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Leading cryptocurrencies pulled back on Tuesday as investors locked in profits from the recent rally.
Crypto Market Takes a U-Turn
Bitcoinpulled back after reaching the key $80,000 milestone as trading volume dropped 20% over the past 24 hours.
Ethereumalso fell back to the mid-$2,400 range, while XRPand Dogecoingave back a sizeable chunk of their recent gains.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 3.42% and 2.82%, respectively.
More than $620 million in cryptocurrency positions were liquidated over the past 24 hours, with long liquidations slightly exceeding short liquidations, accordingto Coinglass data.
Bitcoin’s open interest fell sharply by 3.24% over the last 24 hours. Interestingly, retail and whale derivatives traders on Binance immediately increased their long exposure to BTC.
“Greed” sentiment continued to dominate the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.65 trillion, contracting by 1.29% over the last 24 hours.
Stocks Close Higher
Stocks lifted sharply on Tuesday. The Dow Jones Industrial Averagejumped 160.24 points, or 0.30%, to close at 53,577.40.The S&P 500 rose 0.32% to close at 7,677.28,while the tech-heavy Nasdaq Composite climbed 0.66% to settle at 26,151.30.
Washington is reportedly preparing to send Foreign Service officers back to Middle East embassies evacuated during the war, with returns possible as early as this week
Notably, West Texas Intermediate dropped to a one-week low after the U.S. unveiled its most sweeping sanctions campaign against Iran.
Which Way is BTC Headed?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, outlined two possible scenarios for Bitcoin.
First, he predicted that Bitcoin would face resistance at $82,700, followed by several months of consolidation.
If BTC doesn’t encounter resistance, Van De Poppe anticipates a breakout enabling a $76,000-$90,000 trading range.
“In any scenario, things are looking great for a period of sideways action on Bitcoin and Altcoins to wake up,” the analyst stated.
Rekt Capital, another popular cryptocurrency commentator, noted that Bitcoin is holding the 50-week extended moving average as support—currently around $78,000—on the weekly chart but facing repeated rejection on advances.
“For bullish bias, the goal would be for price stability to develop above the 50-week EMA,” the analyst stated. “But if this is a Bear Market Relief Rally, price won’t be able to sustain itself at these highs for too long.”
Photo Courtesy: Marc Bruxelle on .com
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