Bitcoin has made a strong comeback, clawing back earlier losses and reigniting hopes for a push towards $60K.
After dipping to a low below $56,000, Bitcoin has bounced back, climbing above $58K with a sharp 3% gain in just four hours.
Earlier today, the market took a hit, shedding $100 billion from its total market cap as BTC fell to a monthly low.
Altcoins weren’t spared either, with ETH diving to $2,400 and BNB slipping toward $510.
However, the bulls have returned, recovering much of the lost ground. As of now, Bitcoin is trading at $58,000, nearly erasing the earlier losses.
Data from Coinglass shows that this rollercoaster of a day resulted in nearly $200 million in liquidations over the past 24 hours.
Some analysts suggest that the earlier dip may have been a trap for sellers who were expecting the decline to continue.
At the same time, data from IntoTheBlock indicates a significant number of buyers entered between $61,700 and $70,500, now sitting on losses.
According to the data firm, whenever a large portion of traders are in the red, Bitcoin tends to face consistent selling pressure as the price nears these levels.
The global monetary system is at a critical juncture, as new technologies like decentralized finance…
In a significant step toward modernizing its legal framework, the UK Parliament has introduced the…
Ethereum's network has been experiencing a surge in growth, reaching levels not seen in months,…
The world of decentralized finance (DeFi) has experienced rapid growth, with billions of dollars locked…
As we step into September 2024, the crypto industry is poised at a pivotal juncture.…
The cryptocurrency market is about to get a significant boost as former FTX users are…