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Bitcoin Hovers Over $27.5K, Crypto Bulls Face $100M Liquidations as Altcoins Drop

The ongoing Hamas-Israel conflict and a significant ether (ETH) sale by the Ethereum Foundation weighed in on broader crypto markets as bulls saw over $100 million in futures positions evaporated and the market slid 2% on average. Bitcoin (BTC) showed signs of stability relative to other tokens, losing 1% in the past 24 hours and hovering above a key support level of $27,500 in Asian morning hours Tuesday. Among traders, riskier assets such as technology stocks and bitcoin are in focus amid surging oil prices. Analysts at trading firm FxPro told CoinDesk in a note that they were watching for a break of the $28,000 level for bitcoin before turning bullish.

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