Bitcoin Falls Below $65,000 Amid $2.6 Billion Liquidations; Ethereum and Dogecoin Decline While XRP Shows Stability

On the latest trading day, Bitcoin experienced a sharp decline of roughly 8%, settling near the $65,000 mark. This dramatic movement exerted downward pressure on overall crypto market sentiment, pushing the Crypto Fear & Greed Index into the Extreme Fear category, registering a low score of 5. Concurrent with this correction was a pronounced wave of liquidations across cryptocurrency positions, totaling about $2.6 billion over the preceding 24 hours.

Investor capital movements also reflected the selloff's intensity. Bitcoin-listed exchange-traded funds (ETFs) reported net outflows amounting to $434.2 million on Thursday alone. Likewise, Ethereum ETFs saw $80.8 million withdrawn, indicating notable investor repositioning away from major crypto assets.

Market participants and technical analysts have offered varying interpretations of recent price dynamics. Cryptocurrency trader Jelle noted that Bitcoin's price has descended into the lower quarter of an established eight-year price channel, approaching the channel’s lower threshold. Within this context, Jelle emphasized the segment between $50,000 and $55,000 as a primary support area, identifying it as crucial for potential price stabilization or reversal.

Further technical insight comes from Michael van de Poppe, who observed Bitcoin's swift collapse beneath the $60,000 level as a substantial correction concluding nearly two weeks of price consolidation. Currently, Bitcoin’s value is situated close to its 200-week moving average, a technical metric often regarded as a long-term trend gauge. Van de Poppe highlighted the upcoming market sessions as pivotal, suggesting that even marginal price rallies in this phase could generate noticeable price distortions or “wicks” on trading charts.

Shifting focus to Ethereum, crypto chart analyst Ali Martinez referenced the MVRV (Market Value to Realized Value) ratio, an indicator historically linked with identifying bottoming phases. Martinez pointed out that Ethereum usually reaches cycle lows when this ratio drops below 0.80. Presently, the metric hovers near 0.96, implying that Ethereum may still have ground before reaching its typical cyclical bottom.

Compared to its peers, XRP has demonstrated more resilience amid broader market pressure. Analyst CryptoInsightUK observed that XRP successfully closed the daily trading session above levels impacted earlier by Binance liquidation activities. This action effectively consumed downward liquidity with an accompanying surge in trading volume. Such a setup, CryptoInsightUK suggests, may still support a strong upside potential in upcoming periods.

Additional observations come from trader Bluntz Capital regarding Solana’s price behavior. Solana recently tested the 0.78 Fibonacci retracement level on macro charts, indicating a current price approximately 78% below its all-time highs. From a long-term risk-reward perspective, Bluntz Capital noted that significant fibonacci retracements like this often represent opportune entry points given historical performance.

The meme coin category experienced a steep sell-off, declining by 10.4% within a single day. This downturn dragged the total market capitalization of meme coins down to roughly $32.9 billion, mirroring the broader crypto market selloff. Within this group, Dogecoin's price action continues to be closely monitored. Analyst Ali Martinez identified that Dogecoin is maintaining a critical support zone near $0.054, which could function as a potential rebound region if overall market conditions regain stability.

Current Pricing Data for Major Cryptocurrencies:

The interaction of technical levels, liquidation events, ETF flows, and sentiment indicators highlights the ongoing complexity in the cryptocurrency markets. Participants remain watchful toward critical support areas for Bitcoin and Ethereum, while tokens like XRP and Solana present alternative potentials amid volatile conditions.