Bitcoin continued to move sideways on Monday, while Ethereum staged a rebound as investors resorted to a wait-and-watch approach.

What Happened: The world's leading cryptocurrency oscillated between $95,000 and $97,000, extending its rangebound price action.

Ethereum, on the other hand, rallied to a two-week high of $2,848.78 before paring gains by the evening.

Bitcoin's dominance rose to 59.8% over the last 24 hours, after a 3.16% increase.

Cryptocurrency liquidations hit $238 million in the last 24 hours, with long liquidations amounting to nearly $150 million.

Bitcoin's Open Interest rose by 1.58%. A rise in Open Interest, coming alongside a sideways price action, indicated potential volatility in the future.

Additionally, the number of traders opening long positions for Bitcoin surged when compared to those betting on its decline, according to the Long/Short Ratio.

Market sentiment remained "Neutral" as of this writing, according to the Crypto Fear & Greed Index. 

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.17 trillion, contracting by 0.92% in the last 24 hours.

Stock futures ticked higher Monday evening. The Dow Jones Industrial Average Futures rose 67 points, or 0.15%, as of 7:45 p.m. EDT.  Futures tied to the S&P 500 gained 0.15%, while Nasdaq 100 Futures rose 0.14%.

The Federal Reserve will release the meeting minutes on Wednesday, giving investors further cues on the central bank's position on interest rates.

The New York Stock Exchange and Nasdaq will resume trading on Tuesday after the Presidents Day holiday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Leading on-chain analytics firm Santiment noted Ethereum's recovery and outperformance vis-à-vis altcoins.

"From a long-term perspective, ETH continues to move off of exchanges and into cold wallets at a shocking pace, with just 6.38% of the available supply on exchanges," Santiment data showed, indicating a lower likelihood of a large sell-off event.

Santiment responded to an X user’s question about the impact of Ethereum’s shrinking supply on its price action. While they acknowledged the positive effect, they emphasized that it should be viewed as a “long-term” metric.

Influential cryptocurrency expert and trader Ali Martinez noted a bearish crossover for the Moving Average Convergence Divergence indicator on Bitcoin's weekly chart. The analyst stated that this signal has historically preceded "significant price corrections" in the apex cryptocurrency.

Martinez also drew attention to the large sell-offs by Bitcoin miners over the past week, with over 2,000 BTCs getting offloaded.

Photo by CMP_NZ on Shutterstock

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