TL;DR
- Bitcoin reclaimed $111,000 with a 0.3% gain, while the crypto market reached $3.85 trillion after a modest 0.55% uptick.
- More than 109,000 positions were liquidated for $246.94 million, while BTC and ETH ETFs posted net outflows of $468 million.
- Analysts see Bitcoin facing its first real test of strength and Ethereum at a critical juncture, with $120,000 and $4,000 as key levels.
Bitcoin reclaimed the $111,000 level in Wednesday’s session, posting only a 0.3% increase in a market that saw a slight overall rebound. Total cryptocurrency market capitalization reached $3.85 trillion after rising 0.55%.
Liquidations amounted to $246.94 million over the past 24 hours, affecting more than 109,000 traders. At the same time, SoSoValue data showed net outflows of $332.8 million from Bitcoin ETFs and $135.4 million from Ethereum ETFs, reflecting profit-taking as prices attempt to consolidate at new levels.
Bitcoin Faces a New Test of Strength
Technical analysts highlighted that Bitcoin’s rebound marks its first sign of strength in weeks. Holding above this level could signal the start of stabilization, while a move past $120,000 would confirm the return of a strong bullish cycle. Some experts also noted that closing a daily candle above a multi-week downtrend signals a solid technical breakout, and any retest of that line should act as confirmation of its validity.
Ethereum traded at $4,375 after breaking out of a long-term consolidation pattern and successfully retesting it. Experts pointed out that ETH sits at a critical juncture: if it breaks above the 20-week exponential moving average, it could move toward new all-time highs. On the other hand, a dip below $4,000 would open an attractive buying range for those seeking to accumulate at lower levels.
What About the Altcoins?
XRP held around $2.85 and maintains a target of $4.80 as long as support at $2.47 remains intact, leaving room for an upside of nearly 66%. Solana climbed to $210 and drew attention from analysts who consider it one of the strongest assets right now. Its ascending support line and the 200-period 4-hour EMA, positioned near $190, are seen as a key accumulation zone, with strong trading volumes supporting its trend. Dogecoin, meanwhile, showed signs of gearing up for a potential move, though direction has yet to be confirmed.
The coming days will be decisive in determining whether Bitcoin and Ethereum consolidate a recovery or face renewed corrections
