Bitcoin edged higher on Sunday as the broader crypto market attempted to recover from a rout earlier in the week. It traded in the $69,000 to $71,000 range after sliding below $61,000 on Thursday. Ethereum moved in a tight range around $2,000, with support near that level as XRP and Dogecoin slipped.
Meanwhile, more than $336 million was liquidated in the last 24 hours, with about $236 million tied to bearish shorts. Bitcoin’s open interest declined about 0.9% to $46.07 billion, keeping well below its October highs. The Crypto Fear & Greed Index remained in Extreme Fear territory as traders wrestled with macro and liquidity risks. Analysts offered mixed signals: Michaël van de Poppe suggested the bottom could lie in the mid to low $60,000s, with tests around $85,000 on the horizon.
Ali Martinez noted Ethereum’s MVRV ratio dipping below 0.80, a pattern that has preceded market bottoms in past cycles. Beyond crypto, precious metals rose, with spot gold up 1.24% to $5,022 per ounce and spot silver up 2.48% to $79 per ounce, underscoring a broader risk-on backdrop.
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