Bitcoin, Ethereum, Dogecoin Retain Gains: Popular Analyst Predicts King Crypto Could Hit A New All-Time High If It Breaks This Price Target

Leading cryptocurrencies held on to their gains Tuesday, as investors expected the relief rally to go longer.

What Happened: Bitcoin broke $66,000 for the first time in a month and has rallied 22% since its low of $54,000 during the early July bloodbath. The coin faces stiff resistance at the level as of this writing.

Ethereum breached $3,500 during overnight hours Tuesday, a level last seen on July 1.

About $198.71 million worth of positions were liquidated in the last 24 hours, with short liquidations accounting for $100 million.

Bitcoin's Open Interest spiked 3.28% to $34.36 billion in the last 24 hours, marking the fifth straight day of increase.

Traders taking bullish long positions on Bitcoin surged, rising to 53% of all speculative bets.

The Cryptocurrency Fear & Greed Index has risen to 69 as of this writing, signifying “Greed” and FOMO in the market.

Top Gainers (24-Hours)

The global cryptocurrency market now stands at $2.4 trillion, up 1.11% in the last 24 hours.

The stock market witnessed another day of solid gains Tuesday. The Dow Jones Industrial Average soared 742.76 points, or 1.85%, to close at a record high of 40,954.48. The S&P 500 added 0.64% to end at 5,667.20. The tech-focused Nasdaq Composite rose 0.20% to record 18,472.57 at the closing bell.

U.S. retail sales were unchanged in June, falling from an upwardly revised 0.3% growth in May to zero growth. According to the CME FedWatch tool, traders expect a 93% chance of the Fed going for a 25-basis-point rate cut in September.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital underscored the importance of Bitcoin breaching $65,000.

"Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region," the trader remarked.

Well-known analyst Ali Martinez highlighted the significance of $66,250 for King Crypto in its pursuit of new all-time highs. He also stated that the coin must hold above $62,500 to bolster its chances.

Photo by SvetlanaParnikova on Shutterstock

Read Next:    

• Donald Trump Plans Launch Of Fourth NFT Collection: ‘I’m Going To Do Another One Because The People Want Me To Do Another One’