Bitcoin Slips Below $84,000 as Ethereum Stands Firm Amid Rate-Hike Fears
The cryptocurrency market remained cautious due to renewed concerns over interest-rate hikes. Bitcoin struggled to reclaim $84,000, and Ethereum held its ground at around $2,600.
XRP and Dogecoin, however, rose as investors turned their attention to rate-hike fears. The top gainers in the past 24 hours included Quant, Ethena, and Aerodrome Finance.
According to Coinglass data, 79,553 traders were liquidated in the past 24 hours for $278.63 million. Meanwhile, SoSoValue reported net inflows of $190.7 million from spot Bitcoin ETFs on Thursday, with spot Ethereum ETFs seeing net inflows of $66.01 million.
Cryptoinsightuk noted that Bitcoin's 2.3% pullback came with a much sharper 7.3%, 9.15% drop in open interest, signaling a significant leverage flush. Rising spot volume near $83,200 suggests buyers are defending the level, making it key near-term support.
If Bitcoin holds the $83,000, $77,000 support zone while short-term indicators reset, Kevin Capital sees scope for a move toward $93,500, $100,000. However, he also expects that rally could be followed by a 10%, 20% correction that establishes a macro higher low.