Crypto Market Corrects After Sunday Gains Analyst Sees $90,000 Bitcoin Trigger

Major cryptocurrencies experienced a downturn on Monday, reversing gains from the previous day. Investors reacted to the latest U.S. manufacturing data and the potential for interest rate adjustments by the Federal Reserve. Bitcoin (BTC) dropped from the mid-$86,000s to the early $85,000s, while Ethereum (ETH) struggled to break past the $2,700 mark. XRP and Dogecoin (DOGE) also saw notable declines, with losses of 0.80% and 0.60%, respectively.

The crypto market saw over $190 million in liquidations in the last 24 hours, with long positions accounting for $114 million. Despite the correction, Bitcoin's open interest fell only slightly by 0.97%. Among the top gainers, Midnight (NIGHT) surged by 12.40%, OKB rose by 9.60%, and Filecoin (FIL) increased by 9.40%. The global cryptocurrency market capitalization stood at $3.02 trillion, up 0.10% over the last 24 hours.

Stocks began the week on a positive note, with the Dow Jones, S&P 500, and Nasdaq Composite all showing gains. The Purchasing Managers’ Index declined slightly but remained close to market estimates. Analyst Michaël van de Poppe suggested that Bitcoin could see upward momentum if it flips the $85,000 level, potentially targeting $90,000. Meanwhile, CryptoQuant noted that Bitcoin’s Puell Multiple hit an 11-month high, indicating a potential reversal and further price increases.