Cryptocurrency Market Holds Ground Amid Low Volatility
Monday brought low volatility to the cryptocurrency market as Bitcoin and other major assets held their ground. The price of BTC stood at $78,892, while Ethereum hovered around $2,473.
Ethereum spot ETFs saw net inflows of $184.9 million on Friday, according to SoSoValue data. Meanwhile, Coinglass reported that 90,337 traders were liquidated in the past 24 hours for a total of $420.39 million.
Bitcoin's reclaim of the 1,130-day SMA above $74,000 is seen as a bullish signal by crypto chart analyst Ali Martinez. He notes that this level has historically marked the end of bear markets and may indicate that Bitcoin's bottom is already in.
Despite the relatively calm market, some analysts are warning of potential risks ahead. Michael van de Poppe believes 'hyped' bullish sentiment could trigger a brief market sweep, flushing out leveraged long positions.