Cryptocurrency markets are slightly up on Wednesday morning despite lackluster performance over the previous days.
Notable Statistics:
- Coinglass data shows 128,606 traders were liquidated in the past 24 hours for $284.15 million.
- SoSoValue data shows net outflows of $103.6 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $140.8 million.
Trader Notes: More Crypto Online highlighted that BTC is holding near the 61.8% retracement level around $111,220. A push above $114,010 could mark the start of a recovery, but another low would weaken the bullish case and complete the 5-wave downtrend structure.
Ted Pillows noted Bitcoin retested the $111,000 support with only a small bounce, warning that fading institutional demand could still drag price toward $108,000.
For Ethereum, Pillows said it has retested $4,060 support twice in three days, showing weakness.
The next key level sits at $3,800, which could provide an attractive accumulation zone.
Daan Crypto Trades observed SOL moving within a rising wedge, testing long-held diagonal support from June. While heavy treasury accumulation has kept the trend bullish, SOL now faces a critical level after stalling just below its 2021 all-time high.
Dark Defender explained that XRP is finishing its ABCDE corrective phase. A breakout above $3.333 could ignite a rally, with bulls eyeing double-digit prices.
Mags argued that $1 is less a bearish target and more a moonshot scenario, requiring a 4x move. Analysts see it only as possible under extreme bull-cycle conditions.
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