Bitcoin Climbs Above $63K, Crypto Longs Take On $600M in Liquidations.

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March 21,2024.

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With losses of just 0.34%, the broad-based CoinDesk 20, which is an index of numerous key tokens minus stablecoins, saw minimal movement during the previous day.

Bitcoin surged over $63,000.

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Sign Up Right AwayAfter plunging below $61,000 for a brief period, Bitcoin recovered quickly, with major tokens stabilising after losses of up to 15%.The likelihood of a spot ether exchange traded fund listing was downgraded by analysts, and traders were cautioned to monitor their risk tolerance in the financial markets that are impacted by central bank meetings. Bitcoin is still declining.

After temporarily dropping below $61,000 in early Asian trading hours, Bitcoin (BTC) staged a swift recovery to retake $63,000 in European morning hours on Wednesday.

However, when key tokens fell for a second day, bets on rising values saw roughly $600 million in liquidations, according to statistics. As of the time of writing, there was no bias in futures contracts; half of all futures positions were made up equally of longs and shorts.

According to CoinGecko data, major tokens stabilised and even dropped as much as 15%. With losses of just 0.34%, the broad-based CoinDesk 20, which is an index of numerous key tokens minus stablecoins, saw minimal movement during the previous day.

Tuesday night, ether (ETH) experienced a temporary dip below $3,100 as analysts reduced the likelihood that the much anticipated May spot ETH exchange-traded fund (ETF) listing will occur. Several other layer-1, or basic, blockchains experienced a decline as well; in only one day, the tokens of Avalanche (AVAX), Cardano (ADA), and Solana (SOL) lost 8% of their value. With a 5% decline, meme currencies and trade tokens performed better.

In the last week, the total market capitalization has decreased by over 15%. By the time European trading began, the overall cap had increased to $2.35 trillion from $2.28 trillion in the morning.

Some traders, however, contend that the price motion of bitcoin indicates that the commodity is in a slump and that before placing a wager, investors should examine positive macroeconomic developments.

Later today, the Federal Reserve's Open Market Committee (FOMC) is scheduled to discuss the state of the economy and determine interest rates.

In an email to CoinDesk, senior market analyst at FxPro Alex Kuptsikevich stated, "Bitcoin remains in a downtrend, with a series of lower lows and lower highs." The following support levels for bitcoin will be monitored: $60.3K (retraction to 61.8% of the previous rise), $56K (50-day average and 50% level), and $51.5K (February consolidation area).

"Traders of cryptocurrency should now closely monitor the level of risk appetite in the financial markets. The FOMC and other significant central bank meetings later this week will have a significant impact on it today, according to Kuptsikevich.

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