Bitcoin The attempted rally stalled again on Tuesday, with prices once again failing to hold above $116,000.
Sellers intervened in the afternoon in the United States, bringing BTC back below $113,000, which is almost identical to Monday’s reversal. The largest crypto changed hands at $112,700, down just under 2% in the past 24 hours.
Ether fell 4%, falling back below the $4,000 level. The broader crypto market was seen mostly in the red, with little reaction to three new U.S. spot ETF listings Solana And each fell nearly 4%, while Hedera (HBAR) gave back half of its initial ETF gains.
Crypto action is even more lackluster as U.S. stocks have climbed, with the S&P hitting 6,900 for the first time and the Nasdaq also hitting a new record high. Tech giant Nvidia leads, gaining 5% to hit a new record and just shy of a $4 trillion market cap as its CEO Jensen Huang addressed the GPU technology conference.
Mostly in the green at the start of the session, values linked to cryptocurrencies also plunged sharply into the red at the end of the day. Miners bet on AI infrastructures Bitfarms (BITF), CleanSpark (CLSK), and IREN closed the session down 4-5%, while Galaxy (GLXY) fell 8% amid a $1.15 billion capital raise. Strategy (MSTR), the world’s largest BTC-owning company, fell 3.7%.
Bitcoin risks deeper decline
Bitcoin managed to rebound from the October 10-11 crash low, but the correction may not be over, Bitfinex analysts warned in a new report.
For this, BTC must sustain above the near-term basis of $113,600, which is “now essential to confirm constructive change,” they said.
“Trading above this level has historically marked the transition from correction to accumulation phases,” the report said.
At the same time, failing to hold the price above this level poses the risk of a deeper retracement to near $97,500, the likely lower limit of the current consolidation range, the analysts added.
UPDATE (October 28, 8:38 p.m. UTC): Adds analyst comment from Bitfinex report.
