Crypto Markets Bracing for 'Classic Weekend Sweep'
Crypto markets are bracing for what's being called the 'Classic Weekend Sweep', where prices tend to dip before recovering. Bitcoin briefly topped $79,000 but retreated, and Ethereum rose to a seven-month high of $2,600. The market awaits next week's interest rate decision and the CLARITY Act vote.
CoinGlass data shows that 99,064 traders were liquidated in the past 24 hours for a total of $723.34 million. Meanwhile, SoSoValue reports net outflows of $282.6 million from spot Bitcoin ETFs on Wednesday, while spot Ethereum ETFs saw net outflows of $29.8 million.
Traders are divided on what to expect next. Michaël van de Poppe expects Bitcoin to briefly dip below recent lows over the weekend before reversing higher and retesting the range highs. Killa XBT sees fresh liquidity above as the next target, requiring a 1.2% move higher. Ted Pillows notes that Bitcoin's daily MACD remains bearish.
A strong weekly close above $80,000 could open a move to $85,000, but the current structure favors a pullback.