Cryptocurrencies surged on Wednesday, with Bitcoin convincingly surpassing the $117,000 mark.
Notable Statistics:
- Coinglass data shows 126,124 traders were liquidated in the past 24 hours for $519.11 million.
- In the past 24 hours, top gainers include Zcash (CRYPTO: ZEC), SPX6900 (CRYPTO: SPX) and Pudgy Penguins (CRYPTO: PENGU).
Notable Developments:
- Solana, XRP ETFs May Be Just The Start: Why You Need To Brace For The Crypto ETF Avalanche
- Metaplanet Adds 25,555 BTC As Bitcoin Surges To $116,000
- Bitcoin Could Hit $1 Million Because ‘Governments Keep Printing Money Like No Tomorrow’, Telegram CEO Says
- Michael Saylor Calls Bitcoin ‘Digital Energy’ That Will Transform Finance
- VisionSys AI Stock Tanks 45% After Announcing $2 Billion Solana Treasury Partnership
- Trump-Backed World Liberty Financial To Roll Out Crypto Debit Card By Early 2026: ‘They Called Us A Joke…A Memecoin’
Trader Notes: Scient highlighted Bitcoin reversed sharply from $108,500, surprising traders who anticipated a retest of the $107,000 lows.
The bounce comes from a key weekly support level, making the move reasonable, though short-term action appears unusually volatile.
BTC is now testing the critical $117,000 level.
A successful break above could put all-time highs back in play, while rejection might trigger a pullback toward $112,500 or even $108,000.
The trader is holding significant spot exposure, expecting an eventful week ahead.
Ted Pillows noted historical patterns during the last two U.S. government shutdowns: Bitcoin initially spiked due to market uncertainty and a rush into perceived safe or uncorrelated assets, followed by sharp selloffs as normalcy returned and risk-on sentiment resumed.
Crypto Tony highlighted resistance at $117,600, maintaining a long position entered at $109,000 while watching for a breakout above this key level.
Altcoin Sherpa projects Bitcoin may target $120,000 next, but stresses a clear breakout above current resistance is necessary for that move.
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