Bitcoin Struggles Above $63,000 as Ethereum and Dogecoin Face Support Woes

Bitcoin struggled to hold above $63,000 as it headed into the weekend, while Ethereum and Dogecoin also faced difficulties in maintaining support. Coinglass data revealed that 82,737 traders were liquidated in the past 24 hours for a total of $166.56 million.

According to SoSoValue, spot Bitcoin ETFs saw significant outflows of $131.1 million on Thursday, while spot Ethereum ETFs experienced net inflows of $6.72 million. The top gainers over the past 24 hours included Bitway, OKB, and Shiba Inu.

Trader Michael van de Poppe emphasized that accumulating Bitcoin rather than trying to time the exact bottom is key. He noted that buying at $55,000 versus $60,000 may have little impact in the long run, similar to buying at $16,000 versus $20,000 four years ago.

Rekt Capital highlighted that Bitcoin has repeatedly wicked below $63,000 but managed to recover. However, they pointed out that weakening rebounds from this level, combined with historical data showing a tendency for Bitcoin to roll over in the second half of August during bear-market years, indicate growing downside risk.