Bitcoin, Ethereum, Dogecoin Recover As Federal Reserve Chair Powell Says Rate Cut Not 'Appropriate' For Now: Analyst Says Last Week's Drop Could Be Termed Fake Breakdown If King Crypto Retakes $60K
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The cryptocurrency market recorded another day of gains Tuesday, as investors regained confidence following last week’s bloodshed. What Happened: Bitcoin spiked above $58,000 during trading hours, before sell-offs during the evening dragged it down to the $57,000 region. Ethereum was rather choppy, as gains above $3,100 made early morning couldn't be sustained. The second-largest cryptocurrency consolidated in the 3,000s. In the last 24 hours, about 33,787 traders were liquidated, with over $93 million in bets being wiped out. An almost equal number of long and short positions were liquidated.
Bitcoin's Open Interest surged 3% to $28.45 billion in the last 24 hours. An increase in OI, alongside an increase in price, signaled somewhat bullish sentiment. The Cryptocurrency Fear & Greed Index showed a reading of 28, indicating a high level of “Fear” in the market. Such levels were last seen in January 2023. Top Gainers (24-Hours) The global cryptocurrency market cap stands at $2.11 trillion, following a 1.66% increase in the last 24 hours. Stocks ascended to new record highs Tuesday. The S&P 500 gained 4.13 points, or 0.07%, to close at 5,576.98. The tech-focused Nasdaq Composite added 0.14% to register a record close at 18,429.29. The Dow Jones Industrial Average slipped 0.13% to 39,291.97. Federal Reserve Chairman Jerome Powell stated Tuesday that a policy rate cut would not be "appropriate" until the Fed gains greater confidence that inflation is heading sustainably toward 2%. "We need to see more good inflation data," Powell reiterated his previous stance. His remarks come ahead of important inflation numbers due to arrive later this week. The consumer price index is slated to be released Thursday, while the producer price index is due Friday. See More: Best Cryptocurrency Scanners Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted that if the rally sustains and Bitcoin reclaims $60,600, last week's downside could be deemed a false breakout. Another widely followed trader, Justin Bennett stated that a retest of $60,000 would be likely if King Crypto rises to $58,400. "What happens between $60,000 and $58,400 will determine whether Bitcoin sees $67,000 or $48,000 next," Bennett emphasized. Photo by Avi Rozen on Shutterstock Read Next:
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