On Wednesday evening, major cryptocurrencies experienced a small price correction as Bitcoin’s momentum slowed down. This was reflected in the following table, which shows the gains and prices of the top cryptocurrencies at 12:00 a.m. EDT:
– Bitcoin (CRYPTO: BTC): -1.94% at $69,229
– Ethereum (CRYPTO: ETH): -3.64% at $3,486
– Dogecoin (CRYPTO: DOGE): +5.87% at $0.19
Investors are also keeping an eye on the expiration of over $9.4 billion worth of Bitcoin options on the Deribit Cryptocurrency exchange on March 29. This data suggests that the “maximum pain” price could be $50,000, as reported on March 27.
The maximum pain price refers to the strike price with the largest number of open Bitcoin options contracts (puts or calls). This is the price at which most option holders would lose money at the expiration of their options.
In other news, Bitcoin ETFs saw a major turnaround on March 25 after five consecutive days of negative outflows in the spot market. Coinciding with Bitcoin’s highest daily close above $69,000 in the past 10 days, ETFs observed a net flow of over $15 million. This was followed by a collective net inflow of $418 million on June 10.
The top gainer in the past 24 hours was Mantle (CRYPTO: MNT), with a 23.47% increase in price. This was followed by Bitcoin Cash (CRYPTO: BCH) with an 8.24% increase and Dogecoin (CRYPTO: DOGE) with a 5.28% increase.
The global cryptocurrency market cap currently stands at $2.66 trillion, showing a 0.32% decrease in the past 24 hours.
On the stock market, all 11 sectors of the S&P 500 saw gains on Wednesday, indicating a broad rally. The utilities sector led the way with a jump of nearly 2.8%, followed by real estate with a 2.4% increase and industrials with a 1.6% increase.
Looking ahead, investors are anticipating data on consumer sentiment, gross domestic product, and jobless claims. Although the stock market will be closed on Good Friday, economic data related to personal spending, personal income, and personal consumption expenditures will be released in the morning.
In analyst notes, Michael Van de Poppe advises keeping an eye on Bitcoin’s technical aspects as it approaches the $67,000 mark. He believes that if this level holds, another all-time high test is likely before a potential correction. Ali Martinez also points out that the greatest resistance level for Bitcoin is between $70,180 and $70,600, where there are 292,000 and 397,000 BTC addresses, respectively. Overcoming this barrier could lead to new highs for BTC.
In the end, it’s important to note that this article does not offer investment advice and all rights are reserved. Thank you for reading Benzinga.com. Contact us through our website for any inquiries.
