On Thursday afternoon, Bitcoin (CRYPTO: BTC) reclaimed a price level above $90,000 as it continues to absorb the gains seen earlier this year within the cryptocurrency landscape. This development highlights the ongoing volatility and complex price action characterizing the crypto markets at the moment.
According to Coinglass data, the last 24-hour period saw a substantial volume of liquidations totaling 132,723 traders, representing approximately $455.54 million in positions being forcibly closed. This figure underscores the high-stakes environment and leveraged activity typical of the current trading climate.
Although Bitcoin has surged beyond the $90,000 mark and currently trades near $90,922, other prominent cryptocurrencies such as Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), and Dogecoin (CRYPTO: DOGE) remain relatively stable with sideways movement. Ethereum is priced close to $3,114, XRP is at $2.14, and Dogecoin sits at roughly $0.1423, indicating limited volatility compared to Bitcoin's recent rise.
Among the top performing cryptocurrencies in the past day, lesser-known tokens including JasmyCoin, Bittensor, and Lighter have experienced significant gains. These may be drawing attention from traders seeking emerging opportunities amid the current market environment.
Technical analysts and market commentators have provided various perspectives on this price action. Michael van de Poppe, a cryptocurrency strategist, noted that Bitcoin is demonstrating a "constructive bounce," as it holds above its 21-day moving average and forms a higher low pattern, which is often interpreted as a positive signal for potential upward momentum. Van de Poppe suggests that if daily closing prices remain above current support, Bitcoin could retest the $94,000 level, with a successful breakout possibly paving the way to the psychological $100,000 barrier.
Conversely, Daan Crypto Trades highlighted that historical price action for Bitcoin early in the calendar year tends to be erratic, marked by false breakouts and unclear directional cues, with more decisive trends emerging typically between the fifth and seventh weeks of the year. This indicator reflects the current choppy market behavior and the uncertainty prevailing among traders.
Another analyst, known as KillaXBT, commented on Bitcoin’s recovery from a previous trading range but emphasized the need for sustained buying pressure to reclaim the daily open price level fully. KillaXBT warns of the possibility of a near-term decline toward the $90,500 area and cautions that a sustained move below this could increase the probability of a deeper drop, potentially toward the 2026 yearly open price. This perspective illustrates some of the risks associated with the current trading dynamic.
Amid these trading developments, Ethereum has surpassed the $3,100 price point, although there are underlying concerns that could signal caution. Market watchers have pointed out bearish indicators clouding Ethereum's outlook despite the recent price upswing.
Meanwhile, XRP has gained approximately 12% over the past week, but questions persist regarding the sustainability of this rally in light of exchange-traded fund (ETF) outflows affecting the coin's momentum. This factor introduces an element of uncertainty for XRP’s near-term performance.
On the institutional front, Morgan Stanley announced plans to release a digital wallet in 2026 aimed at accommodating tokenized assets. This development represents a significant step in mainstream financial adoption of digital currencies, potentially influencing market dynamics over the medium term.
Other notable industry news includes the Kalshi CEO endorsing U.S. legislation to ban insider trading on prediction markets. Kalshi’s leadership stated that the company already enforces such safeguards, highlighting regulatory scrutiny and compliance efforts within the crypto and digital asset sectors.
The company Bitwise has outlined three specific criteria necessary to sustain the recent rallies in Bitcoin, Ethereum, and XRP, though the article does not detail these conditions explicitly. This underlines the importance of various market factors to maintain upward momentum across key cryptocurrencies.
Market price updates from Benzinga's API put Bitcoin slightly down by 0.17% at $91,114, Dogecoin down 2.81% at $0.1422, Ethereum down 1.51% at $3,117, Shiba Inu by 0.80% at $0.000009, Solana up slightly by 1.21% at $137.90, and XRP down 1.20% at $2.14, reflecting a broadly mixed picture among major tokens.
Price trends and momentum indicators suggest that while Bitcoin is demonstrating early signs of strength, the market remains cautious as many altcoins lack significant directional movement, and substantial liquidations indicate ongoing volatility and risk.