Bitcoin Slides Below $77K Amid US-Iran Escalation
Crypto markets took a hit on Sunday due to fresh US-Iran escalation after nearly a month-long lull in fighting. Bitcoin dipped below $77,000 before recovering some losses, while Ethereum fell back below $2,400 after reaching an earlier high of $2,532.
XRP and Dogecoin also traded lower, with nearly $400 million being liquidated from the market over the past 24 hours, mostly in bullish long positions. The Crypto Fear & Greed Index showed 'greed' sentiment prevailing in the market.
Bitcoin's open interest slipped 0.83% over the last 24 hours, and its long/short ratio declined among both retail and derivatives traders. However, both groups remained net long overall.
Crypto analyst Ali Martinez noted that whales accumulated nearly $3 billion in Bitcoin over the past week, signaling 'continued interest from large investors.' Michaël van de Poppe highlighted Bitcoin's liquidity sweep at $77,000 followed by gaining $78,000 as support on the hourly chart, saying 'it's now facing the final hurdle before it will start attacking the highs again.'