Bitcoin, Ethereum, Dogecoin Rise As Crypto Shorts Face Liquidations: Analyst Predicts King Crypto Surge To $50K Pre-Halving

Major cryptocurrencies rose on Monday evening as cryptocurrency shorts suffered liquidation in the past 24 hours.

What Happened: According to CoinGlass data, over $72.04 million in crypto shorts were liquidated within the last 24 hours. Notably, $28 million of this was from BTC shorts, with over $14 million stemming from Ethereum.

Furthermore, the past 24 hours witnessed the liquidation of 34,471 traders, resulting in a total liquidation value of $102.35 million. Of particular significance is the largest single liquidation order, which took place on Bybit, involving a BTC-USDT value of $2.17 million.

In other news, Invesco and Galaxy Asset Management announced on Monday that they will reduce the sponsor fee on their latest spot Bitcoin ETF. Despite being ranked sixth in trading volumes within the growing market, their product has seen over $280 million in buying and selling activity, with a similar amount of capital in assets under management.

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $1.63 trillion, showing a 0.54% increase in the past 24 hours.

The S&P 500 surged on Monday as Wall Street eagerly anticipated upcoming mega-cap tech earnings reports and the Federal Reserve’s rate policy decision.

The benchmark index saw a 0.76% increase, closing at 4,927.93, surpassing its previous record of 4,894.16 set on Jan. 25. Additionally, the Dow Jones Industrial Average rose by 224.02 points (0.59%) to reach a closing value of 38,333.45, while the Nasdaq Composite experienced a significant 1.12% gain, settling at 15,628.04.

The Federal Open Market Committee (FOMC) is set to commence a two-day policy meeting starting on Tuesday. Market observers widely anticipate that the central bank will maintain the current interest rates. In fact, traders in the fed funds futures market have assigned a probability of approximately 97% that the Fed will not implement rate cuts during the upcoming meeting, according to the CME Group.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe has indicated that Bitcoin may be consolidating at $43K following a correction to $38.5K. 

"Perhaps another run to $48-50K happens pre-halving, but the outperformance is likely happening with altcoins. Remember; we're in a bull market and the ETF approval is more significant than you might think it is."

Crypto analyst Ali Martinez reported that significant Bitcoin transactions totaling over 516,000 BTC have occurred within specific price ranges, namely $16,500, $26,770, and $42,550.

"The $16,500 level was a crucial support in November 2022.

 Meanwhile, $26,770 sustained #Bitcoin’s price during the summer of 2023. 

 Now, $42,550 may emerge as the most critical support zone for $BTC this year."

Photo by SvetlanaParnikova on Shutterstock

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