Leading cryptocurrencies were muffled on Tuesday, but stocks rallied on indications that the United States was nearing a deal with a key trading partner.

What Happened: Bitcoin continued to face resistance around $95,500 as trading volume dipped nearly 15% in the last 24 hours. Ethereum wobbled in the early $1,800 territory, with volumes down 9.63%

More than $180 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $120 million. 

That said, over $630 million in Bitcoin short positions risked liquidation if the apex cryptocurrency rose to $98,000.

Bitcoin’s Open Interest dropped 2.27% in the last 24 hours, while more than 57% of Binance traders took short positions on the asset.

The market sentiment remained in "Greed," according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.96 trillion, following a drop of 0.74% in the last 24 hours.

Stocks moved further north on Tuesday. The Dow Jones Industrial Average lifted 300.03 points, or 0.75%, to end at 40,527.62. The S&P 500 gained 0.58% to finish at 5,560.83. The tech-focused Nasdaq Composite added 0.55%, ending at 17,461.32.

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On Tuesday, Commerce Secretary Howard Lutnick indicated that the U.S. has reached a definite trade deal with an unnamed country. This comes a day after Treasury Secretary Scott Bessent hinted at a potential deal with India

Amazon.com Inc. AMZN got a hiccup ahead of its first-quarter earnings after the White House deemed "hostile" the e-commerce giant's move to show tariffs on products. That said, the stock recovered nearly all of its initial sell-off at market close.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Greg Miller was confident Bitcoin would break out from the ascending triangle pattern.

"Price is holding strong, and the setup is clean—$98,300 might be coming sooner than we think," Miller predicted. 

Chartist and trader Ali Martinez also anticipated a new bull rally for Bitcoin, citing the golden cross between the MVRV Ratio and its 365-day SMA.

MVRV, a shorthand for Market Value to Realized Value, is a ratio used to assess the value of a cryptocurrency by comparing its current market value to its realized value.

Photo: Igor Faun/Shutterstock

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