Major cryptocurrencies experienced a decline overnight on Sunday as investors reacted to potential interest rate adjustments and geopolitical tensions. Bitcoin fell below $80,000, while Ethereum hovered around $2,300, with the broader market awaiting fresh momentum. Data from Coinglass revealed approximately $120 million in liquidations over the past 24 hours, with $82 million stemming from long positions. Bitcoin’s open interest dropped by 1.29% in the last day and 4% over the past month.
The market sentiment remained neutral, according to the Crypto Fear & Greed Index. Meanwhile, stock futures showed mixed movements, with the Dow Jones Industrial Average Futures rising slightly, while Nasdaq 100 Futures dipped. Traders are closely watching the Federal Reserve’s decision on Wednesday, with a 90.6% chance of rates staying unchanged at 3.75% to 4%, as indicated by the CME FedWatch tool.
Analyst Michaël van de Poppe warned of further corrections for Bitcoin if it fails to form a higher high, potentially dragging prices below $75,000. He also highlighted Ethereum’s potential rebound if it breaks above $2,370, cautioning that $2,200 must hold to avoid further declines. Van de Poppe described the upcoming week as 'interesting,' hinting at significant market movements ahead.