Bitcoin, Ethereum, Dogecoin Mix Amid Profit-Taking Frenzy: King Crypto Prime Sees Parabolic Rally, Mirroring Amazon’s 2010 Recovery, Analyst Says

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Major cryptocurrencies showed mixed performance on Sunday evening, as Bitcoin, the world’s largest cryptocurrency, appeared to be undergoing a correction, while some altcoins saw significant gains.

Cryptocurrency Gains +/- Price (Recorded at 9:30pm EST)
Bitcoin (Crypto: BTC) -4.37% $41,846
Ethereum (Crypto: ETH) +5.17% $2,351
Dogecoin (Crypto: DOGE) -3.88% $0.095

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What happened: Bitcoin The rally saw a pause on Sunday as it briefly fell to $41,800. This slight decline suggests that traders may have chosen to lock in some profits after seeing the cryptocurrency surge from $38,000 just one week ago.

ETH saw a significant rise of 5% to reach its highest price point since May 2022.

Information from Queen Glass It shows that in the past 24 hours, the cryptocurrency market saw a total liquidation value of $374.41 million and 109,015 traders were affected. The largest single liquidation order occurred on OKX, which involved BTC-USDT-SWAP worth $8.23 million.

Highest gainer (24 hours)

Cryptocurrency Gains +/- Price (Recorded at 9:30pm EST)
Helium +14.06% $5.06
BitTorrent +11.99% $0.00000124
Injection +8.06% $20.63

The global cryptocurrency market cap has reached $1.6 trillion, representing a 1.34% increase over the past 24 hours.

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US stock futures showed a slight increase on Sunday night as investors eagerly awaited the final Federal Reserve 2023 meeting.

Dow Jones Industrial Average futures rose 22 points, equivalent to a 0.06% increase, while S&P and Nasdaq 100 futures saw smaller gains of less than 0.1%. The S&P 500 and Nasdaq Composite closed Friday with a remarkable six-week winning streak, posting gains of 0.2% and 0.7%, respectively. In contrast, the Dow Jones remained relatively flat throughout the week.

During the Fed’s upcoming policy meeting on Wednesday, Pres Jerome Powell The key federal funds rate is expected to remain unchanged within a range of 5.25% to 5.5%, a level it has maintained since July. Market expectations, as indicated by CME Group’s FedWatch tool, currently indicate a 45% probability of a 0.25 percentage point rate cut by the Fed in March.

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Analyst notes: Cryptocurrency analyst Michael van de Poppe It indicates that Altcoin’s market capitalization recently crossed an 18-month sideways range. Looking ahead, “possible next-to-top areas will be between $1.1 and $1.3 trillion.”

Eli TarantoExecutive Director at EQI Bank, In a note seen by Benzinga, he said: “As the US published a stronger than expected employment report, Bitcoin rose over the weekend but there are still risks that it will see lower territory in the coming weeks, seeing around $40,000 in the period.” Holiday.”

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He added: “The pressure on Bitcoin will continue to mount as retail investors may choose to take profits for the holiday period. While the Santa Rally may offset this, all eyes are now on the upcoming ETFs, with the price of Bitcoin already taking into account the key factors in United States. Economic Indicators.”

A pseudonymous cryptocurrency analyst suggests that Bitcoin may be following a pattern similar to that of Amazon (AMZN) stock for more than a decade. The analyst known as TechDevshared a chart on X comparing BTC’s price movements over the past three years with AMZN in 2010 and 2011.

“This is when AMZN retested its previous all-time high with an extended flat correction. Just as BTC did. Then here is a breakdown of the structural similarities of both levels. The green line is where BTC has moved since the chart.”

TechDev notes that both charts display double tops in the respective assets, followed by significant corrections to previous all-time highs. Both also face sudden parabolic moves to all-time highs with minimal to no declines in between, the analyst notes.

“A quick move to new highs from here wouldn’t be unusual for previous extended ATH flat retests, if you can get past the herd narrative in terms of halvings. Not a guarantee. A $32,000 retest scenario is still on the table. But If we’re only going to new highs from here, I wouldn’t be surprised. “When structural isotopes work, it is because collective human speculative behavior does not change, regardless of the asset.”

Image by CMP_NZ on Shutterstock

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