Bitcoin, Ethereum, XRP, Dogecoin Slide Ahead Of Key Jobs Report: Analyst Sees 'Potential Rebound' For BTC Within 3-9 Days

Leading cryptocurrencies fell alongside major stock indexes on Tuesday as investors awaited the first employment report of the year.

Another Losing Day For Crypto Bulls

Bitcoin slipped below $68,000 after days of choppy sideways trading, with trading volume tumbling 18% in the last 24 hours.

Ethereum fell to an intraday low of $1,990, while XRP and Dogecoin also recorded sharp declines.

Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR)  and Bitmine Immersion Technologies Inc. (NYSE:BMNR), closed down 3.93% and 6.99%, respectively.

Nearly $215 million was liquidated from the market in the last 24 hours, according to Coinglass, with $149 million in bullish long bets wiped out.

Notably, nearly $385 million in Bitcoin shorts on Binance risked liquidation if the apex cryptocurrency rebounds to $75,000.

Bitcoin’s open interest dropped 2% over the past 24 hours to $45.07 billion, marking a 52% decline from its October peak.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.35 trillion, following a decline of 1.62% over the past 24 hours.

Mixed Bag In Stock Indices

Major indexes closed in the red on Tuesday. The S&P 500 fell 0.33% to end at 6,941.81, while the tech-heavy Nasdaq Composite slid 0.59% to settle at 23,102.47.

The Dow Jones Industrial Average bucked the decline, gaining 52.27 points, or 0.10%, to close at a new high of 50,188.14.

Precious metals held steady, with spot gold trading up 0.42% to $5,046 an ounce, while spot silver rising 1.05% to $81.64 per ounce.

Investors will parse January jobs report, due on Wednesday, for crucial labor market and economic signals.

Is Bitcoin Poised For A Rebound?

Ali Martinez, a widely followed cryptocurrency market commentator, spotted a "Buy" signal on Bitcoin's 3-day chart using the TD Sequential indicator.

The analyst said "a potential rebound could take shape" within 3-9 days.

The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.

Michaël van de Poppe, another well-known cryptocurrency commentator on X, described the area around $70,950 a "great level" for Bitcoin to bounce from.

"If this weekly bounces some more, then the monthly candle will be a copy/paste of the COVID crash and we’ll be in for $100,000 in the next 3-4 months," the analyst projected.

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