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Leading cryptocurrencies held steady on Tuesday as investors digested President Donald Trump’slatest remarks on Iran negotiations.
Crypto MarketTrade Mixed
Bitcoinapproached $65,000 during the early hours of trading, but failed to secure a clear breakout. Trading volume fell 12% over the last 24 hours. Ethereumtopped $1,900 and consolidated, while XRPand Dogecoin lagged.
Cryptocurrency-related stocks sold off, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 5.28% and 2.35%, respectively.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, accordingto Coinglass data.
Bitcoin’s open interest fell 0.53% over the last 24 hours. A drop in open interest alongside a price increase typically signals short covering i.e, bearish traders are buying back contracts to exit their positions.
“Fear” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.18 trillion, representing a modest increase of 0.47% over the last 24 hours.
Stocks Dive on Iran Deadlock
Stocks extended their losses on Tuesday. The Dow Jones Industrial Averagefell 116.38 points, or 0.22%, to close at 53,343.40. The S&P 500 slipped 0.69% to close at 7,691.76,while the tech-focused Nasdaq Composite declined 1.33% to settle at 26,289.71.
Trump said in a Truth Social post that the U.S. is not having any “talks or conversations” with Iran, nor are any scheduled. He said that the naval blockade remains in effect and the Strait of Hormuz is open for traffic.
Will Bitcoin Sink Below $60,000?
On-chain analytics firm CryptoQuant spotlighted Bitcoin’s 30-day average Taker Buy Volume plunging to levels previously observed around the late-2020 reset, the 2022 cycle bottom and the 2023 consolidation.
When Taker Buy Volume falls, it means active buyer demand is fading and aggressive selling or market neutrality is taking over.
“A more credible bottoming signal would require Bitcoin to stabilize while Taker Buy Volume begins to recover,” the firm added. “The current reading therefore points to an advanced reset in market participation, not a confirmed bottom.”
Ali Martinez, a widely followed cryptocurrency analyst and trader, flagged $63,111–$61,849 as Bitcoin’s immediate support zone, where over 2 million BTC last changed hands.
“If it holds, Bitcoin may resume its advance,” Martinez projected. “If it breaks amid rising selling pressure, the next major downside target is near $54,276.”
Photo Courtesy: Marc Bruxelle on .com
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