Bitcoin and Ethereum stagnated amidst rising U.S. stock markets, with significant liquidations occurring in crypto. Analyst Greg Miller predicts a potential breakout for Bitcoin to $98,300. Meanwhile, trade deal affirmations fuel stock market optimism, though Amazon faces challenges.
Bitcoin and Ethereum remained relatively quiet on Tuesday, while Dogecoin experienced a dip amidst positive sentiments in the stock market, driven by trade deal speculation. Bitcoin faced resistance around $95,500 as trading volumes dropped by almost 15% in the last day. Meanwhile, Ethereum fluctuated in the early $1,800 range with its trading volumes falling by 9.63%. The overall crypto market endured more than $180 million in liquidations, predominantly long positions, which amounted to approximately $120 million.
In the backdrop, over $630 million in Bitcoin short positions may face liquidation if Bitcoin’s price climbs to the $98,000 mark. Additionally, Bitcoin’s Open Interest saw a decrease of 2.27% in the last 24 hours. Interestingly, over 57% of traders on Binance opted for short positions on Bitcoin, reflecting a cautious approach among market participants. The Crypto Fear and Greed Index indicated a prevailing sentiment of ‘Greed’, hinting at potential bullishness ahead.
The global cryptocurrency market cap settled at $2.96 trillion, showing a slight decline of 0.74% in the past 24 hours. In contrast, the stock market experienced gains with the Dow Jones Industrial Average rising by 300.03 points to reach 40,527.62, a 0.75% increase. The S&P 500 and Nasdaq Composite followed suit, recording gains of 0.58% and 0.55% respectively.
This upward trend in stocks coincided with remarks from Commerce Secretary Howard Lutnick, who confirmed a trade deal between the U.S. and an undisclosed nation. Meanwhile, Treasury Secretary Scott Bessent hinted at a potential agreement with India. Amazon faced some turmoil regarding its first-quarter earnings, following the White House’s negative reaction to its display of tariffs. However, the company managed to recover much of its sell-off by market close.
Analyst Greg Miller, who is quite respected in the cryptocurrency field, expressed optimism about Bitcoin’s movement. He noted that Bitcoin is maintaining a strong position and anticipates a breakout from its current ascending triangle pattern, suggesting a target of $98,300 might not be too far off.
Furthermore, trader Ali Martinez echoed similar sentiments, predicting a new bull run for Bitcoin. He highlighted a critical ‘golden cross’ occurring between the MVRV Ratio and its 365-day Simple Moving Average (SMA). The MVRV Ratio, or Market Value to Realized Value, is a metric that evaluates a cryptocurrency’s value by comparing its market value to its realized value, providing a clearer picture of potential price movements.
As the landscape of cryptocurrency continues to shift, keeping tabs on analyst predictions and market trends will be essential for investors.
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