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    Home » Market Updates » BTC and ETH Consolidate at Key Levels, Calm Before the Storm? (Market Watch)

    BTC and ETH Consolidate at Key Levels, Calm Before the Storm? (Market Watch)

    Author: George Georgiev

    Last Updated Jul 31, 2022 @ 08:46

    The cryptocurrency market remains at a tipping point as BTC and ETH sit at critical levels, waiting to determine the direction.

    The past 24 hours saw Bitcoin, Ethereum, and other major cryptocurrencies consolidate around important levels, and their performance around them is likely to determine the direction going forward.

    Bitcoin Flirting With $24,000

    The price of BTC is the same as it was 24 hours ago, as the cryptocurrency remains flat at the $24K level, which is an important barrier. Should a break above it take place, this might clear the way for further gains.

    Despite the relative calmness, the market saw almost $200 million worth of liquidated long and short positions, but the leader in this department was ETH with $77 million, followed by BTC with $27 million.

    BTCUSDT_2022-07-30_11-25-32
    Source: TradingView

    The chart perfectly visualizes the range Bitcoin has been trading within during the past weeks and the importance of the $24K level.

    Polkadot Soars 8%, Altcoins Largely Flat

    The majority of the altcoins are trading flat over the past 24 hours, much like Bitcoin. Ethereum is at the same price as it was yesterday, and the same can be said for many majors – as seen in the image below.

    Alicia Bakery
    CMO - A really good agency

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    img1_heatmap
    Source: Quantify Crypto

    That said, Polkadot’s DOT is the most obvious outlier and exception from the above. The cryptocurrency soared by a considerable 8% in the past day and scored itself a place in the top 10 by means of total market capitalization, according to CoinGecko.

    The general market sentiment is also steadily improving. The crypto fear and greed index – the most commonly used metric to gauge the sentiment – currently sits at 42 points which is indicative of fear but not as bad as it was a couple of weeks ago when it clocked in around 10.

    img2_cfg
    Source: AlternativeMe
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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