The crypto market reflected more profits than losses on Monday with investors trying to balance the sentiment between persistent macro headwinds and improving structure. Bitcoin on Monday roped-in a profit of 3.76 percent over the last day. With this, the value of the asset has come to $69,355. This is the first time in over a week that BTC has risen to the $69,000 level amid the ongoing market volatility. On a weekly average basis, the asset price is up by 2.78 percent.
In conversation with Coin Headlines, market analysts said that in the near term the market appears to be coiling, with leverage building and volatility compressing.
“For BTC, a decisive close above this level could open room for continuation toward $72,000, while failure here may lead to a healthy pullback toward the $67,000–$68,000 support band,” said Riya Sehgal, Research Analyst, Delta Exchange.
Ether registered bigger gains than Bitcoin on Monday. At the time of writing, ETH was up by 5.13 percent to trade at $2,143. ETH’s weekly average price has risen by 4.16 percent.
“Ethereum is showing early signs of strength after reclaiming its key moving averages, but it is still trading within a major supply zone near $2,120–$2,150. This keeps the asset in a transitional phase, where a breakout could trigger momentum toward $2,200, whereas rejection would likely extend its consolidation range,” Sehgal noted.
A majority of altcoins managed to trade in notable gains over the last day. Cardano, Solana, and Chainlink rose in prices by 5.45 percent, 3.80 percent, and 5.49 percent to retail at $0.25, $82.35, and $9.01 respectively. XRP joined the cluster to clock a gain of $4.55 percent to trade at $1.34 alongside Zcash that touched the value of $253 with a gain of 6.45 percent.
BNB, Dogecoin, Hyperliquid, Leo, Bitcoin Cash, and Stellar are among crypto assets trading in the gains. The prices of Litecoin, Avalanche, Hedera, Sui, and Shiba Inu have also spiked over the weekend.
The market is constantly swinging from profits to losses amid the ongoing geopolitical tensions.
Tron, Monero, and Toncoin emerged among a handul of other tokens to register small losses of under one percent.
In the backdrop of majority altcoins settling in gains, the overall crypto market cap spiked by 3.55 percent to touch the valuation of $2.38 trillion, data by CoinMarketCap showed.
Over 81,400 traders were liquidated in the last 24 hours with total liquidations hitting $317.5 million, Coin Glass data showed.
From a macro perspective, rising geopolitical tensions in the Middle East, elevated crude oil prices, and a firm US dollar are tightening financial conditions globally. This has limited risk appetite despite continued institutional participation in crypto markets, analysts pointed out.