Bitcoin Pumps Above $70K as Crypto Rally Resumes; Analyst Sets $83K Price Target

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Bitget2024/03/26 06:57

By:Bitget

Cryptocurrencies started the week with a strong rally, bouncing back from recent losses as bitcoin (BTC) once again traded above its 2021 peak.

Bitcoin (BTC) surged past $70,000 on Monday during U.S. trading hours, surpassing the level for the first time in 10 days and gaining more than 7% over the past 24 hours. Ethereum's ether (ETH) was up 6% during the same period, while tokens for major layer-1 blockchains Solana (SOL) and Avalanche (AVAX) advanced more than 10%.

This move signaled a potential end to the recent correction for crypto markets, which saw BTC drop below $61,000 last week from record prices above $73,000, coupled with tepid inflows to new U.S.-listed spot bitcoin ETFs and increased selling of Grayscale's GBTC fund. Bitcoin could target new all-time highs after breaking out to the upside from its consolidation pattern, analytics firm 10x Research said in a Monday report.

Futures Market Updates

In the last 24 hours, BTC futures volume hit $93B.

Bitcoin Futures Updates

Total BTC Open Interest: $37.57B (+6.82%)

BTC Volume (24H): $93.38B (+40.26%)

BTC Liquidations (24H): $17.18M (Long)/$53.32M (Short)

Long/Short Ratio: 51.57%/48.43%

Funding Rate: 0.0259%

Ether Futures Updates

Total ETH Open Interest: $13.79B (+6.06%)

ETH Volume (24H): $33.20B (+35.67%)

ETH Liquidations (24H): $6.66M (Long)/$22.82M(M(Short)

Long/Short Ratio: 51.67%/48.33%

Funding Rate: 0.0382%

Top 3 OI Surges

CVC: $14.47M (+367.09%)

AERGO: $1.95M (+136.63%)

POLYX: $136.69M (+104.39%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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