Leading cryptocurrencies were rangebound Sunday as investors awaited fresh macroeconomic data to assess investments in riskier markets.

What Happened: Bitcoin saw choppy movement, oscillating between $98,700 and $97,300. The world’s leading cryptocurrency has regained momentum since New Year, resulting in weekly gains of 4.59%.

Ethereum also stagnated at around the $3,600 level. The coin has endured weeks of corrective action since hitting $4,000 last month.

About $136 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions accounting for 66% of the total.

Bitcoin’s Open Interest rose by 0.48%, indicating speculative interest for the leading asset.

That said, the Long/Short Ratio dropped in the last 24 hours, suggesting expectations of further decline in prices.

Market sentiment entered the “Extreme Greed” zone, according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.49 trillion, following a marginal drop of 0.31% in the last 24 hours.

Stock futures edged slightly lower on Sunday evening. The Dow Jones Industrial Average Futures fell 33 points, or 0.08%, as of 7:45 p.m. EDT.  Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slid 0.08%.

Investors will keep their eyes peeled on the upcoming December jobs report, due on Friday, for hints about the market’s outlook and the Federal Reserve’s rate-cut plans.

The NYSE and NASDAQ will be closed on Thursday to honor former President Jimmy Carter, who died at 100.

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Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital said Bitcoin was back to its previously lost support area of $97,000-$98,000 and the technical uptrend.

“If Bitcoin weekly closes inside this blue area, there’ll be a good chance of reclaiming that previously lost support into support once again,” the analyst remarked.

Well-known on-chain analyst Ali Martinez called attention to Ethereum’s strong move in the ascending parallel channel, painting a target of as much as $6,000.

An ascending parallel channel is a pattern of two parallel lines that slope upward, connecting higher highs and lows. It indicates a bullish trend.

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