Bitcoin briefly approached $70,000 over the weekend but failed to maintain the momentum, dropping by 2.2% to just above $67,000.
This decline was mirrored by other major cryptocurrencies like ETH, TON, and ADA, with over $165 million in long positions liquidated, indicating significant leverage use in the market.
Meanwhile, market analysts predict a rangebound week for cryptocurrencies like BTC and ETH, with key resistance levels not yet surpassed.
Bitcoin’s (BTC) weekend push to nearly $70,000 failed to hold as the asset dipped 2.2% to just over $67,000 early Tuesday, with a drop across all major tokens.
The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, lost 2.1%.
Over $165 million in longs — or bets on higher prices — were liquidated across crypto futures tracking major tokens in a sign of a leverage flush. As CoinDesk reported Monday, the use of leverage spiked over the weekend in a move that historically precedes market volatility.
Elsewhere, Simon’s Cat (CAT) token jumped 63% to lead market gains after a futures listing on influential exchange Binance. Trading volumes surged from nearly $80 million on Sunday to over $422 million in the past 24 hours, showcasing trading demand for one of the largest tokens in the cat-themed token ecosystem.
The Simon’s Cat memecoin is officially linked to the mainstream Simon’s Cat brand and backed by their IP. Banijay, the company holding the Simon’s Cat IP, earned a revenue of $5.8 billion last year. CAT launched in August in partnership with Floki and trading firm DWF Labs.
Meanwhile, traders warned of a rangebound week ahead amid a lack of fundamental catalysts.
Both BTC and ETH have yet to clear July highs but are closing in on key 70k and 2800 resistance levels. A break above these levels is likely to attract massive retail attention,” Singapore-based QCP Capital said in a Telegram broadcast.
“However with no major catalysts this week, we expect crypto to chop around these levels as it attempts to break higher. In terms of macro data, we only have PMI numbers on Thursday (24 Oct) where the market will look for some reassurance if the Fed will remain on their rate cut path,” QCP Capital wrote.
