Leading cryptocurrencies rose on Sunday evening following weeks of sideways price action, while stock futures dipped.

What Happened: Bitcoin breached the $86,000 barrier to touch $87,000 for the first time in nearly three weeks. The apex cryptocurrency's breakout spurred a similar price action for Dogecoin.

Ethereum, on the other hand, failed to generate momentum, as the second-largest cryptocurrency remained in the $1,600 range.

Bitcoin's monthly gains reached nearly 3%, in stark contrast to ETH’s 13.26% drop.

The late evening rally pushed the 24-hour liquidations past $220 million, with over $140 million in short positions erased.

Bitcoin’s Open Interest rose marginally by 0.50% in the last 24 hours, indicating a surge in volatility and speculative demand. 

The percentage of traders placing bullish long bets on Bitcoin surged to 55%, according to the Long/Short Ratio, indicating expectations of a sustained rally.

The market sentiment stayed in the “Fear” category, according to the Crypto Fear and Greed Index, although the magnitude dipped over the previous day.

Last week also saw some panic in the market after cryptocurrency trading behemoth Binance BNB/USD, along with other exchanges, faced withdrawal disruptions due to an Amazon Web Services outage on Tuesday, according to Reuters. The withdrawals resumed after around 23 minutes.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.70 trillion, following a marginal increase of 0.10% in the last 24 hours.

Stock futures edged lower overnight Sunday. The Dow Jones Industrial Average Futures fell 158 points, or 0.40%, as of 8:38 p.m. EDT.  Futures tied to the S&P 500 dipped 0.29%, while Nasdaq 100 Futures slid 0.29%.

Stocks concluded the holiday-shortened week lower as Federal Reserve Chair Jerome Powell expressed concern about inflation and slower economic growth due to Trump's tariff measures. 

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Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that the current market movement more likely resembled a "typical correction" than a full bear cycle.

"The previous price increase was relatively modest, indicating limited market overheating, which also suggests the downside risk may be contained," CryptoQuant added.

Widely followed cryptocurrency influencer Scott Melker, aka The Wolf Of All Streets, stated Bitcoin needs to climb over $88,804 to break the trend of lower highs and lower lows.

Photo: Igor Faun/Shutterstock

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