Bitcoin remains stagnant as consolidation continues in current range
Bitcoin remains stagnant at $16,800, forming a consolidation range over the last 24 hours. However, with the end-of-year holidays upon us, it will be interesting to see if the market leader moves in a specific direction.
ETH also kept changing hands around $1,200, and was the subject of strong criticism from Paxful CEO Ray Youssef, who removed it from the global peer-to-peer crypto trading platform. According to Youssef, the company will continue to support Bitcoin, which he termed as the answer to global financial woes.
Meanwhile, the S&P 500 is gradually trying to climb up into its support band and is currently struggling to break through 3,870, whereas DXY came through with a strong bounce at 104.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Since our rejection and crash from $18,400, Bitcoin has been due for a relief bounce. Liquidity may be taken around $17,300 and higher before Bitcoin completes this move and tests range lows around $15,500. Our current consolidation range is being used by multiple market participants with similar ideas. However, looking at future data and liquidation maps we may visit $16,500 once again to trigger their stop losses before filling any imbalances above.
Ethereum Technical Analysis
Ethereum has been tame in the past few days and has not shown a lot of deviations which typically leave traders in tatters. We have a long liquidation cluster at $1,250, but looking at the decreasing volume along with sell walls present on exchanges, it is likely to see $1,190 or even $1,175 before we go higher and form a higher low.
NFT Market Map
It’s clear that the Yuga Labs family has been dominating the NFT trading volume today, with BoredApeKennelClub (+1,844.94%), MutantApeYachtClub (+270.99%), Bored Ape Yacht Club (+173.91%) ranking no.1, 2, and 4 on the leaderboard, respectively.
Mutant Hound Collars (+90.01%), which was born to expand the lore of the Yuga Labs ecosystem, topped the trading volume table as the runner-up.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.