Bitcoin, Ethereum, Dogecoin Spike As Cryptos Defy Stocks Decline: Analyst Cautions BTC Breakout Traders To Be Wary Of $68K - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrencies rallied sharply Wednesday, diverging from the stock market's negative action.
What Happened: World's largest cryptocurrency, Bitcoin recovered to $58,000 after dramatically plunging over 3% in 15 minutes overnight on Tuesday.
However, the rise could not be sustained, as King Crypto quickly reversed and became rangebound.
Ethereum also made a U-turn, breaching past $2,400 following a decline to $2,300 the previous day.
The total cryptocurrency liquidations reached $86.13 million in the last 24 hours, with short liquidations accounting for 66%.
Bitcoin's Open Interest rose 2.85% to $29.95 billion in the past 24 hours, indicating a surge in bullish bets. This was further exemplified by the sharp increase in the Long/Shorts ratio.
The market mood remained in "Fear" as of this writing, according to the popular Cryptocurrency Fear & Greed Index, showing a reading of 29 out of 100.
Top Gainers (24-Hours)
The global cryptocurrency market stood at $2.03 trillion, following a marginal increase of 0.70% in the last 24 hours.
Major stock indices fell for the second consecutive day. The S&P 500 slipped 8.86 points, or 0.16%, to end at 5,520.07. The tech-focused Nasdaq Composite closed 0.30% lower at 17,084.30. The Dow Jones Industrial Average Futures defied the downtrend, ticking 0.09% higher to close at 40,974.97 points.
The slide coincided with Nvidia Corp.’s NVDA 1.66% decline during Wednesday's session, after a sharp 9% plunge Tuesday.
A bit of drama prevailed when the AI behemoth denied receiving a subpoena from the U.S. Department of Justice (DOJ), a day after reports surfaced suggesting the same.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez suggested Bitcoin breakout traders be mindful of the trendline at $68,000.
"Until this breaks, the BTC dip may keep dipping," the analyst emphasized.
"Markets love symmetry, and fakeouts to one side of a pattern usually trigger extended moves in the opposite direction," Bennett remarked.
Widely followed analyst Michaël van de Poppe noted that things weren't "too bad" for Ethereum.
"Reclaiming $2,400-$2,410 should signal positivity to $2,600-$2,700 and likely higher," he predicted.
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