The cryptocurrency market is currently facing notable pressure as Bitcoin failed to surpass the $90,000 price mark despite recent political developments. Specifically, the pause on proposed tariffs by former President Trump has not sufficiently bolstered Bitcoin's recovery, with the asset lingering just below this psychologically important level amid continuing significant sell-offs by institutional investors.
Data from Thursday reveals heavy net outflows from key cryptocurrency ETFs, intensifying bearish sentiment. Bitcoin ETFs recorded net withdrawals amounting to $708.7 million, while Ethereum ETFs experienced net outflows of $287 million. These sizable capital movements highlight considerable institutional caution and exert downward forces on market prices.
Technical perspectives further underscore this challenging environment. Noted trader CryptosBatman observed that Bitcoin has broken below its established bullish trendline and is currently undergoing a minor retest of this breakdown. According to this assessment, the breach signals a shift in momentum toward bearish sentiment unless Bitcoin decisively reclaims this trendline, which would be critical for restoring upward trajectory.
Independent chart analyst Ali Martinez provided insight into key levels across several major digital assets, aiding in understanding their technical positioning:
- Bitcoin: Positioned near its 730-day simple moving average at $85,180, a level historically acting as a significant pivot point for market direction changes.
- Ethereum: Demonstrates accumulation interest around the $1,800 level, with a longer-term price target envisaged near $10,000.
- XRP: Exhibits a defined support zone at $1.78 along with resistance hurdles at $1.97 and $2.00, indicating an important price corridor shaping its near-term movement.
Price assessments for these assets reflect ongoing volatility and investor attentiveness to these critical thresholds. Current trading valuations at the time of report include Bitcoin at approximately $89,943, Ethereum near $3,000, Solana rising to $129.99, XRP holding at $1.95, Dogecoin around $0.1265, and Shiba Inu close to $0.057954.
Emerging trends in the memecoin sector provide further context on market dynamics. This segment has collectively increased by 4.9 percent, resulting in a combined market capitalization of $45.6 billion. The broader altcoin rally is supportive to some extent of memecoin prices.
Dogecoin, in particular, displays technical potential for additional upward momentum. Cryptocurrency-focused analytics platform Bitcoinsensus has noted that Dogecoin's current cycle is characterized by progressively larger rallies, with prior surges approximating 190 percent and 480 percent respectively, suggesting that another significant move could be forthcoming.
Meanwhile, Shiba Inu's on-chain metrics indicate active token management through increased burn activity. Data from Shibburn shows a remarkable single-day increase in SHIB's burn rate of 257.9 percent, equating to about 11.6 million tokens permanently removed from circulation. Such deflationary measures may impact the token’s supply dynamics moving forward.
Market data and metrics sourced via Benzinga APIs further provide real-time insights into price movements and overall momentum within the sector. For instance, Bitcoin’s momentum score stands near 67.57, with various time-frame trend assessments offered for multiple cryptocurrencies, reinforcing the analytical overview of a market at critical junctures.