The crypto markets managed to crawl off the mat Tuesday after Monday's brutal selloff, though whether this is a genuine recovery or just a dead cat bounce remains the question everyone's asking.

Here's where the major cryptocurrencies landed as of 8:20 p.m. ET:

A Relief Rally, But Far From Safety

Bitcoin managed to scrape together some dignity, rallying to an intraday high of $93,745.08 after its embarrassing dip below $90,000 on Monday. Trading volume ticked up a modest 3% over the last 24 hours. The uncomfortable truth? Bitcoin is now down 0.93% year-to-date, meaning 2025's gains have been completely erased.

Ethereum also enjoyed a relief bounce, climbing to an intraday high of $3,167.93 after losing the psychologically important $3,000 level as support the previous day. XRP and Solana posted decent upticks as well, with Solana leading the pack among major cryptocurrencies.

Even Strategy Inc. (MSTR), the Bitcoin-hoarding company formerly known as MicroStrategy, managed to lift itself 5.82% higher by the closing bell.

But don't mistake a bounce for a bottom. Cryptocurrency liquidations exceeded $460 million in the last 24 hours, according to Coinglass, with nearly $320 million of that coming from bullish long positions getting absolutely demolished.

Bitcoin's open interest dropped 2.79% in the last 24 hours. Perhaps more telling: the percentage of Binance traders placing bullish bets on BTC plummeted from 78% to 72% over the same period, according to the Long/Short Ratio. When the crowd starts backing away, you know the sentiment has shifted.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.16 trillion following a 1.26% increase in the last 24 hours. Better than nothing, but hardly cause for celebration.

Traditional Markets Still Spooked By AI Concerns

The broader market didn't fare much better Tuesday. The Dow Jones Industrial Average tumbled 498.50 points, or 1.07%, closing at 46,091.74. The S&P 500 slid 0.83% to finish at 6,617.32, while the tech-heavy Nasdaq Composite fell 1.21% to end at 22,432.85.

Chipmaker Nvidia Corp. (NVDA) shed nearly 3%, adding fuel to growing concerns about whether we're witnessing an artificial intelligence bubble. Investors are now anxiously awaiting Nvidia's third-quarter earnings, due after Wednesday's closing bell, hoping the company can address some of the mounting skepticism around AI valuations.

The Technical Picture Looks Ugly

Blockchain analytics firm CryptoQuant highlighted that Bitcoin's Composite Index ratio—a market momentum indicator—has fallen to 0.72, a level not seen in nearly seven months. That's not a good sign.

"If the ratio falls below 0.75, short-term holders will take profits, and the price may correct to $87,500 — a support level dating back to March," CryptoQuant said.

There is a silver lining, though it feels distant right now. If the ratio exceeds 1, it would signal "renewed momentum," potentially driving Bitcoin to the $150,000–$175,000 range. But we're moving in the wrong direction.

Widely followed cryptocurrency analyst and trader Captain Faibik wasn't mincing words about the current market dynamics, stating that Bitcoin bears are currently in "full control."

"I personally think Bitcoin will retest the $78,000–$80,000 area in the coming weeks," the analyst projected.

If Faibik's prediction comes true, we're looking at another 15% drop from current levels. That would make Tuesday's bounce look like nothing more than a brief pause on the way down. The question now isn't whether Bitcoin can hold $90,000—that ship has sailed—but whether there's enough buying pressure to prevent a deeper correction into the high $70,000s.

For now, the bears are winning, and Tuesday's modest recovery doesn't change that fundamental reality.