Leading cryptocurrencies held on to their gains Tuesday, as investors expected the relief rally to go longer.
| Cryptocurrency | Gains +/- | Price (Recorded 9 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.00% | $65,883.13 |
| Ethereum (CRYPTO: ETH) | +0.67% | $3,492.35 |
| Dogecoin (CRYPTO: DOGE) | +1.35% | $0.127 |
What Happened: Bitcoin broke $66,000 for the first time in a month and has rallied 22% since its low of $54,000 during the early July bloodbath. The coin faces stiff resistance at the level as of this writing.
Ethereum breached $3,500 during overnight hours Tuesday, a level last seen on July 1.
About $198.71 million worth of positions were liquidated in the last 24 hours, with short liquidations accounting for $100 million.
Bitcoin's Open Interest spiked 3.28% to $34.36 billion in the last 24 hours, marking the fifth straight day of increase.
Traders taking bullish long positions on Bitcoin surged, rising to 53% of all speculative bets.
The Cryptocurrency Fear & Greed Index has risen to 69 as of this writing, signifying "Greed" and FOMO in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9 p.m. EDT) |
| Worldcoin (WLD) | +22.39% | $2.82 |
| Core (CORE) | +16.16% | $1.45 |
| Injective (INJ) | +12.29% | $25.73 |
The global cryptocurrency market now stands at $2.4 trillion, up 1.11% in the last 24 hours.
The stock market witnessed another day of solid gains Tuesday. The Dow Jones Industrial Average soared 742.76 points, or 1.85%, to close at a record high of 40,954.48. The S&P 500 added 0.64% to end at 5,667.20. The tech-focused Nasdaq Composite rose 0.20% to record 18,472.57 at the closing bell.
U.S. retail sales were unchanged in June, falling from an upwardly revised 0.3% growth in May to zero growth. According to the CME FedWatch tool, traders expect a 93% chance of the Fed going for a 25-basis-point rate cut in September.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital underscored the importance of Bitcoin breaching $65,000.
"Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region," the trader remarked.
#BTC
— Rekt Capital (@rektcapital) July 16, 2024
The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action
Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region$BTC #Crypto #Bitcoin pic.twitter.com/TZMP37ufjx
Well-known analyst Ali Martinez highlighted the significance of $66,250 for King Crypto in its pursuit of new all-time highs. He also stated that the coin must hold above $62,500 to bolster its chances.
#Bitcoin $BTC must hold above $62,500 to maintain its bullish position and break $66,250 to target new all-time highs! pic.twitter.com/IHCrAjGffQ
— Ali (@ali_charts) July 16, 2024
Photo by SvetlanaParnikova on Shutterstock
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