Leading cryptocurrencies lacked momentum on Monday as traders balanced geopolitical risk from Iran against selling pressure from large corporate Bitcoin treasuries.
What’s Impacting Crypto Market?
Bitcoin jumped to an intraday high of $64,020 late afternoon before pulling back to around $62,000, while Ethereum remained stuck in the $1,800 region.
Over $240 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more vis-à-vis long position traders, according to Coinglass data.
Bitcoin’s open interest rose 1.93% over the last 24 hours. An increase in open interest alongside an increase in price indicates long buildup, meaning new buyers are entering the market.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.
Stocks Enter Record Territory
Markets opened the fresh trading week on a high note. The Dow Jones Industrial Average jumped 693.38 points, or 1.32%, to end at a record close of 53,178.41. The S&P 500 rallied 1.48% to end at 7,600.50, while the tech-heavy Nasdaq Composite climbed 2.13% to settle at 25,913.90.
President Donald Trump on Iran during the weekend to resume negotiations, but Tehran later denied that direct talks with Washington were underway.
Trump accused Iranian negotiators of being “unbelievably duplicitous” in a Truth Social post and warned them that only two options remain at the table: “Deal” or “Total Surrender.”
Still No BTC Bottom?
On-chain analytics firm CryptoQuant noted that Bitcoin’s Adaptive Sell-side Risk Ratio—an indicator that quantifies overall selling pressure—has declined to levels historically associated with accumulation phases.
“Historically, such zones have appeared during the late stages of bear markets,” CryptoQuant said. “This improves the long-term risk-reward profile, but it does not mean a local bottom has already formed.”
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said things have started to “look great” for Ethereum.
“I would assume that we’re going to hold $1,800 and break the $2,000 barrier. After that, it’s a fast run to $2,300 and higher,” Van De Poppe projected.
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