1 week ago
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Top 3 price prediction: The total crypto trading volume has fallen to the lowest level in seven months, underlining the impact of the bearish forces in the market.
Based on data provided by CCData, the derivatives and spot markets suffered a 44% drop in volume to $6.58 trillion compared to $9.12 trillion, the peak in March.
Crypto Trading Volume Downturn Persists
The derivatives segment alone mirrored the lack of investor interest, plunging by 48% to $4.57 trillion. Although the spot market performed slightly better compared to derivatives, a 33% decline to $2.01 trillion could not go unnoticed.
According to the London-based crypto research company, the drop in the total crypto trading volume “followed unexpected macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows from U.S. spot bitcoin ETFs, leading to major crypto assets retracing the gains they made in March.”
Bitcoin price hovered below $62,000 on Thursday amid an overall downturn in the market. Although it’s maintained a 4.2% growth in seven days, its outlook has been strongly bearish since the post-halving top above $67,000.
Altcoins like Ethereum are also projecting losses that might last through the week. Ether is attempting to seek support below $3,000 while trading at $2,975, CoinGecko data shows. Solana on the other hand, resumed the downtrend after briefly breaking above $150 earlier this week.
Top 3 Price Prediction: What’s Next For BTC, ETH, and SOL As Liquidations Swell
Liquidations have become the order of the day in the crypto market. For instance, tracking platforms like Coinglass show how long traders are suffering the most.
In the last 24 hours $90.5 million worth of long positions got rekt, while shorts lost approximately $43.81 million. The largest liquidations happen on Binance, the leading crypto exchange where BTCUSDT recorded $965,000.
Top 3 price prediction | crypto liquidationsBitcoin and Ethereum also posted the highest liquidations at roughly $35 million and $18.3 million, respectively.
Assessing Bitcoin Price Short-term Outlook
The technical structure as seen on the four-hour hour chart reveals a possible bottom for Bitcoin if support at $61,000 holds steady. Its recent swing from the lower boundary of the Bollinger bands above $61,120—the previous day’s open, could help steady the uptrend.
Traders using the Bollinger bands indicator know that BTC tends to move back to the midline. Hence, the anticipation for a short-term trend reversal during the US session on Thursday.
Bitcoin price chart | TradingviewShould the sell signal from the Moving Average Convergence Divergence (MACD) indicator persist, attempts to push above $62,000 resistance could culminate in losses to $60,000 and possibly below the same level.
For BTC to validate the uptrend, a daily close above $62,000 is required. Moreover, a buy signal from the MACD would encourage traders to seek more exposure, thus boosting the recovery aiming for $70,000.
Meanwhile, Ethereum bulls have an uphill battle to either reclaim support above $3,300 or defend the $2,900 level. If the potential pressure on the sell side intensifies, the ongoing decline might not stop at $2,800 as was the case last week, but extend to $2,500.
Similarly, Solana price continues to lose ground with the next key support emerging at $140. Losing this level as support could agitate holders more, with many of them likely to close positions before SOL reaches the $130 and $120 levels.
The post Top 3 Price Prediction As Crypto Liquidations Swell To $135M, BTC, ETH, SOL Nosedive? appeared first on CoinGape.
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