Bitcoin Chops Between $60K-$62K, Ethereum Dips Below $2.4K as Geopolitical Tensions Flare

Leading cryptocurrencies continued to trade in the red as geopolitical tensions kept risk appetite in check.

Major cryptocurrencies continued to trade in the red on Thursday evening, a day after sliding to nearly two-week lows on Iran's missile attack and Israel's retaliation promise.

What Happened: Leading cryptocurrency Bitcoin traded in the range of $60,000 to $62,000 on Thursday, as compared to lows of $59,844 (on an FTX 15-minute chart) seen on Wednesday evening.

The world's apex cryptocurrency was trading at an average price of $61,112 at press time and appeared set to close out the week with a loss of about 3.18%.

Bitcoin's apex rival Ethereum sank further on Thursday, dipping below $2,400 during afternoon hours and was down more than 7% over the week, compared to Bitcoin's losses of 3.18% over the same time frame.

On Thursday, several traders appeared to be gunning for the lower time frames, with total cryptocurrency liquidations increasing to $243.36 million in the past 24 hours. Of these liquidations, long liquidations stood at $181.22 million.

Meanwhile, Bitcoin's funding rate on top exchanges continued to be positive on Thursday, indicating the dominance of bullish traders.

The coin's Long/Short Ratio also surged to 1.09, indicating a higher number of traders placing bullish bets as compared to those gunning for price declines.

The market sentiment remained in the "Fear" zone, according to the popular Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market cap stood at $2.12 trillion in the past 24 hours, following a drop of 1.27% in the last 24 hours.

Stocks ended Wednesday just above the flatline. The Dow gained 39.55 points, or 0.09%, to end at 42,196.52. The S&P rose 0.01% to close at 5,709.54, while the Nasdaq ended 0.08% higher at 17,925.12.

Geopolitical tensions continued to boost crude oil prices, as the West Texas Intermediate (WTI) rose 1.17% to $70.93 a barrel.

Investors also parsed the better-than-expected private employment data, with 143,000 workers getting added to payrolls in September, compared to 103,000 in August.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency trader Michaël van de Poppe revealed he was "heavily long" on Bitcoin and the broader cryptocurrency market on Thursday evening despite war fears.

"Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up. The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such," Van De Poppe remarked.

Wars aren't for selling.

Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up.

The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such.

Heavily long on #Bitcoin &…

In response to his post, another widely followed investor, Crypto Yapper, said that such dips are "lifetime opportunities."

However, away from the positivity, prominent market observer Ali Martinez issued a bearish forecast, saying, "Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!"

#Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!

Photo by Avi Rozen via Shutterstock

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