Bitcoin The recovery attempt stalled again on Tuesday, with prices once again failing to hold above $116,000.
Sellers intervened during the US afternoon hours, dragging BTC back below $113,000, almost identical to Monday’s reversal. The largest cryptocurrency changed hands at $112,700, down just 2% in the last 24 hours.
Ether fell 4%, falling back below the $4,000 level. The broader crypto market saw mostly red, with little reaction to three new US spot ETF listings. Solana and each fell nearly 4%, while Hedera (HBAR) gave back half of its early ETF-related gains.
Crypto action is even more lackluster as US stocks rose, with the S&P hitting 6,900 for the first time in history and the Nasdaq also hitting a new record. Leading the way was tech giant Nvidia, gaining 5% to a new record and just shy of a $4 trillion market cap as its CEO Jensen Huang addressed the GPU Technology Conference.
Mainly in the green at the beginning of the session, cryptocurrency-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% to 5% lower, while Galaxy (GLXY) fell 8% amid a $1.15 billion capital raise. Strategy (MSTR), the world’s largest corporate BTC owner, sank 3.7%.
Bitcoin at risk of deeper pullback
Bitcoin managed to recover from the bottom of the October 10-11 crash, but the correction may not be over, Bitfinex analysts warned in a new report.
For that, BTC needs to stay above the cost base for the short-term holder at $113,600, which “is now critical to confirm a constructive turnaround,” they said.
“Trading above this level has historically marked the transition from corrective to accumulation phases,” the report says.
Meanwhile, failing to hold above that level poses the risk of a deeper pullback to near $97,500, the likely lower limit of the current consolidation range, the analysts added.
UPDATE (October 28 at 20:38 UTC): Adds an analyst comment from the Bitfinex report.
