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BTC Surges as $40 Million in Total Liquidations Trigger Market Frenzy

BTC, Frenzy, Liquidations, Market, Million, Surges, Total, Trigger

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Bitcoin, Ethereum, and Ripple Price Analysis

Bitcoin Price Update

  • Bitcoin price is up almost 5% in the last day, with momentum indicators bolstering the bullish case, but resistance lies ahead.

Ethereum Price Update

  • Ethereum price is likely to face a rejection from the $1,682 level before a 10% pullback below the $1,552 range.

Ripple Price Update

  • Ripple price coils up for a run down to the $0.4600 support level unless bulls show resilience.

Bitcoin Price Analysis

Bitcoin (BTC) price sprinted north then pulled back in an interesting turn of events that saw up to $40 million in total liquidations within a day. Specifically, $30.95 million shorts against $11.95 million longs were liquidated.

BTC liquidations

Bitcoin Price Forecast

Bitcoin (BTC) price is trading with a bullish bias, although much remains to be said as it confronts a critical barrier at $27,500. However, momentum indicators suggest rising momentum, and if sustained, the flagship cryptocurrency could shatter this level, with the potential to extend into the $28,000 range.

BTC/USDT 1-day chart

Ethereum Price Analysis

Ethereum (ETH) price has mirrored Bitcoin’s price action for a long time now, with its strong correlation suggesting it will follow the king of crypto to its next move. As such, with the momentum RSI and AO indicators painting a bullish picture, ETH could breach the $1,682 level and extend north.

ETH/USDT 1-day chart

Ripple Price Analysis

Ripple (XRP) price is confronting a major roadblock, presented by the supply zone marked by a red order block. Its mean threshold at around $0.5373 is the level to breach for a confirmed uptrend, which could pave the way for an extension to $0.6098, or higher, potentially reaching the $0.7000 psychological level.

XRP/USDT 1-day chart

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