The main catalysts that lead the cryptography market today include:
-
Optimism on the softening of American-Chinese American trade tensions.
-
A “short pressure” on the derivative market, with more than $ 540 million in short liquidations in the last 24 hours.
-
Strengthening technical configuration with a break in a downward trend of several states.
The cryptocurrency market is up today, total market capitalization increasing by around 6.7% in the last 24 hours to reach 2.94 dollars billions on April 23.
The gains were led by Bitcoin 
Btcusd and ether 
Ethusdwhich increased by around 6.4% and 13%, respectively.
According to the tensions of the trade in American China
An important catalyst for today’s cryptography rally is the potential de-escalation of the trade war between the United States and China.
The recent statements by the US Treasury Secretary, Scott Bessent, on April 22, helped to alleviate investors’ concerns. As Bloomberg reported, Bessent described the dead end with China as “unbearable”, referring to an increased probability of de -escalation.
Later, while addressing journalists from the White House, President Trump said that the American prices on Chinese goods “will decrease considerably” by the current level of 145%, reporting a possible thaw in economic relations.
Trump also added that he did not intend to dismiss the president of the Federal Reserve Jerome Powell, following the recent pressure on the head of the American central bank to reduce borrowing rates.
This confidence renewed in the stability of global trade contributed to the last gathering of cryptography prices, Bitcoin climbing above $ 94,000 on April 23, with Altcoins which followed.
Massive shoe of short liquidations on the price of fuel
Another pilot of today’s rally is a wave of short liquidations that have sparked a powerful “short pressure”, as shown in Coinglass data.
In the past 24 hours, more than $ 624 million in cryptographic positions have been liquidated on the cryptography market, with $ 545 million representing short -position liquidations.
“Short squee!” pointed out Coinglass in response to today’s liquidation event, adding:
“The greatest short liquidation so far this year.”
The magnitude of this liquidation reflects the liquidation event of November 6, where more than $ 426 million in short leverage effects were liquidated, accompanying an increase of 16% (356 billion dollars) in the total capitalization of the cryptocurography market on the same day.
The short pressure played a crucial role in the amplification of the current rally, in particular for Bitcoin, which led to market costs exceeding $ 93,000.
Total market capitalization validates a corner model falling
Finally, the technical perspectives of the cryptography market provide a bullish base for this gathering. Total, the combined market capitalization of all cryptocurrencies, recently exploded from a downward trend of several instructions, in particular a falling corner diagram, as observed on the daily graphic below.
This escape, confirmed by a retaining of the resistance line greater than 2.6 billions of dollars and the ultimate violation of the 50 -day single mobile average (SMA) at 2.68 billions of dollars, is a strong bull signal.
The total is now looking at the local technical objective at 3.12 billions of dollars, which represents an increase of 7.5% compared to the current level.
However, to reach the target, the bulls must first overcome a rigid barrier presented by the SMA of 100 days and 200 days between 2.93 billions of dollars and 2.94 billions of dollars.
The relative force index (RSI) climbed its lowest from 30 from 7 to 65 at the time of writing the editorial’s moment, indicating an increasing bullish momentum.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
