Major cryptocurrencies showed little movement on Wednesday as investors reduced their risk exposure. Bitcoin fluctuated between $73,202 and $74,694, facing strong resistance. Ethereum struggled to surpass $2,100, while Dogecoin dropped 0.50% in the last 24 hours. Cryptocurrency-related stocks performed better, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) rising 1.06% and 6.33%, respectively.
Nearly $290 million in cryptocurrency positions were liquidated over the last 24 hours, mostly from bullish long trades, according to Coinglass data. Bitcoin’s open interest declined by 2.44%, a sign that short sellers may be closing out positions. This drop in open interest alongside a price increase often indicates short covering.
The broader stock market saw gains, with the Dow Jones Industrial Average climbing 0.49%, the S&P 500 rising 1.31%, and the Nasdaq Composite adding 1.60%. CoreWeave Inc. (NASDAQ: CRWV) surged 24%, its largest single-day gain since June 3, 2025, reviving interest in AI-related stocks.
Cryptocurrency analyst Michaël van de Poppe noted that Bitcoin is holding support near its 200-day moving average at $73,200. He projected that breaking through $75,000 could lead to further gains. Another analyst, CrediBULL Crypto, predicted a repeat of a prior short squeeze, suggesting Bitcoin could surge from $72,000 to $90,000 in a few days.