The overall crypto market reflected a mixed sentiment on Friday, December 19 as some altcoins reflected gains amid the ongoing slump. Bitcoin rose by under one percent in the last 24 hours. At the time of writing, the asset was trading at $86,795 – with its seven-day price average having dipped by nearly seven percent.
In conversation with Coin Headlines, market analysts said BTC is now in an extreme oversold zone, with momentum indicators at levels that have historically marked market exhaustion.
“Bitcoin briefly reclaimed the $89,000 level following the cooler-than-expected CPI print before pulling back to the $85,500 zone. Adding to the constructive setup, Bitcoin ETFs recorded $457 million in net inflows. As markets await the Bank of Japan’s rate decision, holding the $84,000 support remains key to maintaining a bullish recovery outlook,” said Akshat Siddhant, Lead Quant Analyst at Mudrex.
Ether registered a loss of 0.31 percent over the last day, bringing its trading value to $2,915 on Friday. The second most expensive asset after BTC, ETH has been trading under its crucial support zone of $3,000 for over a week now.
“While inflation hitting multi-year lows is a clear positive, near-term liquidity constraints have kept selling pressure elevated. That said, conditions are aligning for a potential reversal,” Siddhant added.
BNB, Solana, Tron, Dogecoin, and Chainlink registered profits of under one percent in the last 24 hours. Stellar, Leo, Zcash, Litecoin, and Cronos also roped-in minor gains amid the market fluctuations. The tokens were retailing in losses on December 18.
Meanwhile, tokens trading in losses include Tether, XRP, Cardano, Hyperliquid, Monero, Avalanche, Hedera, and Shiba Inu among others.
The overall crypto market cap went up by 0.54 percent over the last day. The valuation of the overall market currently stands at $2.93 trillion, data by CoinMarketCap showed.
As per CoinGlass’ liquidation heatmap, $195.7 million and $147.7 million were liquidated from the BTC and ETH ecosystems respectively. A total of 151,570 traders were liquidated in the last 24 hours with the total amount of liquidations hitting $556.37 million.