Leading cryptocurrencies moved sideways on Sunday as U.S. strikes on Iran continued into their “ninth consecutive night.”
Crypto Market Coagulates
Bitcoin hovered between $64,000 and the low $65,000 range, even as trading volume surged 12% over the past 24 hours. Ethereum was stuck in the $1,800 zone, while XRP and Dogecoin also moved sideways
Nearly $120 million was liquidated from the cryptocurrency market in the last 24 hours, with bearish short traders bearing the brunt of the losses, according to Coinglass data
Bitcoin’s open interest fell 0.42% over the last 24 hours. That said, retail and whale derivatives traders on Binance remained long on the apex cryptocurrency.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.22 trillion, up 0.44% over the last 24 hours.
Iran Tensions Pressures Stock Futures
Stock futures were mixed in overnight trading on Sunday. The Dow Jones Industrial Average Futures were down 16 points, or 0.03%, as of 8:51 p.m. EDT. Futures tied to the S&P 500 gained 0.08%, while Nasdaq 100 Futures climbed 0.32%.
Geopolitical tensions kept investors on edge as the U.S. military said it had struck Iran for the “ninth consecutive night” in an effort to degrade Iranian military capabilities further.
Iranian strikes on Friday killed two U.S. service members in Jordan and left another missing. The total U.S. death toll in the war now stands at 16
Why $69,000 Is Key For Bitcoin
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin trading below the previous cycle’s all-time highs. Historically, reclaiming this level has marked the transition from a “bear market back into a sustained bull trend,” they added
“If BTC can successfully reclaim $69,000 and hold it as support, it would be another strong piece of evidence suggesting that the next major uptrend could already be underway,” the analyst said.
Michaël van de Poppe, another popular cryptocurrency commentator, anticipated a “big week” for cryptocurrency ahead, forecasting Solana (CRYPTO: SOL) and ETH as “clear plays” over Bitcoin.
“I assume that these will outperform when Bitcoin breaks that $65,000 area,” Van De Poppe projected.
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