Leading cryptocurrencies stayed weak alongside stocks on Tuesday as President Donald Trump warned the U.S. would wait only for a “limited period of time” if a deal with Iran is not made sooner.
Crypto Market Loses Momentum
Bitcoin wiggled in the range between $76,000 and $77,000, even as 24-hour trading volume fell drastically. Ethereum fell below $2,100 in the early trading hours, before recovering slightly in the evening. XRP and Dogecoin traded in the red.
Over $150 million was liquidated in the past 24 hours, with $104 million in long positions alone erased, according to Coinglass data.
Bitcoin’s open interest fell nearly 1% over the last 24 hours, with the majority of retail and whale derivatives traders on Binance positioned long on the leading cryptocurrency.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.55 trillion, following a contraction of 0.30% over the last 24 hours.
Stocks Slide As Investors Fear Iran War Resumption
Stocks fell sharply on Tuesday. The Dow Jones Industrial Average slid 322.24 points, or 0.65%, to close at 49,363.88. The S&P 500 lost 0.67% to end at 7,353.61, while the tech-heavy Nasdaq Composite ended down 0.84% at 25,870.71.
Trump told reporters at the White House that he was “an hour away” from ordering a strike on Iran and, and would wait only for a “limited period of time” if a deal is not made sooner.
Can Bitcoin Rally Big From Here?
Widely followed cryptocurrency analyst Ali Martinez said Bitcoin could rally toward $94,850 as long as it holds above $72,960, citing data from Market Value to Realized Value pricing bands.
These bands use statistical deviation from the Market Value to Realized Value ratio’s all-time average to identify potential market tops and bottoms.
“Losing this level could put Bitcoin at risk of a deeper correction toward the realized price around $54,270,” Martinez predicted.
Michaël van de Poppe, another prominent cryptocurrency commentator on X, said Bitcoin “doesn’t look great” and needs to break $79,100 to get momentum back in the market.
“If this area doesn’t hold, then we’re most likely cascading through the lows of the recent rally and test <$65,000 for support,” the analyst projected, citing headwinds from the oil rally and higher Treasury yields
Image via Shutterstock/ Robert V Schwemmer
