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)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 9:20 p.m. ET)
Bitcoin SV (BSV)
+26.06%
$16.52
Akash Network (AKT)
+23.48%
$0.4648
Flow (FLOW)
+19.72%
$0.06552
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.
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.
$70,685 represents a major resistance wall for Bitcoin $BTC, but once that area is cleared, the next major supply clusters appear around $83,307 and $84,569. pic.twitter.com/7u8DL8gjxL
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.
Ethereum activity is at all-time highs.
Active addresses, transfers, and smart contract calls keep rising, even above 2021 levels, while ETH price is down over 50%.
The reason: capital outflows. Network growth ≠ price if liquidity is leaving. pic.twitter.com/qwxHyCY1KZ
Join thousands of traders who make more informed decisions with our premium features.
Real-time quotes, advanced visualizations, backtesting, and much more.
