The cryptocurrency market has been trending sideways for the past few days, following the considerable declines from earlier in the week. It appears that traders are now looking for a direction, and major cryptocurrencies trade around important levels.
Let’s start with Bitcoin.
Bitcoin Struggles at $67K
Bitcoin’s price seems incapable of moving past the $67K definitively, having dropped toward it earlier in the week. At the time of this writing, BTC is right around that level, trading at a 1% loss for the past 24 hours.
As seen in the chart, the price did attempt to move above $68K yesterday, but the sellers intercepted the move and prevented any further increase.
The predominant action remains rather choppy, catching many over-exposed leveraged positions and liquidating them. In fact, around $110 million worth of leveraged positions were wiped out throughout the past 24 hours alone, with BTC accounting for almost $30 million of that. This is what the liquidation heatmap looks at the time of this writing:
Source: CoinGlassAltcoins Also Unable to Progress
The altcoin market is also failing to progress, with most of the cryptocurrencies from the top 100 by means of total capitalization unable to chart any gains.
Solana is down 2.6% and currently trading below $15, while XRP fell below the critical level of $0.5 and is now down 1.5%. Polkadot, albeit down 1.4% on the day, is now testing the important $6.5 level, and if it breaks to the upside, the bulls may attempt to spark an uptrend.
Binance Coin is trading mostly flat on the day, which is more or less true for Ethereum (ETH) as well.
Meme Coin Outlook
It’s safe to say that meme coins have become an important part of the broader market in 2024. However, this week’s downturn didn’t exactly spare them either.
Here’s what their performance looks like over the past 24 hours:
- DOGE lost 0.4%
- SHIB is trading flat
- PEPE is down 4,8%
- WIF is down 3.9%
- FLOKI lost 3.1%
- Book of Meme (BOME) exploded by 10%
The reason behind BOME’s impressive performance is that Coinbase – the leading US-based cryptocurrency exchange – announced support for it.
