Cryptocurrency markets are trading higher on Wednesday morning, with Bitcoin reclaiming the $111,000 mark.
Notable Statistics:
- Coinglass data shows 109,129 traders were liquidated in the past 24 hours for $246.94 million.
- SoSoValue data shows net outflows of $332.8 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ET'Fs saw net outflows of $135.4 million.
Trader Notes: Crypto trader Jelle noted that Bitcoin reclaiming $111,000 marks its first key test of strength. Holding the level would signal early recovery, while a move above $120,000 would confirm a return of strong bullish momentum. The focus remains on progressing step by step, he added.
Rekt Capital observed that BTC has closed a daily candle above its multi-week downtrend, signaling a potential breakout. He explained that any retests of the trendline now serve as confirmation of the breakout's strength.
For Ethereum, Jelle highlighted that it has broken out of an 18-month bullish megaphone pattern and successfully retested it, pointing to strong continuation and potential for price discovery.
Michael van de Poppe added ETH sits at a key decision point: a break above the 20-week EMA could drive a push toward all-time highs, while rejection would make sub-$4,000 an attractive buy zone.
Javon Marks stated the token remains on track with his $4.80 target as long as it holds the $2.47 support, suggesting room for another 66% upside.
Lark Davis called Solana one of the strongest trades in crypto currently. He pointed to its ascending support line, aligned with the 200 4-hour EMA near $190, as a prime accumulation zone, while strong volumes indicate sustained momentum.
Dogecoin may be setting up for a major move.
Trader Tardigrade noted that Bollinger Bands on DOGE's daily chart are tightening, with Band Width dropping to recent lows — the same condition seen before its last major pump, hinting at a potential volatility-driven breakout.
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