The continuous crisis between Hamas and Israel and a substantial sale of ether (ETH) by the Ethereum Foundation had an impact on broader cryptocurrency markets, causing the market to decline by an average of 2% and costing bulls over $100 million in futures holdings.
Compared to other tokens, Bitcoin (BTC) displayed signs of stability, shedding 1% over the previous day while remaining above a crucial support level of $27,500 on Tuesday AM in Asia. In light of the rising price of oil, traders are concentrating on riskier assets like technology companies and bitcoin.
In a message to CoinDesk, analysts at the trading firm FxPro stated that they were waiting for a break of the $28,000 mark for Bitcoin before becoming positive.
Technically, bitcoin is still going upward, but during the weekend, it encountered resistance at its 200-day moving average, according to the analysts. All eyes will be on Bitcoin (BTC) to see if it can break through and stay above the key $28,000 level, which is also the 200-day moving average. If it can, we could see a quick jump to as high as $29,500.
The Ethereum Foundation sold $2.7 million worth of tokens on Monday, alarming traders and causing ether to fall 3%. This had an impact on ETH futures markets, with ETH bulls suffering the largest loss on Monday among all cryptocurrency speculators at almost $30 million.
Additionally, XRP declined 3.7%, ADA dropped 3.4%, and Solana’s SOL coins sank close to 5%. The CoinDesk Market Index (CMI), which measures hundreds of tokens and provides a broad picture of the cryptocurrency markets, dropped 1.9%, signaling overall losses for traders.
