Leading cryptocurrencies showed steady gains on Tuesday as investors braced for the release of September’s consumer inflation data, amid rising oil prices. Bitcoin (BTC) briefly surpassed $84,000 but failed to maintain that level, while Ethereum (ETH) stabilized around $2,500. XRP and Dogecoin (DOGE) also saw notable increases. Cryptocurrency-related stocks, however, declined, with MicroStrategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) dropping 0.33% and 1.43%, respectively. Over $190 million in liquidations occurred across the crypto market, primarily from short positions, according to Coinglass data.
Bitcoin’s open interest increased by 0.34% in the last 24 hours, aligning with its spot price movement. Derivatives traders remained net short on BTC, as indicated by a Long/Shor Ratio falling below 1. Despite this, the Crypto Fear & Greed Index maintained a "greed" sentiment. The global cryptocurrency market capitalization reached $2.908 trillion, up 1.20% from the previous day.
Analyst Ali Martinez noted a pattern similar to a past rally, where holding the 200-Day Simple Moving Average and closing above the 50-Day Simple Moving Average led to a Bitcoin surge. He highlighted $84,000 as a key level, suggesting a 4-hour close above it could push BTC toward $93,000. Meanwhile, on-chain analytics firm Santiment reported that Ethereum dominated social sentiment, with 2.05 bullish comments per bearish one across platforms like X, Reddit, and Telegram, while Bitcoin commentary turned mostly bearish.
Traditional stock markets ended in the red on Tuesday, with the Dow Jones Industrial Average losing 0.35%, the S&P 500 slipping 0.02%, and the Nasdaq Composite falling 0.15%. The United States Oil Fund (USO), tracking WTI crude oil, rose 1.36% to $153.09 as Iran reportedly planned new tactics to disrupt shipping and sustain high oil prices. All eyes are now on Wednesday’s Consumer Price Index report, which could provide insights into future monetary policy.