Bitcoin Holds $85,000 as Major Cryptos Trade Flat
Bitcoin (BTC) is maintaining its position around $85,000, showing little movement in recent trading sessions. Other major cryptocurrencies like Ethereum (ETH), XRP, and Dogecoin (DOGE) are also trading flat, with prices holding steady at $2,688, $1.50, and $0.09475 respectively. Meanwhile, data from Coinglass indicates that 60,133 traders were liquidated in the past 24 hours, resulting in losses totaling $147.51 million.
Investor sentiment remains cautious as SoSoValue data reveals net outflows of $89.9 million from spot Bitcoin ETFs and $50.8 million from spot Ethereum ETFs on Monday. Despite this, top gainers in the past 24 hours include Render, LayerZero, and OKB.
Notable developments include Ripple, Circle, and Standard Chartered backing crypto exchange OKX at a $25 billion valuation. Analysts are also making bold predictions, with TD Cowen forecasting Bitcoin to reach $132,750 by 2028, and other analysts suggesting Bitcoin could hit $100,000 soon. Legendary trader Peter Brandt has set a price target of $2.16 for XRP but with caution.
Cryptocurrency analysts like Kevin remain bullish on Bitcoin, emphasizing that the cryptocurrency must hold key support zones at $83,000 to $77,000 and $75,000 to $67,000 to avoid new lows. Regulatory developments also took center stage, with Treasury withdrawing proposed rules affecting crypto mixers and privacy tools. Bitcoin-focused policy advocate Dennis Porter plans to expand state-level Bitcoin-rights legislation to protect self-custody and node operation.