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Saturday, May 18, 2024

Bitcoin (BTC) Price Rejected at $53K, Leaving Almost $300 Million in Liquidations (Market Watch)

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Bitcoin jumped by several hundred dollars yesterday and tapped $53,000 for the first time in over two years but was violently rejected at that point.

Most altcoins are also well in the red on a daily scale, including substantial retracements from the likes of ADA, AVAX, SOL, ICP, APT, and more.

Bitcoin Touched But Failed at $53K

The primary cryptocurrency has been on an impressive run in the past few weeks, having soared from under $40,000 to over $50,000. This came as the recently approved spot Bitcoin ETFs in the States attracted billions of dollars in the first several weeks of trading.

The asset’s price has gone above $52,000 a couple of times lately but couldn’t keep the momentum going toward $53,000. That finally happened yesterday when the bulls initiated another leg up, resulting in touching that level to market a new high since late 2021.

However, the bears were quick to intercept the move and pushed BTC south. In a violent rejection, the cryptocurrency’s price slumped by more than two grand in an hour or so and fell below $51,000.

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After another failed attempt to recover most losses, BTC now stands at just over $51,000. This enhanced volatility, as well as the alts’ performance, has left almost $300 million in liquidations in the past day, with longs responsible for two-thirds.

Its market cap is on the brink of losing the $1 trillion level, while its dominance over the alts has remained at the same spot – 49.2%.

BTCUSD. Source: TradingView

Alts in Retrace Mode

Most altcoins also briefly jumped yesterday, including Ethereum. The second-largest digital asset soared to just over $3,000 for the first time since April 2022 but has lost nearly $100 since then and now sits at around $2,900. Binance Coin has kept its run going and is up by 2.4% now to $362.

The rest of the larger caps are in the red now. Cardano (-5%) has dumped the most from this cohort of assets, followed by SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR, and others.

The total crypto market cap has declined slightly overnight and sits at $2.050 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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