Bitcoin, Ethereum, Dogecoin Register Little Change Amid Bullish Momentum: Analyst Says $160K Could Be A 'Conservative' Price Target For King Crypto

Zinger Key Points
  • If Bitcoin reaches $71,000, CoinGlass data shows that $156.18 million in short positions will be liquidated.
  • The global cryptocurrency market cap now stands at $2.66 trillion, showing a 0.16%  increase in the past 24 hours.
  • Cryptocurrency analyst Michael Van de Poppe reports that Bitcoin has been performing well, currently approaching the first resistance.

Bitcoin and Ethereum registered little price movement on Tuesday as the apex cryptocurrency maintained its momentum.

CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)
Bitcoin BTC/USD+0.10%$70,328
Ethereum ETH/USD-0.13%$3,604
Dogecoin DOGE/USD+2.91%$0.18

What Happened: Bitcoin is currently priced at $70,328. If it reaches $71,000, CoinGlass data shows that $156.18 million in short positions will be liquidated. Furthermore, a climb to $75,000 will result in the liquidation of $3.85 billion in short positions.

In the last 24 hours, a total of 70,225 traders were liquidated, resulting in a total of $179.83 million in liquidations. The largest single liquidation order occurred on OKX – BTC-USDT-SWAP, with a value of $1.56 million.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)
Dogwifhat WIF/USD+20.40$3.28
Sui SUI/USD+12.80%$1.97  
Shiba Inu SHIB/USD+8.59%$0.00003149

The global cryptocurrency market cap now stands at $2.66 trillion, showing a 0.16%  increase in the past 24 hours.

The S&P 500 dropped for the third consecutive day on Tuesday, decreasing by 0.28% to conclude at 5,203.58. Similarly, the Nasdaq Composite experienced a 0.42% decline, ending at 16,315.70. The Dow Jones Industrial Average also dipped by 31.31 points, or 0.08%, settling at 39,282.33. 

On Tuesday, economic data produced mixed results, with durable goods orders surpassing expectations, while consumer confidence showed a decline.

Investors are anticipating the upcoming personal consumption expenditures report on Friday, along with statements from Federal Reserve Chairman Jerome Powell. Median forecasts suggest a 2.8% increase in core PCE, the Fed’s preferred inflation measure.

Notably, markets will be closed for Good Friday, preventing investors from acting on the news that day.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe reports that Bitcoin has been performing well, currently approaching the first resistance. "Expecting consolidation to continue, one more test of ATH pre-halving and then we’re finalizing this run for Bitcoin. Altcoins to do well!"

Pseudonymous analyst Dave the Wave said Bitcoin’s price trajectory from 2020 suggests that the cryptocurrency could reach $160,000 before May and keep rising.

"A BTC $160,000 target, should we see a continued parabolic run, is actually quite conservative on this comparison."

According to on-chain analyst Ali Martinez, it seems like Bitcoin is breaking out of an ascending triangle on the lower time frames. "…which could see $BTC rise toward $71,800 as long as the $70,400 support holds."

Photo by CMP_NZ on Shutterstock

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