Leading cryptocurrencies went sideways on Tuesday, aligning with the stock market’s subdued movements.

What Happened: Bitcoin experienced volatile price activity in the $67,000 range, with bulls eyeing the psychologically critical $70,000 milestone and higher.

Ethereum dropped nearly to $2,500 before reversing course. These assets spiked to multi-month highs just before the trading week began but have since failed to sustain the rally.

Total cryptocurrency liquidations exceeded $112 million in the last 24 hours, with bullish leveraged traders facing the most losses. 

According to Coinglass, nearly $1.6 billion in short positions will be liquidated if Bitcoin rebounds to $69,000.

The Open Interest in Bitcoin futures dropped by 0.60%, mirroring the contraction in spot price. 

However, market sentiment remained in the “Greed” zone as of this writing, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.33 trillion, contracting 0.66% in the last 24 hours.

Major stock indexes closed lower for the second straight day. The Dow Jones Industrial Average slipped 0.02% to end at 42,924.89. The S&P 500 dipped 0.05% to 5,851.20. The tech-focused Nasdaq Composite proved to be the silver lining, closing 0.18% higher at 18,573.13.

The sluggish moves come amid the rising benchmark 10-year Treasury yield, which climbed above 4.2% for the first time in nearly three years.

Meanwhile, investors expected a 91% chance of a 25 basis point rate cut during the next FOMC meeting, as per the CME FedWatch tool.

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Analyst Notes: Popular cryptocurrency analyst and trader Justin Benett predicted Bitcoin to drop lower from the rangebound action.

“Bitcoin whale positioning vs. retail indicates the path is likely to be lower for now. But don’t rule out a quick liquidity grab at $68,200 first,” Bennett remarked.