Major cryptocurrencies saw a sharp increase on Monday night, quickly recovering from a brief decline following the January 11 introduction of spot ETFs. Since it started in January 2023, the cryptocurrency bull market has progressed into the FOMO stage.
In the past day, $55 million worth of BTC shorts and $28 million worth of ETH shorts were liquidated, according to data. $198.41 million was liquidated during this time due to the liquidation of 59,725 dealers in total. On Bitmex, for LINK-USD, the biggest single liquidation order was placed, totaling $3.14 million.
The market capitalization of all cryptocurrencies combined is currently $1.80 trillion, down 0.80% over the last day.
Ahead of the impending inflation and profit data, the Dow Jones Industrial Average soared to a record high on Monday. The 30-stock index closed at 38,797.38 after rising 125.69 points, or 0.33%. In the meantime, the Nasdaq Composite fell 0.3% to close at 15,942.55, and the S&P 500 had a minor decrease of 0.09% to end at 5,021.84.
On Tuesday morning, traders will be closely watching the release of the consumer price index (CPI), which is a crucial indicator of inflation. Later in the week, economic data is also expected, such as the producer pricing index (PPI), retail sales, production, import and export figures, housing starts, and import and export data for January.
The spike on Monday drove up the price of cryptocurrencies, with significant gains being made by key firms like Coinbase and MicroStrategy. MicroStrategy had an almost 10% gain, while Coinbase witnessed an increase of more than 3%. Notably, mining stocks were up, with Iris Energy jumping by 15% and CleanSpark up about 14%. Furthermore, Marathon Digital had an increase of more than 13%.
Analyst Remarks: Michael Van de Poppe, a cryptocurrency analyst, observes that Bitcoin is showing strength near the $48,000–50,000 barrier level.
More robust and resilient than he had personally thought. Is that a terrible thing? No, that’s encouraging. Increased institutional inflow indicates stronger market conditions. He believes there’s a good likelihood of seeing $53,000–$57,500 pre-halving.
An anonymous cryptocurrency expert named Daan Crypto Trades has provided analysis of the Bitcoin liquidation heatmap, highlighting $47.5K and $50.4K as critical monitoring levels.
Decent clusters there, nothing too remarkable just yet. As the price ranges in this area get longer, these clusters will get longer.
Bitcoin broke above the neckline of a Head and Shoulders Bottom pattern that lasted more than two years, according to Gert van Lagen. $150,000 is the stated target price.
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