoin (BTC) and Ethereum (ETH) prices recovered in the last 24 hours. At press time, BTC, which had initially slipped below $58,000, was trading at $63,151.
For ETH, it was able to gain 4.26% and rise to $3,116. Previously, the broader market had expected the decline to continue. However, since the cryptocurrencies caught traders off guard, many positions in the derivatives end of the market were liquidated.
According to data from Coinglass, Bitcoin positions worth $60.12 million were wiped out of the market in the last 24 hours. On the other hand, ETH positions wiped out were valued at $40.77 million. Notably, most of the liquidations were shorts who expected the prices to keep falling.
Crypto Liquidations (Source: Coinglass)
But how will prices fare in the coming days? Coin Edition looks at the short-term forecast of BTC and ETH in this article.
Bitcoin (BTC)
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