Bitcoin's price remains near the $90,000 mark, suspended within a neutral sentiment environment despite notable shifts in cryptocurrency exchange-traded funds (ETFs). Over the past 24 hours, liquidations across the market totaled approximately $465.67 million, underscoring a period of heightened volatility and capital movement.
Among these movements, Bitcoin-focused ETFs experienced net outflows amounting to $486 million on Wednesday alone. Ethereum ETFs also recorded significant withdrawals, with net outflows reported at $98.5 million. These figures illustrate a considerable retraction of investment capital from some of the largest and most traded cryptocurrency funds.
Current market prices for prominent cryptocurrencies reveal pressured valuations: Bitcoin (BTC) is trading around $89,783; Ethereum (ETH) near $3,099; Solana (SOL) at approximately $134.99; and XRP at $2.10. This price configuration indicates a modest decreasing trend across these major digital assets.
Market analysts note that Bitcoin is poised at a critical juncture. Michael van de Poppe emphasizes that the asset has recently tested the 21-day moving average, describing this as a pivotal inflection point. Maintaining support at this average could facilitate a rally towards $94,000 in the upcoming week. Conversely, failure to hold this level might precipitate a liquidity-driven revisit of recent lows, potentially prolonging downward momentum before any further advancement.
From a macroeconomic angle, crypto trader Jelle draws attention to recent Federal Reserve actions, which saw its balance sheet expand for the first time in nearly three years. Historically, such expansions have frequently preceded significant Bitcoin price rallies, suggesting a potential bullish catalyst, although this remains subject to unfolding market conditions.
On the Ethereum front, technical analysis by chart specialist Ali Martinez indicates a breakout from a previously observed triangular consolidation pattern. Martinez assigns a technical target near $3,730, implying room for advancement from current levels if the momentum sustains.
Moreover, Martinez highlights a positive signal from the TD Sequential indicator on XRP, suggesting a resurgence potential as the coin experiences a rebound. This technical measure operates as an indicator of market timing, pointing to potential buying opportunities.
In contrast, analyst Crypto Tony suggests that Solana may require a corrective pullback to a strong support zone before initiating a sustainable price bounce, indicating some near-term vulnerability despite current positioning.
Broader market performance among meme coins has been less favorable, with the sector declining by 6.8% over the previous day and dipping below a $50 billion aggregate market capitalization. Dogecoin (DOGE), priced at $0.1427, and Shiba Inu (SHIB) at approximately $0.058684, reflect this downward trend.
Nonetheless, insights from market commentator LongTerm describe Dogecoin as exhibiting resilience by maintaining levels above its 200-day simple moving average (SMA). This technical characteristic suggests potential for upside of roughly twofold to its prior local high and exceeding three times the reached values anticipated for its 2024 peak.
The prevailing scenario illustrates a cryptocurrency market undergoing significant capital adjustments through ETF outflows and fluctuating confidence levels. The technical outlook for leading coins incorporates both cautionary and optimistic elements, emphasising the importance of monitoring key price and volume indicators going forward.