Wednesday, December 6, 2023

Bitcoin Stalls at $27.5K, Bulls Face Liquidations as Altcoins Fall.

The continuous crisis between Hamas and Israel and a substantial sale of ether (ETH) by the Ethereum Foundation had an impact on broader cryptocurrency markets, causing the market to decline by an average of 2% and costing bulls over $100 million in futures holdings.

Compared to other tokens, Bitcoin (BTC) displayed signs of stability, shedding 1% over the previous day while remaining above a crucial support level of $27,500 on Tuesday AM in Asia. In light of the rising price of oil, traders are concentrating on riskier assets like technology companies and bitcoin.

In a message to CoinDesk, analysts at the trading firm FxPro stated that they were waiting for a break of the $28,000 mark for Bitcoin before becoming positive.

Technically, bitcoin is still going upward, but during the weekend, it encountered resistance at its 200-day moving average, according to the analysts. All eyes will be on Bitcoin (BTC) to see if it can break through and stay above the key $28,000 level, which is also the 200-day moving average. If it can, we could see a quick jump to as high as $29,500.

The Ethereum Foundation sold $2.7 million worth of tokens on Monday, alarming traders and causing ether to fall 3%. This had an impact on ETH futures markets, with ETH bulls suffering the largest loss on Monday among all cryptocurrency speculators at almost $30 million.

Additionally, XRP declined 3.7%, ADA dropped 3.4%, and Solana’s SOL coins sank close to 5%. The CoinDesk Market Index (CMI), which measures hundreds of tokens and provides a broad picture of the cryptocurrency markets, dropped 1.9%, signaling overall losses for traders.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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