Bitcoin (BTC) 
$78,680 price has recently decreased to a new daily low of $95,676, leading to a downturn in altcoins. The decline in cryptocurrencies has begun to push psychological boundaries. Sales that started in mid-December have brought many cryptocurrencies down to their previous year’s lows. So, which altcoins are at buying levels?
Which Altcoins Are Worth Buying?
The legal pressure on cryptocurrencies in the US has started to ease, yet buyers for altcoins remain absent on exchanges. Liquidity has diminished, and declines in BTC are causing larger losses in altcoins. Those anticipating a dip below $90,000 for BTC prefer to stay on the sidelines and avoid risks with altcoins. Despite numerous favorable news, the lack of risk appetite is also related to BTC’s ongoing closures below six-figure levels.
As seen above, the average RSI of popular altcoins has dropped to 28 over the past 24 hours. Typically, when RSI levels fall to this point, a rebound from the bottom is expected. In a few weeks, we should see the cryptocurrencies that are currently at extreme selling points priced much higher than they are today. Exceptions include OM and BEL, while altcoins like XMR and BAN haven’t experienced such significant sell-offs.
Key Data in Cryptocurrencies
Potential liquidation amounts are accumulating at higher levels. If the BTC price falls below $94,000, a liquidation of $838 million in long positions is anticipated. However, if the price recovers to $100,000, the potential liquidation target for short positions is nearly $2 billion. Yet, as traders accustomed to volatile charts adjust liquidation prices lower during price movements, these figures usually occur at lower levels. The concentration of liquidity at higher levels is encouraging for those expecting a rise.
ETH has a liquidation potential of $277 million in long positions if it drops to $2,630, while there is a potential liquidation of $1.1 billion in short positions at $2,936. CME BTC futures open positions continue to decline, falling from $22.7 billion in December to below $16 billion today.
Coinbase Premium Index has remained positive since February 3. This indicates that while BTC demand in the US is decreasing daily, it remains stronger in the global context. However, despite this gradual decrease, the price’s decline while US demand is positive is quite intriguing.
