Bitcoin, Ethereum Slide, XRP, Dogecoin Steady As Iran War Spooks Investors: Popular Chartist Says This Indicator Acting As 'Ceiling' For BTC Price

Leading cryptocurrencies slid alongside stock futures and commodities Sunday overnight as the ongoing Middle East conflict kept investors on edge.

Cryptos Sell Off

Bitcoin tumbled below $65,000 in the evening, while trading volume surged 52% in the last 24 hours. Ethereum also encountered strong selling pressure as the second-largest cryptocurrency gave up gains from earlier in the week.

The cryptocurrency market saw over $340 million in liquidations over the past 24 hours, with nearly $175 million wiped out in just the last 4 hours, mostly from long positions, according to Coinglass data 

Open interest in Bitcoin fell 1.14% in the last 24 hours. Even so, whale and retail derivative traders on Binance remained net long on BTC, according to the Long/Short ratio.

“Extreme Fear” sentiment plunged to 8, according to the Crypto Fear & Greed Index, signaling extreme panic.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.28 trillion, shrinking by 2.26% over the last 24 hours.

Stock Futures Dip As Oil Surges

Stock futures edged lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 898 points, or 1.92%, as of 8:45 p.m. EDT.  Futures tied to the S&P 500 declined 1.86%, while Nasdaq 100 Futures slid 2.18%.

A widening supply shock propelled crude oil higher, pushing the price of West Texas Intermediate crude futures above $109 a barrel, as escalating Middle East conflict rattled global energy markets.

Despite the tensions, spot gold traded 2.54% down at $5,045 per ounce, while spot silver dipped 4.76% to $80.38 an ounce.

More Downsides On The Way?

Cryptocurrency analyst Mr. Wall Street predicted that Bitcoin would rally to the $80,000-$85,000 region, and only after that would it start the “last leg down” of the bear market. They estimated a market bottom at the $40,000-$50,000 region.

Rekt Capital, another well-known cryptocurrency chartist on X, noted that Bitcoin cancelled its rebound from earlier in the week after failing to sustain above the 200-week exponential moving average, around $72,000.

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