Bitcoin (CRYPTO: BTC) is struggling around the $111,000 range, with sentiment dropping into the fear zone again.
Notable Statistics:
- Coinglass data shows 155,884 traders were liquidated in the past 24 hours for $413.18 million.
- The CoinMarketCap Fear and Greed Index slipped from 42 (Neutral zone) to 37 (Fear zone) in two days.
- In the past 24 hours, top losers include Plasma (CRYPTO: XPL), Dash (CRYPTO: DASH) and MYX Finance (CRYPTO: MYX).
Notable Developments:
- Coinbase Boosts Stake In Indian Crypto Exchange CoinDCX, Values Company At Nearly $2.5 Billion
- Bitfarms’ $300M AI Pivot Sparks ETF Rethink: Can Blockchain Funds Handle The AI Boom?
- Bitcoin, Ethereum Crash Was A Blip, Not A Fundamental Shift, Bitwise’s Matt Hougan Says
- NYC Mayor Eric Adams Creates America’s First-Ever Municipal Office For Crypto And Blockchain
- Bitcoin Reserves Held By US Could Swell To $36 Billion As DOJ Files Largest Ever Forfeiture Linked To Cambodian ‘Pig Butchering’ Scams
Trader Notes: Crypto trader IncomeSharks highlighted that he's preparing for Bitcoin's potential downside while still expecting a rally.
The current setup resembles a previous pattern, though the major sell-off may already be behind us.
Further declines would primarily affect leveraged traders rather than spot holders.
Ted Pillows noted that Bitcoin's long-term structure remains bullish. Staying above $102,000 is key to maintaining the bull run, while a monthly close below this level would raise concerns.
The Cryptomist remains optimistic about a push toward weekly high. The bullish falling wedge pattern appears intact, and a breakout could take BTC toward $116,000, with altcoins likely retesting their weekly highs.
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