Bitcoins the rally attempt stalled again on Tuesday, with prices once again not holding above $116,000.
Sellers stepped in during the US afternoon hours and pulled BTC back below $113,000, almost identical to Monday’s reversal. The largest crypto changed hands at $112,700, down just 2% over the last 24 hours.
Ether fell 4% and fell back below the $4,000 level. The broader crypto market saw mostly red, with little reaction to three new spot ETF listings in US Solana and each fell nearly 4%, while Hedera ( HBAR ) gave back half of its initial ETF-related gains.
Crypto action is all the more lackluster as US stocks edged higher, with the S&P hitting 6,900 for the first time ever and the Nasdaq also hitting a new record high. Leading the way was tech giant Nvidia, which gained 5% to a new record and was just shy of a $4 trillion market cap when its CEO Jensen Huang spoke at the GPU Technology Conference.
Mostly in the green early in the session, crypto-related stocks also fell sharply into the red by the end of the day. Miners bet on AI infrastructure Bitfarms (BITF), CleanSpark (CLSK), and IREN closed the session 4%-5% lower, while Galaxy ( GLXY ) fell 8% amid a $1.15 billion capital raise. Strategy (MSTR), the world’s largest BTC business owner, sank 3.7%.
Bitcoin risks deeper pullback
Bitcoin managed to bounce back from the lows of the 10-11 crash. October, but the correction may not be over, Bitfinex analysts warned in a new report.
For that, BTC needs to hold above the short-term holder cost basis of $113,600, which is “now critical to confirm a constructive shift,” they said.
“Trade above this level has historically marked the transition from corrective to accumulation phases,” the report said.
Meanwhile, failure to hold above this level risks a deeper retracement to near $97,500, the likely lower bound of the current consolidation range, the analysts added.
UPDATE (October 28, 20:38 UTC): Adding analyst commentary from the Bitfinex report.
