Bitcoin experienced a decline on Thursday, retreating to below $68,000 and reversing its two-day upward trend. This downturn comes as investors shift capital away from altcoins and meme coins, reflecting a broader risk-off sentiment in the cryptocurrency market.
Current prices show Bitcoin (BTC) at $67,681.84, while Ethereum (ETH) trades at $2,022.21. Other notable cryptocurrencies include Solana (SOL) at $86.00, XRP at $1.39, and Dogecoin (DOGE) at $0.09692, alongside Shiba Inu (SHIB) priced at $0.055980.
Recent statistics reveal significant market movements, with Coinglass reporting that 148,693 traders were liquidated within the past 24 hours, resulting in losses amounting to $415.80 million. Additionally, SoSoValue data indicates that net inflows from spot Bitcoin ETFs reached $506.5 million on Wednesday, while spot Ethereum ETFs saw net inflows of $157.1 million.
In this volatile environment, several analysts have provided insights on the market”s condition. A trading analysis from CryptoCon emphasized that Bitcoin”s recent lows have held within the $62,000–$71,000 high-volume zone. However, they warned that thin support exists below $62,000, potentially paving the way for a sharp decline toward $25,000–$30,000, an area that aligns with key cycle indicators and could signal a cycle bottom around late 2026.
Furthermore, CrediBULL Crypto advised traders to maintain patience as Bitcoin approaches critical range extremes. They noted that significant resistance exists at higher levels, correlating with both local highs and the range top of $50,000–$74,000 for 2024. Another trader, KillaXBT, suggested that for Bitcoin to surpass $70,000 before hitting $58,000, it is essential for the support box to hold. A failure to maintain this support could indicate a breakdown in the support/resistance dynamic, increasing the risk of further downside.
As the cryptocurrency market continues to evolve, investors are urged to stay informed and cautious in their trading strategies.
