Bitcoin, Ethereum, Dogecoin Mirror Stocks Fall Ahead of Key Inflation Data: Top Analyst Says ‘Buy the Dip’, Predicts BTC Target of $275,000 – Grayscale Bitcoin Mini Trust (BTC) Partially Unavailable Common Units Split Beneficial Interest (ARCA:BTC)
Major cryptocurrencies and stocks fell for a second straight day on Tuesday as investors awaited the release of key inflation reports.
| cryptocurrency | Gain +/- | Price (recorded at 7:30 p.m. ET) |
| Bitcoin Bitcoin/USD | -1.87% | $96,200.49 USD |
| Ethereum Ethereum/USD |
-4.59% | $3,601.65 |
| Dogecoin Dogecoin/USD | -3.92% | $0.3943 |
what happened: Bitcoin It plummeted to $94,300 in early trade, but pared losses by rebounding to over $96,000 overnight.
Ethereum Following a similar trajectory, it plummeted from $3,750 to $3.522 before recouping some losses in the second half.
Cryptocurrency liquidations exceeded $625 million in the past 24 hours, with long liquidations reaching $484 million.
If Bitcoin falls back to $90,000, long positions of more than $700 million will be at risk of further liquidation. Conversely, a surge to $100,000 would eliminate $719 million worth of short positions.
Bitcoin’s open interest has fallen by 3.33% in the past 24 hours, while the number of traders long the asset has also declined, as evidenced by the decline in the long-short ratio.
According to the Cryptocurrency Fear and Greed Index, market sentiment remains in “greedy” territory
Biggest riser (24 hours)
| cryptocurrency | Gain +/- | Price (recorded at 7:30 p.m. ET) |
| XDC network (XDC) | +19.52% | $0.09279 |
| Mantra (ohm) | +14.73% | $4.04 |
| Rydia (ray) | +12.60% | $4.92 |
The global cryptocurrency market capitalization is US$3.43 trillion, down 0.80% in the past 24 hours.
Major stock indexes ended lower for the second day in a row. this Dow Jones Industrial Average It fell 154.10 points, or 0.35%, to close at 44.247.83. this S&P 500 Index fell 0.30% to close at 6,034.91 points, while the technology stocks-dominated Nasdaq Index It fell 0.25% to close at 19,687.24.
The decline came ahead of key November consumer price index data on Wednesday as investors sought clues ahead of the Federal Reserve’s policy decision next week.
According to the CME FedWatch tool, market participants see an 85% chance of a 25 basis point rate cut.
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Analyst Note: Influential cryptocurrency analysts and traders Ali Martinez Stressing the importance of Bitcoin staying above $96,000 or risking a fall to $85,000
He also advises followers to buy the dip and avoid over-levering as he projects a price target of $275,000
Another widely followed trader (pseudonym) Dave HabibEthereum is expected to fall again before a strong rebound.
“We’ve bounced back strongly from $3,500, but I wouldn’t be surprised to see another rally as we approach the 3-year trendline,” the trader said. “After that, it’s just the end of the season and everything will go smoothly.”
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