Major cryptocurrencies rose on Sunday evening with Bitcoin encountering selling pressure following its recent all-time highs.

What Happened: Following a record-breaking week, Bitcoin encountered a notable increase in selling pressure, marked by a succession of declining lows and unsuccessful recovery attempts.

Throughout the weekend, selling persisted, however, the market optimism seems to recover back as BTC nears $68,000.

In the last 24 hours, CoinGlass data revealed that over 105,344 traders faced liquidation, resulting in a total of $289.28 million in liquidations. The most substantial liquidation occurred on OKX-ETH-USDT-SWAP, with a value of $7.11 million.

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The global cryptocurrency market cap now stands at $2.60 trillion, showing a 5.85%  decrease in the past 24 hours.

Stock futures were little changed on Sunday as Wall Street anticipated insights on monetary policy from the Federal Reserve in the upcoming week.

S&P 500 futures saw a slight uptick of 0.1%. Meanwhile, Dow Jones Industrial Average futures remained near the flatline, and Nasdaq-100 futures experienced a 0.2% increase.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe believes that Bitcoin has likely reached its peak value before the halving.

"Perhaps, liquidity around the highs will be taken, but I think we’ll rotate towards altcoins in the coming period.  Ultimately, Bitcoin <$60K is still a potential one."

Pseudonymous analyst  Skew, identified specific price ranges between $60,000 and $64,000.

"Majority of the selling has been driven by takers (market selling). Constant spot selling since $74K especially from coinbase & binance."

Crypto Tony predicts a key benchmark of $69,000 as the critical level for bullish momentum for BTC. "Short term may be a pullback and consolidation if we remain below that level for the next few weeks."

On-chain analyst Ali Martinez suggested that market makers might be aiming to capitalize on a substantial liquidity pool within the $50,000 to $49,000 range before a potential surge in Bitcoin’s value. "Still, we can’t underestimate the buying pressure from $BTC ETFs we have seen lately."

Austin Arnold, a crypto market analyst and the founder of “Altcoin Daily,” discussed the potential post-halving projections for bitcoin. 

Arnold predicted that Bitcoin could potentially double in value within 12 months, reaching a range between $100,000 to $150,000, guided by the fundamental principle of supply and demand.

Photo by Igor Faun on Shutterstock

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