Bitcoin, Ethereum, Dogecoin Drop, New Report Suggests Absence Of SEC Decision On Spot BTC ETF Approval Will Disrupt Momentum: Analyst Predicts New Highs For Apex Crypto 'Closer' Than We Think

The cryptocurrency market experienced a drop on Thursday evening after a wave of sell orders was positioned.

What Happened: The volatility in the crypto market has taken a toll on derivatives traders, with approximately $340 million of leveraged positions getting liquidated within just two days. 

According to CoinGlass data, this rollercoaster ride closely mirrors the events from earlier in the week, where bulls struggled to maintain new highs and faced long liquidations.

The macro picture was exciting today, with U.S. dollar weakness resurfacing and offsetting a recovery from the sharp drop on Nov. 14. The U.S. Dollar Index (DXY) approached 104, reaching its lowest levels since September.

The crypto market analytics firm, K33 Research, reported that the absence of an SEC decision this week may disrupt the momentum in the crypto market until the next deadline in early 2024. 

The surge in optimism surrounding spot ETFs and anticipated significant institutional and retail inflows played a crucial role in the remarkable rise of Bitcoin, climbing from $25,000 in September to nearly $38,000.

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The global crypto market cap currently stands at $1.43 trillion, reflecting an increase of 4.99%in the past 24 hours.

The Dow Jones Industrial Average closed in negative territory on Thursday, as investors temporarily paused the upward trend witnessed this month. The 30-stock Dow experienced a slight decline of 45.74 points, or 0.13%, concluding the day at 34,945.47. This snapped a four-day streak of gains. On the other hand, the S&P 500 managed to register a modest increase of 0.12%, reaching 4,508.24 by the end of the session. Similarly, the Nasdaq Composite saw a marginal rise of 0.07% and closed at 14,113.67.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe noted that Bitcoin successfully held the $34,800-35,200 support area and "new highs are closer than we think ..Buy the dips."

Crypto Tony suggests that the macro outlook for Bitcoin remains consistent. He anticipates a period of stagnation and range-bound movement, lasting a few weeks or even months. "Allowing the Liquidity to run its course and for Altcoins to pump"

Santiment, a prominent firm specializing in on-chain data analytics for the crypto market, highlighted a significant improvement in Bitcoin’s NVT (Network Value to Transaction) ratio. This ratio is one of Santiment’s primary alpha signals for traders in the crypto market.

Photo by Igor Faun on Shutterstock

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