Bitcoin, Ethereum, Dogecoin Spike As $65M In Shorts Liquidated In A Single Day: Analyst Believes Major Bull Run Could Catapult King Crypto To New Yearly High

Major cryptocurrencies experienced a significant surge on Sunday evening, propelled by Bitcoin’s impressive performance throughout the week. With prices soaring by approximately 10%, Bitcoin reached the psychologically significant milestone of $30,000. 

What Happened: This week, we witnessed a positive development in the cryptocurrency market as Bitcoin’s strength had a ripple effect on several altcoins, causing them to surge above their respective overhead resistance levels.

According to data from CoinGlass, over $65 million worth of shorts were liquidated in the past 24 hours alone, contributing to a total of $98 million in total liquidations.

According to a report by JPMorgan, the approval timing for spot Bitcoin ETFs is uncertain, but it is expected that they will be approved within the next few months, possibly before January 10, 2024. JPMorgan analysts stated in their report that the exact timing remains unclear, but it is likely to occur within months and most likely before the final deadline of Ark Invest and 21Shares applications on January 10, 2024.

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Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.11 trillion, reflecting an increase of 3.29% in the past 24 hours.

Stock futures are showing a slight uptick on Sunday night as traders anticipate the upcoming release of earnings reports from major tech companies. Futures tied to the Dow Jones Industrial Average have risen 59 points, or 0.18%. 

Similarly, S&P 500 futures and Nasdaq 100 futures have climbed 0.23% and 0.15% respectively. These movements come after a challenging week for the stock market, with concerns about rising interest rates causing all three major indexes to enter negative territory. The S&P 500 ended the week 2.4% lower, marking its first losing week in three. The Dow Jones Industrial Average experienced a decline of 1.6%, while the Nasdaq Composite slumped 3.2%, resulting in its second consecutive losing week.

On Thursday, the yield on the 10-year U.S. Treasury surpassed the significant 5% level for the first time since July 2007. This increase was prompted by Federal Reserve Chairman Jerome Powell’s hawkish messaging during a speech at the Economic Club of New York.

See More: Best Cryptocurrency Scanners

Analyst Notes

Crypto analyst Michael Van de Poppe believes that Bitcoin is currently encountering its next resistance level, which is estimated to be between $30,000 and $30,300. "A breakout is ultimately going to lead towards a new yearly high. I don’t expect it as of yet, I’m assuming we’ll consolidate some more as CME closed at $29,690 too."

Pseudonymous analyst CrediBull on Wednesday stated that we have witnessed a significant development in the Bitcoin market. "A beautiful weekly close- reclaiming the level from which we broke down nearly 2 months ago that led to the biggest liq event we have seen since the FTX collapse/bottom at 15k.  If you’re lucky we get a clean retest of the green zone before continuation." 

Santiment, the on-chain analytics platform, has noticed a notable difference in Bitcoin’s recent move past the $30K resistance level. Unlike the previous two instances, where Bitcoin’s surge was not accompanied by a similar rise in altcoins, this time altcoins are also experiencing significant gains. Tokens like $LINK, $MATIC, $UIP, $APT, and $AAVE are witnessing their strongest decouplings of 2023.

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