Major cryptocurrencies continued to fall on Tuesday as long-term investors continued to chase gains.
| Cryptocurrency | Earnings +/- | Price (Registered at 8:30 pm ET) |
| Bitcoin (CRYPTO:BTC) | -2.18% | $92,538.27 |
| Ethereum (CRYPTO: ETH) |
-3.32% | $3,335.13 |
| Dogecoin (CRYPTO:DOGE) | -4.39% | $0.3886 |
What happened: Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 overnight. The corrective action has erased all gains made during the week, halting the leading cryptocurrency’s rise to $100,000.
Long-term Bitcoin holders have sold 728,000 coins in the last 30 days, marking the biggest 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 Open Interest also decreased by more than 5% in the last 24 hours.
That being said, the number of Binance long-term bets on Bitcoin still far outnumber those betting against the asset, according to the Long/Short Ratio indicator.
Additionally, around $695 million in leveraged short positions are at risk of liquidation if the leading cryptocurrency rebounds to $98,000.
Top Winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (Registered at 8:30 pm ET) |
| Algorand (SOMETHING) | +13.71% | $0.3031 |
| Fantom (FTM) | +7.27% | $1.08 |
| Injective (INJ) | +7.09% | $29.61 |
The global cryptocurrency market capitalization stood at $3.18 trillion, after a 2.29% contraction in the last 24 hours.
Stocks rose to new records on Tuesday. He Dow Jones Industrial Index rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&P 500 it gained 0.57% to finish at 6,021.63. Both broad-based indexes closed at record highs. He Nasdaq Composite Index Tech-focused rose 0.63% 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 reducing.
Market participants increased the odds of a 25 basis point cut at the next FOMC meeting next month to 57.7%, up from 52.3% the previous day, according to the CME FedWatch tool.
Personal consumption expenditure (PCE) data, considered the Fed’s preferred measure of inflation, is expected to be released on Wednesday.
See more: Best Cryptocurrency Scanners
Analyst Notes: In a note shared with Benzinga, Haider RafiqueGlobal Marketing Director of the cryptocurrency exchange OKXcommented on why Bitcoin was fluctuating around $100,000.
“There is definitely profit taking at these levels. The average purchase price is around $30,000, which represents a two- to threefold potential for investors. So, there is significant selling pressure, but we also see equal buyback pressure,” Rafique said.
He added: “Many people have had $100,000 as a price target for liquidation. “We are seeing institutions like MicroStrategy buying and holding a significant amount, which naturally reduces the liquidity available on exchanges and creates bullish momentum.”
The Widely Followed Cryptocurrency Analyst Ali Martinez detected a ‘buy signal’ from the TD Sequential indicator on the hourly chart of Bitcoin.
Furthermore, with a higher low forming on the Relative Strength Index (RSI), a bullish divergence was observed, potentially helping Bitcoin recover to $95,000-$96,000.
Photo by CMP_NZ on Shutterstock
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