Bitcoin’s The rally attempt stared again on Tuesday, with prices once failing above $116,000.
Sellers stepped up during the US afternoon, dragging BTC below $113,000, almost identical to Monday’s return. The biggest crypto changed hands at $112,700, which is just shy of 2% in the past 24 hours.
Ether fell 4%, falling below the $4,000 level. The broader crypto market saw mostly red, with little reaction to the Three new ETF listings in US Solana and Each fell nearly 4%, while Hedera (HBAR) gave back half of the initial ETF-related gains.
Crypto action was largely lower as US stocks climbed higher, with the S&P hitting 6,900 for the first time and the NASDAQ also clinching a new record high. Leading the way is tech giant nvidia, gaining 5% to a new record and just shy of a $4 trillion market cap as it CEO Jensen Huang spoke The GPU technology conference.
Mostly in the green early in the session, crypto-related stocks also faded into the red by the end of the day. Miners became ai infrastructure bets (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 holder of Corporate BTC, sank 3.7%.
Bitcoin at risk of deeper pullback
Bitcoin managed to bounce back from the trough of the October 10-11 crash, but the correction may not be over, Bitfinex analysts warned in a fresh report.
For this, BTC needs to hold above the base short-term holding at $113,600, which “now is pivotal for confirming a constructive shift,” they said.
“Trading above this level has historically marked the transition from correction to accumulation phases,” the report said.
Meanwhile, failure to break above that level poses the risk of a deeper pullback to near $97,500, the likely lower bound of the current consolidation range, the analysts added.
Update (October 28, 20:38 UTC): Adds analyst commentary from the Bitfinex report.
