NVDA - Bitcoin Ethereum Dogecoin Remain Rangebound: Analysts Says 'The Reversal Is On The Horizon' | Benzinga
Leading cryptocurrencies remained rangebound as investors search for catalysts amid hawkish signals from the Federal Reserve.
What Happened: Bitcoin bounced above $66,000 during the early morning hours, but retreated to $64,000 as traders took profits. The world's largest cryptocurrency has trended downward after hitting $71,000 earlier in the month.
Ethereum's spike to $3,600 was short-lived, as the asset faced stiff resistance at this level.
In the last 24 hours, about $125 million in derivatives bets was wiped out, with long liquations accounting for $70 million.
Traders were hesitant as Open Interest for Bitcoin and Ethereum fell 0.37% and 3.12%, respectively. A drop in OI alongside flat price movements signaled a weak market.
Bearish bets for Bitcoin surpassed bullish bets, as the Long/Shorts Ratio dropped below 1 in the last 24 hours.
Nearly 50% of the market was bearish on Bitcoin as of this writing, with 20% neutral, and 30% hopeful of upward swings.
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