News author: Crypto Emergency
The cryptocurrency market experienced a sharp surge in activity against the backdrop of positive macroeconomic news from the USA. Bitcoin (BTC) rose above the mark of $94,000, while Ethereum (ETH) approached $3,400.
The increase was accompanied by a powerful wave of liquidations: according to Coinglass, in the last 24 hours, positions of 103,495 traders were forcibly closed for a total amount of $376.16 million. The largest order was recorded on HTX in the BTC/USDT pair for almost $24 million.
The impulse arose after the publication of strong labor market data in the US, on the eve of the key meeting of the Federal Reserve System (FRS). Most market participants expect a rate cut of 0.25%. The probability of such an outcome is estimated at 89.6% according to CME FedWatch, and over 96% on Polymarket.
What’s next?
Analyst 22V Research Jordi Visser noted that the stock market is 'sending signals' of an impending Bitcoin rally. According to him, the ratio of 'net volatility to net profitability' has returned to highs in 10 of the last 11 days, reinforcing the bullish scenario.
Trader Altcoin Sherpa also remains optimistic: he allows for BTC to rise to $100,000 with sufficient strength of the current breakout. His forecast for Ethereum is no less positive — a move above $3600 is expected.
Ethereum is already showing more confident growth: +8.14% over the week compared to +4.80% for Bitcoin, according to CoinMarketCap.
