Bitcoin and Ether in the spotlight

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Bitcoin and Ether in the spotlight
  • There were over $335 million in liquidations, led by Bitcoin and Ether.
  • BTC, ETH, and SOL started the day in Asia with losses, marking a volatile opening week.
  • The analysis predicts a possible Bitcoin price correction to $39,700 due to the “CME Bitcoin Gap.”

Bitcoin (BTC), Ether (ETH), Sol (SOL), and several major altcoins started the Asian trading day in the red, starting the week with volatility.

Bitcoin fell to 5% within 24 hours, trading at $41,300, before recovering to $42,000, according to data from CoinDesk Indices. Ether hit a low of $2,170 before rising again to $2,239. Solana dropped to $66 before climbing back to $70.

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The CoinDesk Market Index (CMI) fell 4% to 1,743.

Coinglass data shows that more than 335 million dollars were settled in the last 12 hours including a $300 million long position.

Bitcoin and Ether lead the liquidation map, with more than $89 million in bitcoin positions liquidated and $74 million in Ether.

Willy Woo, on-chain analyst, expects the market to correct the price of bitcoin to $39,700.

Understanding the Bitcoin Gap at CME

The “CME Bitcoin Gap” at 39.7k refers to a situation where the price of bitcoin on the Chicago Mercantile Exchange jumped, leaving a gap at $39,700. Historically, such gaps tend to be filled, which means that the price will always return to this level. Price gaps in the CME futures market for bitcoin occur because its trading hours coincide with US trading hours, leading to potential price differences when the market opens and closes.

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