What to know : Crypto markets stabilized in early U.S. trading Tuesday with bitcoin rising about 3% from late Monday afternoon to above $87,000. Crypto-related equities, including Strategy (MSTR), Robinhood (HOOD) and Circle (CRCL) saw early gains after yesterday's plunge. Despite the bounce, one analyst warned that crypto markets remain "fragile," with bitcoin likely to fell below November lows.
Cryptocurrencies stabilized after Monday's sharp selloff, with bitcoin bouncing above $87,000 in the early U.S. session on Tuesday.
The largest crypto climbed about 3% from overnight lows, while ether was underperforming, ahead just 1.4%. Altcoin majors including BNB , , showed relative strength, gaining 3% to 6% overnight.
Crypto-related equities also rebounded after Monday's panicky action. Bitcoin treasury firm Strategy (MSTR), digital brokerage Robinhood (HOOD) were 3%-4% higher, while Circle (CRCL), issuer of the $78 billion USDC stablecoin, jumped 9%.
In a rare occurrence, crypto is outperforming U.S. equities, which are modestly lower across the board on Tuesday, the S&P 500 down 0.5% and Nasdaq off 0.3%.
In the news were delayed U.S. employment reports, with November data showing a troubling jump in the unemployment rate to a four-year high of 4.6%. For the moment, the weakness isn't flowing though to trader expectations for a January Fed rate cut, which remain muted at just a 24% chance.
Dead cat bounce or something more?
Tuesday's early action could offer some hope that bitcoin's slide from last week's high above $94,000 has been arrested in the short-term, but at least one analyst sees BTC making new lows soon.
Samer Hasn, senior market analyst at broker XS.com, said that BTC's bounce from the November low of $80,000 to early December was a "corrective high," with the next leg down likely making a fresh low below $80,000.
In a Tuesday market note, he described the current environment as "fragile," with derivatives markets underscoring the caution. Then past two days saw $750 million in long liquidations, including $250 million tied to bitcoin futures, he noted.
"Traders are either stepping aside ahead of the data or being forced out, reinforcing downside momentum," Hasn said. "Without a positive macro catalyst to reset sentiment, bitcoin remains exposed to a deeper flush, with sub-80,000 levels increasingly part of the near-term conversation rather than a tail risk."
"The market now faces a short-term battle between the delay in monetary easing and the long-term attractiveness of BTC as a store of value," said David Hernandez, crypto investment specialist at 21shares. "Immediate selling pressure may emerge as traders re-evaluate the risk landscape, forcing BTC to defend key support zones," he continued. "Yet, the underlying economic tension reinforces the bullish argument for smart money accumulation: where the Fed struggles to tame inflation without crashing the economy, bitcoin's finite supply becomes an essential asset."
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