In brief – Bitcoin has bounced after a Thursday dip brought it under $80,000 for the first time in over a month. – Alts are having a better day as well: Zcash jumped 10.29%, Ethereum rose 4.17%, and Solana is up 3.02%. – Where does the crypto market go next?
Here’s what the charts are saying right now
Bitcoin is trading at $82,295, up 1.28% in 24 hours, after a Thursday slide below $80,000, its first dip under that level in more than a month. Ethereum gained 4.17% to $2,473.17, Solana rose 3.02%, and XRP added 2.03%. Zcash is the strongest of the top 15 largest coins, jumping 10.29% to $1,222.02, lifting its market cap to $20.67 billion, and roughly erasing the almost 10% it lost on Thursday.
In general, the market is bouncing today after spending most of the week heading in the other direction. Thursday’s drop triggered $948 million in liquidations, 90.6% of them longs, per CoinGlass data. A liquidation is the forced closing of a trade placed with borrowed money after losses wipe out the collateral, and a long is a bet on rising prices, so the selling feeds on itself.