Overview
The price of bitcoin (BTC) fell about 6.25% meanwhile altcoins have been the star performers in the cryptocurrency market over the past week.
According to on-chain data, over the last 12 hours on Tuesday (12/12), there were BTC liquidations of more than $335 million, with $300 million in long positions being liquidated. The recent minor correction in the broader market is part of a rational process of profit-taking. Traders may have hit the price target at the end of the year, given that Bitcoin has rallied over 70% since October.
On Wednesday (13/12), Polkadot (DOT), Cosmos (ATOM), and Injective (INJ) were among the best-performing cryptocurrencies, with gains ranging from 10% to 20% over the past 24 hours. Memecoin Bonk (BONK) also saw a significant rise of more than 80% over the past week.
Bitcoin Price Analysis
Bitcoin (BTC) persists in a downtrend, trading at $41,000. The prevailing short-term sentiment remains bearish, indicating cautious market conditions. Dollar-Cost Averaging (DCA) strategies might be interesting, especially at the $40,000 or $38,000 price levels, which are perceived as favorable entry points.
These levels are being closely observed, with investors eyeing them for potential shifts in market dynamics. The emphasis on DCA reflects a prudent approach amid market fluctuations, allowing for strategic accumulation.
Ethereum Price Analysis
Ethereum (ETH) mirrors the prevailing downtrend, with its current value standing at $2,170. The short-term sentiment for ETH remains bearish, suggesting a potential further decline to $2,100. This downward trajectory reflects the broader market trend, warranting a cautious outlook among investors. The $2,100 price level is identified as a critical point, where increased scrutiny and strategic decision-making are advisable.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
