Bitcoin, Ethereum, Dogecoin Rise As ‘Greed’ Sentiment Takes Over: Top Analyst Says Breaking This Resistance Level Could Be ‘Pivotal’ For BTC

Leading cryptocurrencies gained on Sunday as investors set aside concerns that monetary easing policies will be impacted due to the blowout jobs report.

What Happened: Bitcoin surged to $95,740 during the evening, capping off a choppy day for the world’s leading cryptocurrency. The asset fluctuated between $94,000 and $95,000 for much of the weekend before breaking out to the upside. 

Corrective price action has been in place since Bitcoin’s rally to $102,000 last week.

Ethereum followed a similar trajectory, plunging from the highs of $3,700 to $3,00 over the week.

About $149.81 million were liquidated in the last 24 hours, with upside bets accounting for $100 million. 

A further drop to $90,000 will liquidate $417 million of long positions.

However, the market seemed hopeful about a comeback, with 61% of Binance traders betting on Bitcoin’s gain based on the Long/Short ratio.

The market sentiment advanced from “Neutral” to “Greed,” according to the Crypto Fear & Greed Index, indicating a surge in risk appetite.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.3 trillion, falling by 0.50% in the last 24 hours.

Stock futures remained largely unchanged in overnight trading. The Dow Jones Industrial Average Futures rose 22 points, or 0.05%, as of 7:43 p.m. EDT.  Futures tied to the S&P 500 dropped 0.09%, while Nasdaq 100 Futures dipped 0.03%.

The December jobs report from last week exceeded expectations, with the nonfarm payrolls marking the strongest growth since March. However, it raised concerns over the pace of interest rate cuts, triggering a sell-off.

This week, investors will focus on key inflation data, such as the consumer price index and the producer price index for December.

See More: Best Cryptocurrency Scanners

Analyst Notes: Legendary trader Peter Brandt noted a head and shoulders chart pattern for Bitcoin, suggesting that it could either complete, fail as a bear trap, or morph into a broader pattern.

A bearish pattern shows a baseline with three peaks, with the middle peak being the highest, indicating a reversal of an upward trend.

Ali Martinez, a widely followed cryptocurrency analyst and trader, drew attention to Bitcoin’s key resistance levels between $97,000 and $99,500, where more than a million addresses bought 1.22 million BTC.

“Breaking through this level could be pivotal!” Martinez added.

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