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

Bitget2024/03/26 06:57

By:Bitget

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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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Significantly tightened financial conditions are heavily impacting ordinary stocks in the US stock market, with the median S&P 500 constituent falling 15% from its peak and the equity risk premium dropping below zero. Rising US Treasury yields and oil prices have pushed the financial conditions index sharply higher, resulting in a severe deterioration in breadth beneath the apparent calm of the index. Market divergence is intensifying, raising the core uncertainty of whether ordinary stocks will catch up or the index will converge downward.

华尔街见闻•2026/10/17 04:01