Leading cryptocurrencies rose on Sunday as investors assessed the latest geopolitical developments in the Middle East and President Donald Trump’s potential intervention.
The Sunday Rally
Bitcoin experienced a late-evening spike that nearly pushed it beyond $84,000, while Ethereum wobbled in a range between $2,495 and $2,550.
Over $166 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in short positions, according to Coinglass data.
Bitcoin’s open interest rose 1.27% over the last 24 hours. Smart money sentiment, the collective outlook and capital allocation of institutional investors, turned “bullish,” while Binance derivatives traders remained net long on the apex cryptocurrency.
“Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.90 trillion, up 0.20% in the last 24 hours.
Stock Futures Inch Higher
Stock futures rose overnight on Sunday. The Dow Jones Industrial Average Futures rose 128 points, or 0.25%, as of 8:51 p.m. EDT. S&P 500 futures gained 0.22%, while Nasdaq 100 Futures added 0.31%.
Geopolitical tensions remained elevated as Trump hinted at joining Saudi military operations against Iran-backed Houthi rebels in Yemen after a major attack on a key airport in Saudi Arabia.
Key inflation figures are also scheduled for release this week, with September’s consumer and producer price indexes due Wednesday and Thursday, respectively.
Bitcoin Headed Lower?
Daan Crypto Trades, a widely followed cryptocurrency analyst and trader, noted that Bitcoin held the $83,000 retest on the daily chart after sweeping stops below it, a common liquidity grab in volatile markets.
“But the bulls need to get this moving from this area soon, a loss of this current region would see us test the mid $70,000s where it meets the Daily 200 EMA [Extended Moving Average] & Bull market support band,” the analyst projected/
Cryptocurrency analyst Michaël van de Poppe expected Ethereum to outperform Bitcoin in the coming period
“I’d prefer to see a strong breakout above $2,575 for ETH. It’s currently remaining quite calm and under critical resistance,” Van De Poppe added.
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