Bitcoin, Ethereum, XRP, Dogecoin Rebound Amid Iran War-Induced Oil Volatility: Analyst Targets BTC Upside Once This Barrier Is Cleared

Leading cryptocurrencies recovered on Tuesday, while stocks and commodities remained volatile amid the ongoing Middle East war.

Crypto Market’s U-Turn

Bitcoin rebounded as high as $71,700, with trading volume surging 11% in the last 24 hours. 

Ethereum spiked to an intraday high of $2,087.99 before easing to $2,035 in the evening. XRP and Dogecoin were up in the green.

Shares of  Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 0.35% and 1.64%, respectively.

Nearly $300 million was liquidated from the cryptocurrency market over the past 24 hours, predominantly short positions, according to Coinglass data. Moreover, about $490 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rises to $73,000.

Open interest in Bitcoin futures increased 2.58% in the last 24 hours. Both retail and whale derivatives traders on Binance were long BTC as of this writing.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.35 trillion, increasing 3.04% over the last 24 hours.

Stocks Close Lower, Oil Volatility Persists

Major stock indexes retraced on Tuesday. The Dow Jones Industrial Average pulled back 4.29 points, or 0.07%, to close at 47,706.51. The S&P 500 fell 0.21% to finish at 6,781.48.  The tech-heavy Nasdaq Composite was the outlier, eking out a modest gain of 0.01% to settle at 22,697.10.

Oil prices slipped below $80 a barrel after the government spokesperson said the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz.

However, the claim was later deleted from X, casting uncertainty in the energy market. The West Texas Intermediate crude futures rebounded to $83 per barrel as of this writing.

Spot gold traded up 0.43% to  $5,217 per ounce, extending its gains this year to nearly 21%.

Bitcoin Poised For A Rally?

Widely followed cryptocurrency analyst and trader Ali Martinez identified $70,685 as a "major resistance wall" for Bitcoin. However, clearing this obstacle could accelerate momentum to "major supply clusters" around $83,307 and $84,569, they added.

On-chain analytics firm CryptoQuant noted increasing user participation in the Ethereum blockchain despite weak price action, indicating a divergence between network usage and asset performance.

"Daily active addresses have surged to new highs, exceeding previous peaks seen during the 2021 bull market, indicating strong adoption and sustained participation in the Ethereum ecosystem," CryptoQuant stated.

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This article Bitcoin, Ethereum, XRP, Dogecoin Rebound Amid Iran War-Induced Oil Volatility: Analyst Targets BTC Upside Once This Barrier Is Cleared originally appeared on Benzinga.com