Bitcoin Pumps Above $70K as Crypto Rally Resumes; Analyst Sets $83K Price Target

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Bitget2024/03/26 06:57

By:Bitget

Cryptocurrencies started the week with a strong rally, bouncing back from recent losses as bitcoin (BTC) once again traded above its 2021 peak.

Bitcoin (BTC) surged past $70,000 on Monday during U.S. trading hours, surpassing the level for the first time in 10 days and gaining more than 7% over the past 24 hours. Ethereum's ether (ETH) was up 6% during the same period, while tokens for major layer-1 blockchains Solana (SOL) and Avalanche (AVAX) advanced more than 10%.

This move signaled a potential end to the recent correction for crypto markets, which saw BTC drop below $61,000 last week from record prices above $73,000, coupled with tepid inflows to new U.S.-listed spot bitcoin ETFs and increased selling of Grayscale's GBTC fund. Bitcoin could target new all-time highs after breaking out to the upside from its consolidation pattern, analytics firm 10x Research said in a Monday report.

Bitcoin Pumps Above $70K as Crypto Rally Resumes; Analyst Sets $83K Price Target image 0

Futures Market Updates

In the last 24 hours, BTC futures volume hit $93B.

Bitcoin Futures Updates

Total BTC Open Interest: $37.57B (+6.82%)

BTC Volume (24H): $93.38B (+40.26%)

BTC Liquidations (24H): $17.18M (Long)/$53.32M (Short)

Long/Short Ratio: 51.57%/48.43%

Funding Rate: 0.0259%

Ether Futures Updates

Total ETH Open Interest: $13.79B (+6.06%)

ETH Volume (24H): $33.20B (+35.67%)

ETH Liquidations (24H): $6.66M (Long)/$22.82M(M(Short)

Long/Short Ratio: 51.67%/48.33%

Funding Rate: 0.0382%

Top 3 OI Surges

CVC: $14.47M (+367.09%)

AERGO: $1.95M (+136.63%)

POLYX: $136.69M (+104.39%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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JPMorgan warns that if Strategy is removed from MSCI, it could trigger billions of dollars in outflows. The adjustment in the crypto market is mainly driven by retail investors selling ETFs. Federal Reserve officials remain cautious about rate cuts. The President of Argentina has been accused of being involved in a cryptocurrency scam. U.S. stocks and the cryptocurrency market have both declined simultaneously. Summary generated by Mars AI. This summary is produced by the Mars AI model and its accuracy and completeness are still being iteratively improved.

MarsBit•2025/11/21 06:08