Bitcoin, Ethereum, Dogecoin break off from stocks – is “little pressure” responsible? – Bitcoin – US Dollar ($BTC)

Bitcoin and other major coins continued to trade higher on Monday night, with the global cryptocurrency market cap rising 5.5% to $2.1 trillion.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) 4.6% 13.7% $43,797.33
Ethereum (CRYPTO:ETH) 3.9% 16.6% $3,138.18
Dogecoin (CRYPT: DOGE) 6.9% 14.7% $0.16
Top 24 hour earners (data via CoinGecko)
Cryptocurrency % change over 24 hours (+/-) Price
XRP (XRP) +22.7% $0.83
Kadena (KDA) +21.8% $7.75
Polygon (MATIC) +17.3% $2

See also: How to buy bitcoins (BTC)

Why is this important: The cryptocurrency market diverged from US stock prices on Monday as the S&P500 and Nasdaq closed lower to start the week.

The break with other assets occurred in the context of a short liquidation glass knot The data. This could point to a possible short squeeze as the cause for an increase in Bitcoin prices.

Marcus Sotiriouan analyst at UK-based digital asset broker GlobalBlock, said $270 million in short positions had been liquidated, resulting in a “small squeeze”.

“Sentiment around the crypto market improved significantly over the weekend as Bitcoin also broke a downtrend on the RSI dating back to October – Bitcoin broke out of two similar downtrends on the RSI over the past year, both of which have resulted in incredible rallies. , thus potentially foreshadowing a Bitcoin rally to the upside,” Sotiriou wrote, in a note seen by Benzinga.

Cryptocurrency Trader Pseudonym Kaleo said price actions felt “overblown” at current levels.

“We are waiting for a retest at $40,000 before we see further upside,” the analyst said in a tweet.

Bitcoin enthusiasts are back, according to Edouard Moya, Principal Analyst at OANDA. He said the frothy calls come back as confidence increases.

The “Fear & Greed Index” of Alternative, which indicated “Fear” yesterday, now indicates “Neutral”.

On altcoins, Moya said many crypto traders are looking for a “strong” altcoin season once Bitcoin stabilizes above the $50,000 mark.

Noting the mixed markets on Monday, Moya wrote, “Ethereum, Cardano, Terra and Solana were also all up over 5% on the day. The real test for cryptos will be whether they can sustain a rally if risk aversion hits all markets.

Read more : Sequoia Capital India Leads $450M Investment Round in Ethereum Layer 2 Solution

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