Bitcoin, Ethereum Consolidate, Dogecoin Dips As Iran-Israel Conflict Rages On: These Levels Will Define Direction Of BTC’s Next Breakout, Says Analyst – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrencies consolidated on Sunday as the Iran-Israel war kept financial markets on edge.
What Happened: Bitcoin spiked above $106,000 in the wee hours before retreating to the $105,000 region.
Ethereum dipped below $2,500 late afternoon but quickly reversed, continuing its movement around the $2,540-$2,550.
The two assets have plateaued in June following last month’s rally, with BTC up 0.53% and ETH up 0.92%.
Over $218 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $161 million. That said, over $250 million in shorts risked liquidation if BTC rallied to $107,000.
Bitcoin’s Open Interest rose 0.18%, matching the trajectory in spot price. The majority of Binance traders continued to be bearish on Bitcoin, according to the long/short ratio.
The market sentiment remained in “Greed,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.28 trillion, following a modest spike of 0.24% in the last 24 hours.
Stock futures inched higher overnight Sunday. The Dow Jones Industrial Average Futures rose 32 points, or 0.08%, as of 8:49 p.m. EDT. Futures tied to the S&P 500 gained 0.13%, while Nasdaq 100 Futures added 0.19%.
Investors have been on edge as tensions between regional adversaries Iran and Israel escalate, risking a full-scale conflict that may bring in other major nations.
Disclosure: 82% of retail CFD accounts lose money
President Donald Trump stated on his Truth Social platform that he will help broker a truce between the two countries and that there will be “peace” soon.
Meanwhile, oil prices continued to shoot up, with the U.S. West Texas Intermediate rising 0.92% to $73.25 a barrel.
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Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez highlighted Bitcoin’s consolidation within an ascending triangle.
“A 4-hour close above $106,100 or below $104,800 will likely define the direction of the next breakout,” Martinez predicted.
The ascending triangle pattern is a bullish continuation pattern, indicating a potential upward price breakout
Another well-known market commentator, Michaël van de Poppe, noticed Ethereum’s failed breakout attempt and predicted another leg down before pushing upward.
“I wouldn’t be surprised if we see a test at the region of $2,400 taking place before we reverse back upwards,” the analyst said. “Ultimately, the trend has reversed upwards on Ethereum, indicating that we’re in the game for buying the dips.”
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