The last 24 hours have been eventful for Bitcoin and several altcoins, with prices fluctuating significantly. Some cryptocurrencies experienced slight gains, while others saw small declines.
Bitcoin Struggles at $58K
Bitcoin’s price has been shaky around the $58,000 mark, a level many analysts identify as a crucial liquidity zone. The cryptocurrency’s behavior in this area could shape its near-term direction.
Yesterday, bears attempted to drive Bitcoin below this critical level, pushing the price down to $56,200 on some exchanges. However, buyers quickly intervened, driving the price back above the pivotal $58K mark, where it currently trades.
According to data from Coinglass, this price action led to about $200 million in liquidated short and long positions across the derivatives market.
Additionally, as reported by CryptoPotato, around $1.4 billion worth of Bitcoin options contracts are set to expire today. This expiration could lead to further volatility, so it’s essential to stay vigilant.
Altcoins Exhibit Mixed Performance
Altcoins also saw mixed price movements. Some, like DOGE and SHIB, which are prominent in the meme coin sector, fell by around 1.2%. On the other hand, large-cap coins such as XRP, SOL, and BNB gained approximately 0.5% following last night’s volatility.
Despite these fluctuations, the overall sentiment in the cryptocurrency market remains fearful. The popular market sentiment tracker currently reads 27, indicating “fear,” down from yesterday’s value of 29 and a significant drop from last week’s neutral reading of 48.
It will be intriguing to see how the market trends over the weekend.
