Bitcoin, Ethereum Bounce Back After Heavy Sell-Offs Sent Prices to 8-Week Lows

WhatHappened:Bitcoinwitnessedasteadyascentduringtheday,brieflyrisingabove$**62,000**.** ThereliefrallycameaftertheKingCryptodippedbelow

**Leading** cryptocurrencies **experienced** a **rebound** on Tuesday after a sharp **sell-off** the previous day that drove prices to 8-week **lows**. Bitcoin saw a gradual **rise** during the day, briefly crossing the **$62,000 mark. The recovery came after Monday’s loss of sub-$**60,000 amid concerns over Mt. Gox’s **repayment** plans. **Buying** pressure returned for Ethereum, seemingly **boosted** by SEC chair Gary Gensler's comments about the review of spot ETFs proceeding “smoothly.” A total of 32,307 traders were liquidated in the last 24 hours, with total liquidations amounting to **$87.59 million. Short liquidations made up for 64% of the total. The rally contributed to a 0.19% rise in Bitcoin's Open Interest in the last 24 hours, indicating fresh money entering the market. Those traders placing bearish bets on Bitcoin rose in relation to those bullish on the asset in the last 24 hours. The market sentiment recovered sharply towards optimism, with the Cryptocurrency Fear & Greed Index rising** from 30 to 46, although the overall sentiment remained in the “Fear” zone.

Top Gainer (24-Hours)

The global cryptocurrency market cap stands at $2.28 trillion, following an increase of 2.06% in the last 24 hours. The stock market rebounded on Tuesday after several days of negative action. The S&P 500 gained 0.39%, or 21.43 points, to close at 5,469.30. The tech-heavy Nasdaq 100 rose 1.26% to close at 17,717.65. The Dow Jones Industrial Average closed down 0.76% at 39,112.16. The uptick was largely driven by a 6.7% gain in shares of AI giant NVIDIA Corp (NASDAQ:NVDA), which remained the main catalyst driving the markets in recent days. Its decline on Monday dragged down the broader market index and tech stocks. Investors will now be watching for May's personal expenditure data, which is the Federal Reserve's preferred inflation measure and is set to be released on Friday.

Analyst Notes:

Prominent analyst Ali Martinez once again highlighted that the present market scenario presents "the best time" to buy the dip in Bitcoin. His assertions are based on an analysis of the Relative Strength Indicator (RSI), which is currently in oversold territory. In the past, such instances have preceded large upswings for the King Crypto. Well-known cryptocurrency trader RektCapital highlighted Bitcoin's continuing consolidation in the "post-halving re-accumulation range." According to the trader, the range high resistance is around $**71,500, while the range **lows** are at **$60,600.

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