Cryptocurrencies experienced a dismal showing on Tuesday evening, with an abscence of the highly-anticipated ‘Santa rally’ leaving Bitcoin bulls disappointed. According to data from CoinGlass, traders were liquidated by the tune of $257M, with Bitcoin and Ethereum contributing largely.
Examining broader market performance, the global cryptocurrency capitalization has decreased by 0.86% in the last 24 hours to reach $1.65 T. Traditional stocks recorded gains on Monday, with the Dow Jones Industrial Average signalling a 0.43% uptick to 37,545.33 and the Nasdaq Composite gaining 0.54% to 15,074.57 that same day.
Analysts are of the opinion that the sudden plunges is largely due to the current consolidation phase Bitcoin markets are navigating. Michael Van de Poppe, a cryptocurrency analyst believes resistance levels are likely at $4X,000 and support to be found at the $3X,000 realm. A pseudonymous analyst, Crypto Tony, also gained traction for noting that particular resistance zone of 44,300 pushing ‘the only way[off course, translating to a likely diminishment] due to the low liquidity as well’.
