Bitcoin, Ethereum Hold Steady as Market Awaits Breakout
Bitcoin and Ethereum are holding steady near $84,000 and $3,200 respectively as traders wait for a breakout to determine the market's next move. However, other assets such as XRP and Dogecoin have gained in value, with XRP up over 2% in the past day.
Coinglass data shows that 81,461 traders were liquidated in the past 24 hours for $339.15 million. Meanwhile, SoSoValue data indicates net inflows of $346.98 million from spot Bitcoin ETFs on Wednesday, while Ethereum ETFs saw net inflows of $104.63 million.
Top gainers in the past day include Ondo, Quant and Litecoin, according to Coinglass. On the other hand, Roman Trading noted that Bitcoin needs to turn prior resistance into support to confirm a bullish structure, which would be strengthened by a weekly close above $82,500 or a strong bounce in the coming days.
Ardi highlighted that Bitcoin must reclaim $85,000 to resume its advance, with continued liquidity hunting around $81,000-$83,000 expected. Jelle predicts that flipping the 50-week/100-week EMA cluster into support would be a major longer-term bullish signal.