Bitcoin, Ethereum, Dogecoin Dip As Investors Seek Volatility Over A Dull Weekend: Analyst Thinks ‘Blindly’ Longing The BTC Range Lows May Not Be A Good Idea – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Leading cryptocurrencies slid on Sunday, as the market endured dwindling volume and volatility.

What Happened: Bitcoin consolidated between $96,000 and $97,650, extending the sideways market trajectory since recovering from the ‘Black Sunday’ crash. Ethereum dipped below $2,700, falling to an intraday low of $2,655.30. 

The two blue-chip assets witnessed a decline in 24-hour trading volumes, suggesting weak demand.

Cryptocurrency liquidations rose above $109 million in the last 24 hours, with long liquidations amounting to $78 million.

Over $300 million in short positions risked liquidation if Bitcoin rises to $100,000.

About 52% of Bitcoin derivatives traders were positioned short, according to the Long/Short Ratio, implying a further decline in prices.

Market sentiment remained “Neutral,” according to the Crypto Fear & Greed Index, indicating no clear dominance of either bullish or bearish forces.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.2 trillion, contracting 1.16% in the last 24 hours.

Stock futures were largely unchanged on Sunday evening. The Dow Jones Industrial Average Futures traded on the flatline at 7:39 p.m. EDT.  Futures tied to the S&P 500 rose 0.03%, while Nasdaq 100 Futures added 0.04%.

The New York Stock Exchange and Nasdaq will be closed for trading Monday in observance of the Presidents Day holiday, also known as Washington’s Birthday.

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Analyst Notes: Cryptocurrency analyst CrypNuevo, who has a large following, forecasted a “nice” trading week and pointed out important levels of interest on Bitcoin’s chart.

“I do think that the upside liquidations will likely get hit fairly soon ($99,200) but would love to re-enter at the lower liquidations ($93,300) first.

The analyst also cautioned against longing the range lows “blindly” as he projected Bitcoin to dip further to $88,000 if it touched range lows of $91,000.

Influential cryptocurrency expert and trader Ali Martinez warned that if Ethereum failed to hold $2,570, the next “key” support level was at $2,200.