Bitcoin traded sideways, fluctuating between $95,000 and $97,000, while Ethereum rebounded to $2,848.78. The total cryptocurrency market cap reached $3.17 trillion, with significant liquidations occurring. Analysts noted Ethereum’s strong off-exchange movements and identified bearish signals for Bitcoin, indicating potential price corrections ahead.

Bitcoin’s price remained stable on Monday, fluctuating between $95,000 and $97,000, while Ethereum experienced a rebound, reaching a two-week high of $2,848.78 before slightly declining. Despite Bitcoin’s price inactivity, its market dominance increased to 59.8%, reflecting a 3.16% uptick over 24 hours. The cryptocurrency market faced significant liquidations totaling $238 million, predominantly from long positions. Interestingly, Bitcoin’s Open Interest increased by 1.58%, suggesting potential for future volatility due to an uptick in long positions versus short positions.

As for the broader cryptocurrency market, the total market capitalization stood at $3.17 trillion, representing a contraction of 0.92% in the past day. Additionally, stock futures showed positive momentum, with the Dow Jones Industrial Average Futures increasing by 67 points as of 7:45 p.m. EDT. This comes as the Federal Reserve prepares to release the minutes of its latest meeting, which could provide valuable insights into its stance on interest rates. Following the Presidents Day holiday, trading will resume on Tuesday for both the New York Stock Exchange and Nasdaq.

On the analytical front, Santiment, a prominent on-chain analytics firm, highlighted Ethereum’s positive market dynamics. It reported that Ethereum continues to leave exchanges at a remarkable pace, with only 6.38% of its total supply on exchanges, indicating a lower likelihood of a major sell-off. Santiment noted that this trend should be interpreted as a long-term indicator rather than an immediate price driver.

Furthermore, cryptocurrency analyst Ali Martinez pointed out a bearish crossover in the Moving Average Convergence Divergence (MACD) indicator on Bitcoin’s weekly chart. Historically, this signal has preceded major price corrections for Bitcoin. He also indicated that Bitcoin miners sold off over 2,000 BTC in the past week, further contributing to concerns regarding Bitcoin’s price stability in the short term.

In summary, Bitcoin maintained a stable price while Ethereum showed signs of recovery. The cryptocurrency market is marked by high liquidation rates and an increase in Open Interest for Bitcoin, hinting at future volatility. Analysts note Ethereum’s healthy supply dynamics, suggesting a reduced risk of sell-offs, while simultaneously highlighting bearish signals for Bitcoin. The upcoming Federal Reserve meeting minutes may also influence market sentiments going forward.

Original Source: www.benzinga.com

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