While most of the crypto market saw an uptick in retail sentiment on Stocktwits, Solana saw moderate interest.
- With about $260 million in liquidations over the past day, crypto markets edged up, with XRP leading gains.
- Bitcoin traded at the $93,000 mark, as short covering, not fresh longs, dominated flows.
- Dogecoin, Cardano, and Binance Coin gained on lighter leverage, while Tron bucked the upward trend.
Crypto markets managed to add to earlier gains, with majors consolidating and liquidations remaining significantly in favour of shorts, with Ripple’s XRP (XRP) leading in daily gains.
With the crypto market witnessing $260.36 million in liquidations, Ripple’s XRP jumped to about $2.15, up around 5.3% over the past 24 hours, as liquidations hit nearly $11.1 million to the upside, as per Coinglass data. On Stocktwits, retail sentiment around XRP improved to ‘extremely bullish’ from the ‘bullish’ zone, as chatter levels remained in the ‘high’ levels over the past day.
Bitcoin (BTC) was trading at $93,060 as of Sunday night, up 2.1% over the previous 24 hours. Liquidations were high again, with $91.6 million in BTC positions being liquidated, dominated by shorts worth about $86.3 million. Bitcoin remained comfortably above the intraday low of $90,000, with leverage data suggesting forced short covering as opposed to aggressive new long positioning led the price action. On Stocktwits, retail sentiment around Bitcoin also improved to ‘extremely bullish’ from the ‘bullish’ zone, with chatter at ‘normal’ levels over the past day.
Analyst Hopeful About A Bullish Breakout For Bitcoin
Analysts are looking at Bitcoin’s setup as mostly positive. However, there is a clear divide between long-term structural optimism and short-term technical validation. For instance, James Easton pointed out that the realized cap had increased sharply due to "new whales." He said that these new massive buyers could potentially lead to higher prices if the trend continues.
At the same time, macro-technical trader level941 reiterated that the overall Bitcoin uptrend is still going strong, even if there have been several over 30% drawdowns this cycle.
They said that the recent volatility is due to emotional positioning rather than a breakdown in market structure. However, they warn that follow-through will still depend on Bitcoin staying above important trend levels and proving its strength beyond short-term rallies caused by liquidation. For now, level941 says Bitcoin could reach $144,000.
Altcoins Turned Green As Bitcoin Reclaimed $93K
With Bitcoin’s dominance at 57%, it often suggests positive market sentiment on altcoins.
Ethereum (ETH) stood at nearly $3,193, or about 1.6% higher on the day. ETH experienced approximately $51.7 million of total liquidations, with the majority belonging to shorts worth around $44.3 million. This often indicates that the upside was still driven by leverage. On Stocktwits, retail sentiment around Ethereum improved from ‘neutral’ to ‘bullish’ territory, accompanied by ‘normal’ chatter levels over the past day.
Solana (SOL) hovered around $136.9, adding 2.2% as liquidations reached approximately $11.7 million, mostly from shorts. On Stocktwits, retail sentiment around Solana changed from ‘bearish’ to ‘neutral’ territory, accompanied by ‘normal’ levels of chatter over the past day.
Dogecoin (DOGE) stayed at around $0.152, gaining roughly 1.8% as $6.6 million worth of liquidations were tilted to the short side. On Stocktwits, retail sentiment around Dogecoin remained in the ‘extremely bullish’ zone, with ‘extremely high’ levels of chatter over the past day.
Cardano (ADA) traded near $0.404, advancing approximately 1.5% and liquidating nearly $1.38 million. Cardano Retail sentiment toward ADA remained positive and high chatter. On Stocktwits, retail sentiment around Cardano remained in the ‘bullish’ zone, with chatter levels in ‘high’ over the past day.
Binance Coin (BNB) increased to $900.6, for a gain of around 2.1%, as liquidations still were relatively muted at about $660,000, indicating the move was more spot-driven than led by leverage. Retail sentiment around Binance Coin remained in an ‘extremely bullish’ zone, with the ‘normal’ levels of chatter over the past day on Stocktwits.
TRON (TRX) slightly fell towards $0.2945, 0.2% down with negligible liquidations of about $17,000, suggestive of small speculative interest compared to other major altcoins. Retail sentiment for Tron remained in the ‘bullish’ zone, and chatter levels remained ‘normal’ over the past day.
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