Crypto Price Analysis: Following a brief all-time high, Bitcoin experienced a 7% price drop on March 5th, leading to a massive short liquidation across the crypto market. In a recent update from the derivative market data provider CoinGlass, it has been reported that Bitcoin witnessed its largest long liquidation event since last year. The statistics showed that over a 24-hour period, the total liquidations amounted to $1.16 billion, with long position liquidations accounting for $880.35 million and short positions for $278.15 million.
The biggest long liquidation since last year.
24h Rekt $1.16B
Long $880.35M
Short $278.15M
👉https://t.co/C47AgBCcTk pic.twitter.com/lkYongtEAR— CoinGlass (@coinglass_com) March 6, 2024
However, the lack of follow-up on the downside sparked a “Buy the Dip” sentiment. With renewed recovery, altcoins related to AI(artificial technology) like Fetch.ai, SingularityNet, Graph token, and the outperforming sector MEME like Doge, SHIB, and PEPE can provide new pullback opportunities.
Also Read: Bitcoin (BTC) Flash Crash Triggers $680M in Market Liquidations
1)Bitcoin(BTC)
Bitcoin is built on a proof-of-work algorithm and a public ledger called the blockchain, ensuring high security and transparency of transactions. With a capped supply of 21 million coins, Bitcoin has not only introduced the concept of digital currency but has also led to the emergence of a new asset class of cryptocurrencies.
This digital asset has recently hit a new milestone of adoption as the US SEC approved the launch of spot BTC ETFs in the traditional market. The massive inflow from ETFs has greatly contributed to the Bitcoin price rally from Late January. From a swing low of $38555, the BTC price surged to its current trading price of $66298, accounting for 72% growth in six weeks. By the press time, the Bitcoin market cap stands at $1.3 Trillion projecting an intraday loss of 1.27%
The Bitcoin price is expected to ride a pre-halving rally, the buyer may face near-term resistances at $69000, followed by $72000, however, the potential pullback may witness demand pressure at $62300, and $59600.
2)Dogecoin(DOGE)
Dogecoin (DOGE) is a unique and playful cryptocurrency that emerged from the popular “doge” internet meme, featuring a Shiba Inu dog. Created by software engineers Billy Markus and Jackson Palmer in December 2013, Dogecoin was initially intended as a joke to satirize the proliferation of altcoins.
Amid the recent meme surge, Dogecoin emerged as one of the highest gainers as the price jumped from $0.077 to $0.16 within a month to registering a 110% jump. The current market cap of Doge-themed is at $23.3 Billion, showcasing an intraday jump of 7%, with a trading volume of $2B. The rising Dogecoin price may face overhead resistance at $0.2, followed by $0.22, while a potential pullback may take support at $0.15, followed by $0.105.
Also Read: Shiba Inu Coin, Dogecoin Steer Dog-Themed Coins Rallies: A Good Time To Buy Or Sell?
3)Fetch.ai
Fetch.ai is a blockchain-based platform aiming to revolutionize various sectors by automating the decision-making process and enhancing efficiency through artificial intelligence (AI). Its unique approach involves the use of autonomous agents that operate on behalf of users, performing tasks ranging from data analysis to complex negotiations and automated trading.
The FET price entered an aggressive recovery in early February evidenced by the given convective green candle in the daily chart. The bull run surged the coin price from $0.58 to $1.96 within a month, registering 286%. The market cap also reached $1.64 Billion while the trading volume in the 24 hours is $748 Million.
If the recovery trend continues, the FET price may face supply pressure at $2 and $2.2 while demand support is at $1.5 to $1.3.
Takeaway
Despite a massive sell-off, the cryptocurrency market managed to hold its ground as Bitcoin showed sustainability above $60000. While broader market sentiment remains bullish, trending coins like Fetch.ai and Dogecoin may offer suitable trading opportunities.
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