of bitcoin Rally attempts stalled again on Tuesday, with prices once again failing to hold above $116,000.
Sellers stepped in around midday in the US and pulled BTC below $113,000, almost identical to Monday’s reversal. The largest crypto dropped by just 2% in the last 24 hours to $112,700.
ether Fell 4% to below $4,000 level. Broader crypto market seen mostly in the red, with little reaction to three new spot ETF listings in the US Solana And Each declined about 4%, while Hedera (HBAR) gave back half of its early ETF-related gains.
Crypto action is even more lackluster as US stocks climbed higher, with the S&P reaching 6,900 for the first time and the Nasdaq also hitting a new record high. Tech giant Nvidia led the way, rising 5% to hit a new record and coming just short of a $4 trillion market cap, as its CEO Jensen Huang addressed a GPU technology conference.
While they were mostly in the green at the start of the session, crypto-related stocks also moved sharply into the red by the end of the day. Miners turn to AI infrastructure stakes Bitfarms (BITF), CleanSpark (CLSK). And IREN closed the session 4%-5% lower, while Galaxy (GLXY) fell 8% amid a $1.15 billion capital raise. The world’s largest corporate BTC owner Strategy (MSTR) sank 3.7%.
Bitcoin is at risk of deep fluctuations
Bitcoin managed to recover from the trough of the October 10-11 crash, but the correction may not be over, Bitfinex analysts warned in a fresh report.
For this, BTC needs to hold above the short-term holder cost base at $113,600, which is “crucial for confirmation of a constructive reversal now,” he said.
“Trading above this level has historically marked the transition from corrective to accumulation phases,” the report said.
Meanwhile, analysts said failure to hold above that level poses a risk of a deep retracement near $97,500, the lower bound of the current consolidation range.
UPDATE (Oct 28, 20:38 UTC): Adds analyst commentary from Bitfinex report.