The intensifying conflict in the Middle East added uncertainty to crypto markets, especially with one-third of altcoins hitting new lows.Israeli and US forces continued to attack Iran; Israel also increased air strikes in Lebanon and sent troops into the south.BitUnix analysts say the initial wave of long liquidations has likely ended, with attention now shifting to a potential short squeeze concentrated in the $69,500 to $70,500 range for Bitcoin.BNB’s retail sentiment on Stocktwits remained in the ‘bullish’ zone over the past day.
As the U.S.-Israel-Iran war intensified on Tuesday, equities and cryptocurrencies continued to decline, but Bitcoin managed to stay above the crucial $65,000 mark.
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On Tuesday, Israeli and US troops continued to attack Iran, while Iran retaliated with attacks on U.S. bases across the Middle East. Reports stated that the Israeli army is also stepping up air strikes on Lebanon and has sent troops into the south of the country for the first time. The Saudi government has also said that two drones hit the U.S. Embassy, which caused further damage.
Bitcoin’s (BTC) price rose 0.3% in the last 24 hours and was trading at $66,522.14 at the time of writing. The apex crypto saw $163.65 million in liquidation, according to Coinglass data. However, in the last hour, the crypto registered losses. Popular analyst Michael van de Poppe said volatility in gold and silver is amping up, which could rotate capital into risk assets like Bitcoin.
On Stocktwits, the retail sentiment around Bitcoin has remained in the ‘bullish’ territory, with chatter hovering in the ‘low’ levels over the past day.
Bitunix analysts believe the first phase of “long liquidation” is over for Bitcoin, and now the focus is on whether further short squeezing will occur. According to the analysts, the $69,500 to $70,500 range is where most short positions are located. Long leverage below $68,000 has been mostly removed, and secondary liquidity remains around $64,000. Bitfinex also notes that loss-driven exchange inflows have faded fast.
If a capital rotation happens, altcoins could see an upside, too, a move especially anticipated by the market as more than one-third of altcoins hit all-time lows.
Ethereum Could Dip 30%, Predicts Standard Chartered
At the time of writing, Ethereum (ETH) traded at $1,950.90, up 0.1%, and saw $96.42 million in total liquidations over the last 24 hours.
On Stocktwits, the retail sentiment around Ethereum rose from ‘neutral’ to ‘bullish’ territory, with chatter at ‘low’ levels over the past day. However, Standard Chartered sees a 30% drop, to as low as $1,400, before the asset rebounds. The firm predicts Ethereum’s price will rise to $4,000 in 2026, as Layer 1 is the preferred blockchain for stablecoins.
Mixed Moves From Major Altcoins Amid Liquidations
Solana (SOL) traded at $84.19, up by 0.5%, and recorded $19.70 million in total liquidations in the last 24 hours. On Stocktwits, retail sentiment around the ticker remained in the ‘neutral’ territory, with the chatter at ‘normal’ levels over the past day.
Meanwhile, Binance Coin (BNB) was up 0.1%, while Ripple’s XRP (XRP) remained flat. BNB saw nearly $1.47 million in total liquidations in the past 24 hours, whereas XRP’s total liquidation stood at $7.09 million. The largest memecoin, Dogecoin (DOGE), was down 2.6% and saw $6.24 million in total liquidations over the past day.
Read also: Crypto’s Tide May Be Turning — Analysts Point Towards Bull Signals
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