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Bitcoin tested $24K while Ethereum cools off a bit after increasing 50% in a week. The market sentiment is also improving.
Although Bitcoin’s price was lagging over the past few days compared to Ethereum and a few other altcoins, it held over the past 24 hours. BTC exploded by over 7.6% and touched $24K.
Bitcoin Soars Towards $24K
Over the past 24 hours, BTC managed to finally catch up to Ethereum and its ecosystem, soaring by over 7.6%. This saw its price almost touch $24K before retracing to where it’s currently trading at $23,500.
As seen within the chart above, Bitcoin is attempting to interrupt above the previously established range. To do so, it must consolidate and remain above $22,500. If successful, this might potentially open up the way towards $27,000 and even higher.
In any case, the cryptocurrency managed to shut seven out of eight daily candles within the green. Today would be the 8th candle if it remains positive.
The increased volatility also caused lots of liquidated positions over the past 24 hours. In total, they amount to slightly but $300 million, $160 million of which were BTC positions. the most important single liquidation order happened on FTX, and it had been also a BTC perpetual contract with a face value of $3.24 million.
Ethereum Consolidates Above $1,500
Meanwhile, the ETH rally that we saw over the past week is seemingly cooling off. this is often to be expected, on condition that the cryptocurrency increased by 50% in seven days. Over the past 24 hours, ETH is up 1.6% and continues to be trading above $1,500.
As seen within the above heatmap, the bulk of the cryptocurrency market is painted green. a number of the more notable gainers include Cardano (ADA) – up 10.7% on the day, also as FLOW – up 11% on the day.
On the opposite hand, Ethereum Classic seems to possess lost the foremost as it’s down some 2% within the past 24 hours.
Meanwhile, the cryptocurrency fear and greed index shows that the market is currently in an exceedingly state of fear, which is an improvement from the previous “extreme fear” phase. As a matter of fact, the last time the market sentiment was this high was back on April 10th.
