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Benzinga
Benzinga
Business
Aniket Verma

Bitcoin, Ethereum, XRP, Dogecoin Stay Flat Amid Iran Tensions—Analyst Says This BTC Level Could Ignite 'Sustained Bull Trend'

A,Close-up,Image,Of,Cryptocurrency,Bitcoin,Meets,Classic,Banknotes,,Symbolizing

Leading cryptocurrencies moved sideways on Sunday as U.S. strikes on Iran continued into their “ninth consecutive night.”

Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) -0.03% $64,703.37
Ethereum (CRYPTO: ETH)
+0.78% $1,872.63
XRP (CRYPTO: XRP) +0.48% $1.09
Solana (CRYPTO: SOL) +1.40% $76.59
Dogecoin (CRYPTO: DOGE) +0.11% $0.07249

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)

Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:30 p.m. EDT)
Lorenzo Protocol (BANK) +99.05% $0.2277
BUILDon (B) +32.39% $0.2212
Pump.fun (PUMP) +22.27% $0.002014

The global cryptocurrency market capitalization stood at $2.22 trillion, up 0.44% over the last 24 hours.

Read Also: Bitcoin Price Steady as ETF Inflows Jump Despite Risk-Off Sentiment

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.

Read Also: Solana Co-Founder Anatoly Yakovenko Once Highlighted the Need for Decisive Leadership: Somebody Has to 'Wear the Crown' No Matter How 'Heavy' It Is

Photo courtesy: Wirestock Creators on Shutterstock

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