Ethereum

Bitcoin

Status

<ul>
 <li><strong>Bitcoin experienced a decline of over 5%, dropping from $44,034 to $41,649.</strong></li>
 <li><strong>In the past 24 hours, liquidations have surpassed $411 million.</strong></li>
</ul>
<p>A turbulent start to the week as major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), faced a <a href="https://thenewscrypto.com/bitcoin-price-consolidates-as-bullish-momentum-slows-down/" target="_blank" rel="noopener noreferrer nofollow">bearish trend</a> in intraday trading. BTC saw a significant dip of over 5% in the 24 hours, reaching a low of $41,649 before recovering to $42,510, as per CoinMarketCap data.</p>
<p>Data from CoinGlass revealed $411 million in liquidations over the past day, with $357 million in long positions across the broader crypto market. The liquidation heatmap displayed that over $104 million BTC and $82 million ETH have been liquidated. Small-cap altcoins also experienced a decline amid the overall market volatility.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="825" height="445" src="https://thenewscrypto.com/wp-content/uploads/2023/12/image-7.png" alt="" class="wp-image-87173" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/image-7.png 825w, https://thenewscrypto.com/wp-content/uploads/2023/12/image-7-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/12/image-7-768x414.png 768w" sizes="(max-width: 825px) 100vw, 825px">
  <figcaption class="wp-element-caption"><em>Liquidation Status (Source: Coinglass)</em>
  </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-will-btc-regain-its-rally">Will BTC Regain its Rally?</h3>
<p>Despite the downturn, Bitcoin managed to maintain a <a href="https://thenewscrypto.com/bitcoin-crosses-44k-amidst-golden-cross-buzz-whats-next/" target="_blank" rel="noopener noreferrer nofollow">bullish stance</a>, even breaking the $42,500 resistance. Currently, BTC is trading at $42,182, with a daily trading volume of $24.7 billion, marking a 54% increase in the last 24 hours.</p>
<p>The price of BTC is now in the process of a recovery wave, encountering key resistance around the $42,600 level. If Bitcoin <a href="https://thenewscrypto.com/vaneck-files-updated-bitcoin-etf-application-with-the-u-s-sec/" target="_blank" rel="noopener noreferrer nofollow">surpasses</a> the $43,000 resistance, it could spark bullish momentum, potentially leading to an ascent towards $43,650. A decisive close above this level might initiate a strong upward movement, targeting the next significant resistance at $43,950, with further potential gains toward $44,500.</p>
<p>However, if Bitcoin fails to breach the $43,000 resistance, there is a possibility for another decline. Immediate support will be formed near the $41,800 level, followed by a $41,350 support zone. A breach below this level could lead to a test of the $40,000 zone, signaling potential downsides for the leading cryptocurrency.</p>

Bitcoin Price Plunges Over 5%, Find Out Why

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TheNewsCrypto

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