Major cryptocurrencies fell further on Tuesday as long-term investors continued to seek profits.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -2.18% | $92,538.27 |
| Ethereum ETH/USD |
-3.32% | $3,335.13 |
| Dogecoin DOGE/USD | -4.39% | $0.3886 |
What happened: Bitcoin fell to an intraday low of $90,770 before rallying to $92,500 overnight. The corrective action erased all gains made during the week, halting the top cryptocurrency’s rise at $100,000.
Long-term Bitcoin holders have sold 728,000 coins over the past 30 days, marking the largest sale since April.
More than $364 million in long positions were liquidated in the last 24 hours, out of a total of $477 million. Bitcoin’s open interest has also declined by over 5% in the past 24 hours.
That said, the number of Binance traders who opt for Bitcoin have still far exceeded those who bet against the asset, according to to the Long/Short Ratio indicator.
Additionally, approximately $695 million in leveraged shorts were at risk of liquidation if the top cryptocurrency rebounded to $98,000.
Top winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. ET) |
| Algorand (ALGO) | +13.71% | $0.3031 |
| Ghost (FTM) | +7.27% | $1.08 |
| Injective (INJ) | +7.09% | $29.61 |
The global cryptocurrency market capitalization stood at $3.18 trillion, following a 2.29% contraction over the past 24 hours.
Stocks hit new record highs on Tuesday. THE Dow Jones Industrial Average rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&P500 gained 0.57% to end at 6,021.63. Both broad-based indexes closed at record highs. Technology-focused Nasdaq Composite added 0.63% more to close at 19,175.58.
Investors analyzed the minutes of the Federal Reserve meeting, which revealed a consensus among policymakers that inflation was gradually falling.
Market participants raised the probability of a 25 basis point cut at next month’s FOMC meeting to 57.7%, up from 52.3% a day earlier. according to to the CME FedWatch tool.
Data on personal consumption expenditures (PCE), considered the Fed’s preferred inflation indicator, is scheduled to be released on Wednesday.
.See more: Best Cryptocurrency Scanners
Analyst Ratings: In a note shared with Benzinga, Haider RafiqueGlobal Marketing Director at Cryptocurrency Exchange OKXexplained why Bitcoin was fumbling around the $100,000 mark.
“There is certainly profit taking at these levels. The average holding price is around $30,000, representing two to three times upside potential for investors. So there is significant selling pressure, but we are also seeing equal repurchase pressure,” Rafique said.
He added: “Many people had a price target of $100,000 for liquidation. We see institutions like MicroStrategy buying and holding a large supply, which naturally reduces available liquidity on exchanges and creates upward momentum. »
Widely Followed Cryptocurrency Analyst Ali Martinez spotted a “buy signal” from the TD Sequential indicator on Bitcoin’s hourly chart.
Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was observed, potentially helping Bitcoin rebound to between $95,000 and $96,000.
Photo by CMP_NZ on Shutterstock
Read next:
News and market data powered by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.