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Leading cryptocurrencies rallied while U.S. stocks closed at new records on Wednesday, supported by an extension of an Iran ceasefire. The move came even as tensions in the Strait of Hormuz continued to simmer.
Bitcoin nearly topped $80,000 before easing into the low $78,000s. Trading volume rose 36% over the prior 24 hours. Ethereum moved above $2,400, supported by strong buying pressure, while XRP and Dogecoin traded sideways.
Over $460 million was liquidated in the past 24 hours, including $350 million in bearish positions, according to Coinglass data. Open interest in Bitcoin futures increased 8.64% over the last 24 hours to $61.57 billion.
Despite the broader rise, whale and retail traders on Binance were described as extremely bearish on BTC, placing more shorts than longs. The Crypto Fear & Greed Index indicated fear sentiment persisted.
U.S. equities surged back to record levels on Wednesday. The Dow Jones Industrial Average rose 340.65 points, or 0.69%, to close at 49,490.03. The S&P 500 gained 1.05% to finish at a record 7,137.90, while the Nasdaq Composite advanced 1.64% to end at 24,657.57, also an all-time high.
Reuters reported that the U.S. continued its naval blockade, with the military intercepting at least three Iranian-flagged tankers in Asian waters. Oil prices also moved higher, with West Texas Intermediate crude futures climbing to $97 per barrel before retreating to $93 later in the session.
Cryptocurrency analyst and trader Ali Martinez said Bitcoin is forming a bullish reversal pattern. The Morning Star candlestick pattern typically appears at the bottom of a downtrend and can signal a shift from selling pressure to buying momentum. Martinez added that, even when the signal is strong, price often pauses briefly after the move—averaging around an 8% breather—before a larger rally begins.
Julio Moreno, Head of Research at CryptoQuant, said Bitcoin’s recent price increase was driven by the perpetual futures market, while spot demand remained lukewarm. Moreno warned that a correction could occur if traders take profits while spot demand continues to contract.
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