Major cryptocurrencies inched higher on Sunday as oil prices fell after Israel’s attack on Iran avoided damaging the country’s oil infrastructure.
Cryptocurrency Rise +/- Price (Recorded at 8:45 PM EDT)Bitcoin BTC/USD+1.37%$67,834.40Ethereum ETH/USD
+1.10%$2,500.81 Dogecoin DOGE/USD +4.21%$0.1416
What happened: Bitcoin soared above $68,000 late in the evening before making a U-turn towards $67,800.
Crude oil prices took a hit as US West Texas Intermediate (WTI) fell 4.6% to $68.48 per barrel after Israel attacked military targets in Iran but did not damage oil facilities. Ta.
Ethereum also reversed its downward trend from last week and reached $2,520, before falling to $2,490 due to profit-taking.
In the past 24 hours, total crypto liquidations reached nearly $70 million, wiping out $45 million in downside bets.
Bitcoin open interest rose 3.08% in the past 24 hours, indicating an influx of new funds into the derivatives market.
According to the Crypto Fear & Greed Index, market sentiment remains in the “greed” zone, reflecting upside potential.
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 9:15 PM EDT) RAYIUM (RAY)+14.17%$3.48MANTRA (OM)+13.62%$1.44POPCAT (POPCAT)+8.82%$1.55
Global cryptocurrencies increased by 0.61% in the past 24 hours to $2.3 trillion.
Stock futures rose slightly on Sunday night. Dow Jones Industrial Average futures were up 197 points (0.46%) as of 8:45 p.m. EDT. Futures tracking the S&P 500 rose 0.54%, while Nasdaq 100 futures rose 0.66%.
Last week, major averages such as the Dow Jones Industrial Average and the S&P 500 fell sharply, closing down 2.45% and 0.88%, respectively.
Investors were looking forward to third-quarter earnings reports from tech giants like Apple AAPL and Microsoft MSFT, scheduled for later this week.
It will also consider analysis of key macroeconomic data, including the September jobs report due Friday and the personal spending report due Thursday.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular crypto analyst and trader Michael van de Poppe said Bitcoin’s ongoing consolidation phase is the longest since 2016 and 2020.
“I think there will be a breakout within the next two weeks and Bitcoin will hit $90,000 to $100,000 around NYE,” he predicted.
of #bitcoin The range has been maintained for 8 months.
Longest integration period since 2016 and 2020.
I think it will break up within the next two weeks. #bitcoin $90,000-$100,000 per NYE.
— Michael van de Poppe (@CryptoMichNL) October 27, 2024
He also viewed the current cycle as “more complex and different” than previous cycles and expected it to be longer than the typical four-year cycle, depending on liquidity and interest rates.
This “Uptober” and the previous “Rectenver” showed that this cycle is more complex and different than previous cycles.
I think this cycle will eliminate the four-year cycle.
Everything depends on liquidity and interest rates.
If they keep falling…
— Michael van de Poppe (@CryptoMichNL) October 27, 2024
In the end, Bitcoin failed to reach a “bullish” weekly close above $67,900, as widely followed crypto analyst Recto Capital had warned.
It will be interesting to observe the trajectory of King Crypto as the market opens for a new trading week.
Image via Unsplash
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