Bitcoin, Ethereum, XRP, Dogecoin Rise as ‘Greed’ Persists: Analyst Says BTC Bulls Must Get ‘Moving’ From

On Sunday, the major cryptocurrencies saw gains as investors reacted to the latest geopolitical events in the Middle East, alongside potential interventions from former President Donald Trump.

Bitcoin experienced a notable surge late in the evening, nearly reaching the $84,000 mark. Meanwhile, Ethereum fluctuated within a range of $2,495 to $2,550. Data from Coinglass indicated that over $166 million worth of assets were liquidated in the crypto market within the past 24 hours, primarily from short positions. During the same period, Bitcoin's open interest increased by 1.27%. The sentiment among institutional investors, often referred to as "smart money," turned optimistic, while traders on Binance were predominantly long on Bitcoin.

The Crypto Fear & Greed Index reflected a prevailing sense of "greed" in the market. The total market capitalization of cryptocurrencies reached approximately $2.90 trillion, marking a slight increase of 0.20% over the last day.

In the stock market, futures showed a positive trend as well. As of 8:51 p.m. EDT, Dow Jones Industrial Average futures rose by 128 points, or 0.25%. The S&P 500 futures saw a gain of 0.22%, while Nasdaq 100 futures increased by 0.31%. Geopolitical tensions remained high, particularly as Trump suggested he might engage in Saudi military efforts against Iran-backed Houthi rebels in Yemen following a significant attack on a major airport in Saudi Arabia.

This week, key inflation data is set to be released, with the consumer price index and producer price index for September scheduled for publication on Wednesday and Thursday, respectively.

Cryptocurrency analyst Daan Crypto Trades pointed out that Bitcoin managed to hold its position around the $83,000 mark on the daily chart, following a common practice in volatile markets where stops are swept below a given level. “But the bulls need to get this moving from this area soon," he warned. "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,” he projected.

Another analyst, Michaël van de Poppe, expressed optimism for Ethereum, suggesting it may outperform Bitcoin in the near future. “I’d prefer to see a strong breakout above $2,575 for ETH. It’s currently remaining quite calm and under critical resistance,” he stated.

The developments in both the cryptocurrency and stock markets reflect a complex interplay of investor sentiment and external geopolitical factors, with analysts closely monitoring key price levels and potential market movements in the days to come.

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