Leading cryptocurrencies extended their gains, while stocks declined on Monday as Iranian attacks on UAE oil facilities unsettled investors.
Crypto SentimentShifts To ‘Neutral’
Bitcoin faced sharp rejection at $80,000, dropping to an intraday low of $78,217, before reclaiming the critical level later in the day.
Ethereum also reversed from the highs reached on Sunday, while XRP and Dogecoin traded sideways.
Over $480 million was liquidated in the past 24 hours, with $329 million in short positions alone wiped out, according to Coinglass data.
Open interest in Bitcoin futures rose further by 4.95% over the last 24 hours, signaling heightened speculative interest. However, both retail and whale traders on Binance leaned toward the bearish side, betting that prices would fall.
Market sentiment flipped from “Fear” to “Neutral,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.65 trillion, up 1.33% over the last 24 hours.
Stocks Fall After Iran Strikes UAE
Stocks had a rocky start to the new trading week. The Dow Jones Industrial Average fell 557.37 points, or 1.13%, to close at 48,941.90. The S&P 500 dipped 0.41% to end at 7,200.75, while the tech-focused Nasdaq Compositelost 0.19% to finish at 25,067.80.
Geopolitical tensions flared again after a, while authorities said they intercepted three missiles, with a fourth crashing into the sea.
Iran said it had no pre-planned intention to attack the UAE's oil facilities, but the incident was a result of “U.S. military adventurism” in the Strait of Hormuz, according to state media.
Iran's action comes after President Donald Trumpannounced a new initiative called “Project Freedom,” aimed at helping ships and crews from non-involved countries “safely” navigate out of the Strait of Hormuz.
Oil prices spiked, with the United States Oil Fund ), which tracks West Texas Intermediate crude oil, closed up 3.37% at $147.61.
Will Bitcoin Breach This Barrier？
Blockchain analytics firm CryptoQuant flagged the significance of Bitcoin's Short-Term Holder realized price of $81,486— the average cost basis of coins moved in the last 155 days.
The level has historically served as a strong barrier.
“A confirmed daily close above $81,500 flips that level from resistance to support, opening the path toward $87,000–$92,000,” CryptoQuant stated. “Failure sends the price back to test new money realized price near $76,500.”
Michaël van de Poppe, another prominent cryptocurrency commentator on X, took note of Bitcoin's rejection at $80,000.
“It seems very likely that we‘ll consolidate a little bit more and continue to grind upwards after that.” Van De Poppe stated. “The structure on lower timeframes remains intact until price falls beneath $73,000-$75,000, which isn’t the case.”
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