Leading cryptocurrencies traded sideways overnight on Sunday after President Donald Trump downplayed the urgency of reaching an agreement with Iran.
Crypto Market Holds Steady
Bitcoin meandered between $73,300 and $74,300, with trading volume dropping 9% in the last 24 hours.
By contrast, Ethereum was far more volatile, battling bears at the $2,000 resistance but falling short of a decisive breakout. XRP and Dogecoin moved sideways.
Roughly $191 million was liquidated from the cryptocurrency market in the last 24 hours, with over $100 million in bearish short bets erased, according to Coinglass data.
Bitcoin’s open interest fell 0.40% over the last 24 hours, broadly aligning with the drop in spot price. Retail and whale derivatives traders, meanwhile, remained bullish on the leading cryptocurrency, continuing to favor long positions over shorts.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.49 trillion, following a dip of 0.68% over the last 24 hours.
Stock Futures Gain Despite Iran Uncertainty
Stock futures ticked higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 28 points, or 0.05%, as of 8:43 p.m. EDT. Futures tied to the S&P 500 gained 0.21%, while Nasdaq 100 Futures added 0.46%.
Uncertainty lingered over a possible U.S.-Iran peace deal as Trump said he is in no “hurry” to reach an agreement. He warned that military options remain on the table if a satisfactory deal cannot be secured.
Why This Level Is Significant For BTC
Widely followed cryptocurrency analyst and trader Ali Martinez noted Ethereum testing the lower boundary of a descending channel on its 3-day chart at $1,825.
“That area could offer a favorable risk-reward entry targeting $2,073 and $2,360, as long as price remains above $1,750 on a daily closing basis,” Martinez added.
Rekt Capital, another popular cryptocurrency commentator, drew attention to Bitcoin’s retest of the $73,000 level as support despite “downside volatility.”
“If Bitcoin manages to weekly close above $73,000 then price will be one step closer to confirming the double bottom breakout & be positioned to try to trend continue,” the analyst projected.
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