Leading cryptocurrencies were rangebound Sunday as investors awaited fresh macroeconomic data to assess investments in riskier markets.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +0.20% | $98,435.33 |
| Ethereum (CRYPTO: ETH) | -0.44% | $3,644.50 |
| Dogecoin (CRYPTO: DOGE) | -3.07% | $0.3819 |
What Happened: Bitcoin saw choppy movement, oscillating between $98,700 and $97,300. The world's leading cryptocurrency has regained momentum since New Year, resulting in weekly gains of 4.59%.
Ethereum also stagnated at around the $3,600 level. The coin has endured weeks of corrective action since hitting $4,000 last month.
About $136 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions accounting for 66% of the total.
Bitcoin's Open Interest rose by 0.48%, indicating speculative interest for the leading asset.
That said, the Long/Short Ratio dropped in the last 24 hours, suggesting expectations of further decline in prices.
Market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Movement (MOVE) | +12.10% | $1.11 |
| SPX6900 (SPX) | +11.27% | $1.49 |
| Injective (INJ) | +7.50% | $25.54 |
The global cryptocurrency market capitalization stood at $3.49 trillion, following a marginal drop of 0.31% in the last 24 hours.
Stock futures edged slightly lower on Sunday evening. The Dow Jones Industrial Average Futures fell 33 points, or 0.08%, as of 7:45 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slid 0.08%.
Investors will keep their eyes peeled on the upcoming December jobs report, due on Friday, for hints about the market's outlook and the Federal Reserve's rate-cut plans.
The NYSE and NASDAQ will be closed on Thursday to honor former President Jimmy Carter, who died at 100.
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Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital said Bitcoin was back to its previously lost support area of $97,000-$98,000 and the technical uptrend.
"If Bitcoin weekly closes inside this blue area, there'll be a good chance of reclaiming that previously lost support into support once again," the analyst remarked.
#BTC
— Rekt Capital (@rektcapital) January 5, 2025
Since confirming additional downside, Bitcoin dropped into the ~$91000 Weekly support before reversing to the upside
Bitcoin is now back at the previously lost support area that is the blue Order Block ($97k-$98k) and the previously lost technical uptrend (orange)
If... pic.twitter.com/MOdXEmWhwF
Well-known on-chain analyst Ali Martinez called attention to Ethereum's strong move in the ascending parallel channel, painting a target of as much as $6,000.
An ascending parallel channel is a pattern of two parallel lines that slope upward, connecting higher highs and lows. It indicates a bullish trend.
Despite the volatility, #Ethereum $ETH is holding strong within an ascending parallel channel, pointing towards $6,000! pic.twitter.com/GKrHvv9mkA
— Ali (@ali_charts) January 5, 2025
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