Cryptocurrency markets encountered notable volatility over the weekend, as Bitcoin's price dropped beneath the $78,000 threshold, marking a significant retreat from its recent highs. This downward momentum in Bitcoin coincided with persistent selling pressure in traditional safe-haven assets such as gold and silver, which in turn weighed heavily on risk assets broadly. Over the past 24-hour period, the crypto market recorded liquidations totaling approximately $821.97 million, highlighting the scale of the market's reaction.
The selloff extended beyond Bitcoin, affecting various other major cryptocurrencies. Exchange-Traded Funds (ETFs) linked to Bitcoin and Ethereum saw significant withdrawal flows on Friday, with Bitcoin ETFs experiencing net outflows of $509.7 million and Ethereum ETFs recording $252.9 million in net outflows. These trends indicate investor caution and a shift away from crypto exposure amid the turbulent market environment.
Within the broader cryptocurrency domain, the meme coin segment also faced pressure, with its total market capitalization declining by 0.4% to $37.3 billion. This category includes tokens such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), both of which showed price declines during this period.
| Cryptocurrency | Price |
|---|---|
| Bitcoin (BTC) | $77,610.21 |
| Ethereum (ETH) | $2,277.61 |
| Solana (SOL) | $102.97 |
| XRP (XRP) | $1.61 |
| Dogecoin (DOGE) | $0.1049 |
| Shiba Inu (SHIB) | $0.056763 |
Analysts observing Bitcoin's price behavior noted remarkable developments. Daan Crypto Trades highlighted that Bitcoin exhibited a sizable Chicago Mercantile Exchange (CME) futures gap during the weekend—the largest seen this cycle and one of the most significant weekend moves in several months. This gap creates a focal point near $84,000, which may serve as a critical resistance level should Bitcoin’s price recover to surpass the $80,000 mark.
Looking at technical analysis, crypto chart expert Ali Martinez identified multiple TD Sequential buy signals materializing on Bitcoin’s charts. This alignment suggests the market could be setting up for a potential recovery in the near term, although momentum remains fragile given the recent volatility.
Ethereum (ETH) also occupies a crucial juncture, with technical observers pointing out that the token is testing important support zones. Crypto Caesar warned that failure to maintain these levels could open the door to further downward movement, increasing the risk of extended declines.
Other altcoins are similarly showing signs of instability. Trader Lucky, known for his long-standing experience in Bitcoin markets, noted that Solana's price has retreated to approximately $100, a level last observed in January 2024. He emphasized that if overall market conditions stabilize, this price point could present a rare buying opportunity for investors seeking exposure to the token.
Regarding XRP, swing trader Jesse Olson remarked that a breach of the current weekly support levels would likely raise the chances of the token retesting lower price territory, close to $1.10. This could present heightened downside risks for holders.
Dogecoin's performance over the weekend attracted attention as well. Binance trader BitGuru described the coin's price action as consolidating following a rapid drop and subsequent liquidity sweep. While the immediate price trajectory remains weak, maintaining the existing base might enable Dogecoin to bounce toward the $0.13 to $0.15 range. Conversely, a breakdown through this base would likely precipitate further losses.
Data from Shibburn, a monitoring source for Shiba Inu token burning, revealed a substantial surge in its burn rate. The burn rate increased by 380.5% in a single day, resulting in approximately 4.8 million SHIB tokens being permanently removed from circulation. This development could have implications for the token’s supply dynamics moving forward.
Market data as of this reporting reflects the following quotes and trends:
- Bitcoin is priced around $77,838.20, showing a positive momentum change of 1.24%.
- Dogecoin trades near $0.1051, with a modest upward shift of 0.92%.
- Ethereum is quoted at $2,291.79, registering a 1.06% increase.
- Shiba Inu maintains a value near $0.0000072, experiencing a notable rise of 12%.
- Solana rests at approximately $102.94, up 2.28%.
- XRP trades near $1.62, with a 2.02% gain.
This data, provided via Benzinga APIs, offers a snapshot of recent crypto market conditions but does not constitute investment advice.
Key Points
- Bitcoin fell below $78,000 over the weekend amid broad risk asset selloff, with $821.97 million in liquidations occurring within 24 hours.
- Significant net outflows hit Bitcoin and Ethereum ETFs on Friday, reflecting investor caution.
- Technical signals for Bitcoin suggest a potential rebound, though key resistance and support levels remain critical.
- Other major cryptocurrencies including Ethereum, XRP, Solana, Dogecoin, and Shiba Inu also saw notable price movements, with certain tokens testing significant support levels.
Risks and Uncertainties
- Failure to close the CME gap near $84,000 could keep Bitcoin under pressure and cap potential gains.
- Ethereum’s inability to hold its critical support zone may trigger further downward movements.
- A break below XRP’s weekly support could result in a retest of lower price points near $1.10.
- Dogecoin might experience continued declines if it breaks below its current consolidation base.