Bitcoin (BTC) Tapped $107,000 Before Pulling Back Slightly

Bitcoin tapped $107,000 late evening before pulling back slightly to the $106,000 region.

Leading cryptocurrencies displayed a sideways movement on Tuesday as investors eagerly awaited Bitcoin's breakout to new highs.

What Happened: Bitcoin briefly touched $107,000 in the late evening but pulled back slightly to the $106,000 region. The apex cryptocurrency was still lagging behind its all-time high of $109,114.88 by 2.51%.

Ethereum slid to $2,440 in the early morning but managed to recover the losses overnight.

May has been a fruitful month for these blue-chip currencies. While Bitcoin experienced an increase of over 14% this month, Ethereum showed a remarkable rebound with a 40% gain following several months of decline.

The global cryptocurrency market capitalization stood at $3.37 trillion, showing a minimal increase of 0.44% over the last 24 hours.

The cryptocurrency market saw a liquidation of over $212 million in upside bets and an erasure of $90 million in shorts over the last 24 hours.

About $557 million in Bitcoin shorts could be liquidated if the apex cryptocurrency manages to rally further to the $109,000 mark.

Bitcoin's Open Interest rose by 1.87% in the last 24 hours and by over 10% in the last week to reach $74.48 billion, suggesting that fresh capital was flowing into derivatives.

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

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.37 trillion, following a marginal increase of 0.44% in the last 24 hours.

Stocks retraced on Tuesday. The Dow Jones Industrial Average slid 114.83 points, or 0.27%, to end at 42,677.24. The S&P 500 snapped its six-day winning streak, closing 0.39% lower at 5,940.46. The tech-heavy Nasdaq Composite dipped 0.38% to end at 19,142.71.

Major averages have rallied substantially over the last six weeks, with the S&P 500 recovering 19.22% from its April lows.

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Analyst Notes: On-chain analytics firm Santiment highlighted the surge in capital inflows into Bitcoin exchange-traded funds lately.

"Over the past 5 weeks, there has been a net inflow of $6.63 billion across BTC ETFs. This is historically a bullish sign for future price movement," Santiment added.

Cryptocurrency analyst and investor Reed Carson anticipated a "big move" after examining Bitcoin's 4-hour chart.

"Since April bottom, BTC has formed ascending channel and each time a breakout has happened to the upside. First breakout pumped BTC above $93k, the second breakout pumped BTC to $105k and the upcoming one will send BTC above its previous ATH."