Leading cryptocurrencies posted steady gains on Tuesday as investors awaited September’s consumer inflation data against a backdrop of elevated oil prices.
Crypto Market Steady
Bitcoin crossed $84,000 but failed to sustain the rally, while Ethereum consolidated around the $2,500 region. XRP and Dogecoin recorded noticeable spikes.
Cryptocurrency-related stocks also dipped, with Strategy Inc. 
MSTR and Bitmine Immersion Technologies Inc. 
BMNR closing down 0.33% and 1.43%, respectively.
More than $190 million was liquidated across the cryptocurrency market in the last day, largely from bearish short positions, according to Coinglass data.
Bitcoin’s open interest rose by a modest 0.34% over the last 24 hours, matching the movement in spot price. Derivatives traders were net short on BTC as the Long/Shor Ratio slipped below 1.
“Greed” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 11:00 p.m. EDT) |
| Bitway (BTW) | +31.20% | $2.35 |
| Injective (INJ) | +11.40% | $8.22 |
| Stacks (STX) | +8.80% | $0.443 |
The global cryptocurrency market capitalization stood at $2.908 trillion, following an increase of 1.20% from the previous day.
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Stock Market Feels the Strain
Stocks ended in the red on Tuesday. The Dow Jones Industrial Average shed 180.45 points, or 0.35%, to close at 51,670.10. The S&P 500 closed 0.02% lower at 7,805.45, while the tech-heavy Nasdaq Composite fell 0.15% to end at 27,204.38.
The United States Oil Fund (NYSE: USO), which tracks WTI crude oil, rose 1.36% to $153.09 as Iran reportedly outlined new tactics to disrupt shipping and keep global oil prices elevated.
All eyes will be on Wednesday’s Consumer Price Index report as investors look for clues on the future path of monetary policy.
Bitcoin FOMO Fades
Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted a setup similar to a previous bounce, in which holding the 200-Day Simple Moving Average and closing above the 50-Day Simple Moving Average triggered a rally for Bitcoin.
“The key level to watch is $84,000, where the 50 SMA currently sits. A 4-hour close above it could confirm the next leg higher to $93,000,” the analyst added.
BITCOIN: $84,000 UNLOCKS THE NEXT RALLY
Last time $BTC bounced from the bottom of this channel, the 200 SMA held, and a 4-hour close above the 50 SMA confirmed the rally.
Now, we’re dealing with a very similar setup.
The key level to watch is $84,000, where the 50SMA… https://t.co/z3bNRdUA5q pic.twitter.com/B9OkDkZim8
On-chain analytics firm Santiment reported Ethereum leading in social sentiment, with 2.05 bullish comments per bearish one across X, Reddit, and Telegram, while commentary for Bitcoin turned predominantly bearish.
🚨 Ethereum FOMO Surges While Bitcoin And XRP Turn Fearful
🔥 Ethereum is suddenly the crowd favorite. Across X, Reddit, and Telegram, $ETH has 2.05 bullish comments for every bearish one, putting sentiment firmly into FOMO territory as traders focus on its rebound above key… pic.twitter.com/p1rj8AETvD
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Photo Courtesy: Phongphan via Shutterstock.com
