Bitcoin Struggles to Reclaim $60000 as Crypto Market Enters the Weekend in Red
The cryptocurrency market is experiencing a turbulent period as major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin enter the weekend wrapped in red.
Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are experiencing a turbulent period as they enter the weekend in the red zone. However, the global cryptocurrency market capitalization is showing a slight gain of 0.3% to $2.08 trillion.
Bitcoin, the leading cryptocurrency, is struggling to reclaim the $60,000 level. According to crypto trader Jelle, “Bitcoin is still battling the mid-level of this channel – and having a hard time getting back above it. $60,000 is the level to reclaim. Until then, choppy waters.” Many traders are closely watching the $60,000 mark, as it is crucial for Bitcoin’s further movement.
Meanwhile, Ethereum and Dogecoin are also facing downward pressure. Ethereum is trading at $2,507.25, down by 1.1%, and Dogecoin is up by 0.7%, trading at $0.1005. As traders navigate these choppy waters, the market’s overall sentiment remains cautious, reports MSN.
Significant drops in large transaction volume (21.4%) and daily active addresses (1.06%) are observed, based on IntoTheBlock data. Additionally, Coinglass data reveals that 55,285 traders were liquidated in the past 24 hours, with total liquidations reaching $150.06 million.
Some traders, like CrediBULL Crypto, predict further declines for Bitcoin, with his ultimate target being $53,000 to $54,000. “I am not sure if it gets above prior highs or falls short of them. However, I am looking for one of the two scenarios to play out before continuing back down to my target,” he added.
As the weekend progresses, everyone will be watching to see if Bitcoin can reclaim the $60,000 level and stabilize the market.
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