Bitcoin, Ethereum, XRP, Dogecoin Spike As Trump Vows To Keep Strait Of Hormuz Open: Analyst Wants Traders To 'Pay Attention' To This BTC Level

Leading cryptocurrencies rose alongside stock futures on Sunday as President Donald Trump pressed for a coordinated effort to keep oil exports from the Strait of Hormuz running.

Crypto Market Sees Relief Rally

Bitcoin spiked during evening hours, with trading volume surging 33% over the past 24 hours.

Ethereum outperformed Bitcoin,  reaching an intraday peak of $2,200 amid surging trading volume that signaled strong buying momentum.

Roughly $194 million was liquidated from the cryptocurrency market over the past 24 hours, with short positions worth $145 million evaporated, according to Coinglass data.

Open interest in Bitcoin futures rose 2.92% in the last 24 hours. However, sentiment among retail and whale traders with open BTC positions on Binance remained "Neutral."

“Extreme Fear” sentiment persisted, according to the Crypto Fear & Greed Index here, despite the uptick.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.42 trillion, following a gain of 2.11% from the previous day.

Stock Futures Also Lift While Oil Volatility Persists

Stock futures ticked higher Sunday evening. The Dow Jones Industrial Average Futures rose 168 points, or 0.37%, as of 8:39 p.m. EDT. Futures tied to the S&P 500 gained 0.42%, while Nasdaq 100 Futures added 0.49%.

Trump urged nations “affected” by the attempted closure to send ships alongside the U.S. to keep the passage “open and safe.”

Will The Rally Stall?

Leading cryptocurrency analyst and trader Ali Martinez saw the relief rally coming a while earlier and advised traders to watch out for the $73,500 level.

Martinez projected Ethereum's rally to $2,647 and $3,639 if it breaks resistance at $2,356, citing Market Value to Realized Value pricing bands

The Market Value to Realized Value bands are used to identify potential overbought and oversold conditions.

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