Bitcoin (BTC) Market Sentiment Cools as the Crypto King Drops 9.2% From Its Local High

Cryptocurrency markets are trading lower as geopolitical tensions continue to loom over global financial markets.

Cryptocurrency markets are trading lower on Monday evening as geopolitical tensions continue to loom over global financial markets.

Bitcoin prices are down 3.3% over the past 24 hours to $60,160. The world’s largest cryptocurrency by market capitalization has ranged between a low of $59,600 and a high of $62,400 over the past seven days. Bitcoin prices have dropped 9.2% since hitting a local high of $66,400 on Sep. 27.

Ethereum prices are down 3.1% over the past 24 hours to $4,160. The second-largest cryptocurrency by market capitalization has ranged between a low of $4,080 and a high of $4,280 over the past seven days. Ethereum prices have dropped 11.3% since hitting a local high of $4,700 on Sep. 27.

The apex cryptocurrency’s market dominance now stands at 43.8%.

Notable Statistics:

Bitcoin Fear and Greed Index: Extreme Fear (20)

Cryptocurrency Market Cap: $2.4 Trillions

Bitcoin's Dominance: 43.8%

Top Losers:

The overall cryptocurrency market capitalization slipped 2.1% to $2.43 trillion over the past 24 hours. Cryptocurrency trading volume was also down 31.4% at $110.98 billion.

Stablecoins now comprise 6.03% of the total cryptocurrency market cap.

Among the top 100 cryptocurrencies by market capitalization, NEAR Protocol leads the gainers and is up over 11% to $14.86. The biggest loser is Bitcoin Gold, which fell over 8% to $43.90.

Trader Notes:

With Bitcoin prices around the $60,000 mark, crypto chart analyst Ali Martinez marked $60,365 as the key Bitcoin level to watch. A break below this would take Bitcoin to $57,420. If this level holds, the crypto king will rebound to $63,300, according to the analyst.

CryptoCon tweeted that the Bitcoin bull market starts in two months, according to their analysis.

The real #Bitcoin bull market begins in 2 months.

November 28th, 2024. pic.twitter.com/d3XHRviZTQ

Santiment data pointed out that with Bitcoin dropping 9.2% since its $66,400 local high on Sep. 27, public sentiment towards crypto has cooled considerably. The analytics firm thinks this mood change is “encouraging, considering markets typically always move the opposite direction of the crowd’s expectation.”

What’s Next:

The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Don't miss out on the limited-time early bird pricing. Register here.

See More: Best Cryptocurrency Wallets