Jamie Crawley is a CoinDesk news reporter based in London.
swinging between highs well above $89,000 before falling below $86,000 as it encountered resistance on its path to another milestone. It was recently trading around $87,400. The surge in the last 24 hours has seen nearly $900 million of liquidations in crypto-tracked futures, equally distributed between bullish and bearish bets at almost $450 million apiece, according to Coinglass data.
-tracked futures saw over $68 million in cumulative losses. Those liquidations were the largest for dogecoin this year, with open interest nearing a lifetime record from April. Much of the current rally has been fueled by bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration.
subsequently retreated to below $0.40 as the crypto market fell, but remains over 30% higher in the last 24 hours.Bitcoin has rallied to test a trendline resistance formed by the twin peaks of 2021, aligning itself with movements in the Nasdaq-to-S&P 500 ratio., the ratio, representing tech optimism on Wall Street, has been a reliable indicator for BTC, guiding the cryptocurrency through various market conditions..
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