Bitcoin made headlines on Wednesday, briefly reaching a price of $97,500 as positive macroeconomic sentiment fueled interest in risk assets. This surge was accompanied by a significant uptick in liquidations and a renewed demand for exchange-traded funds (ETFs).
Current prices show Ethereum at $3,387.58, XRP at $2.15, Dogecoin at $0.1488, and Solana at $147.07. The total market cap reflects robust activity as investors react to shifting market dynamics.
According to data from Coinglass, approximately 149,828 traders faced liquidations in just the past 24 hours, resulting in losses totaling $848.51 million. Among the top gainers in the last day were Dash, Internet Computer, and Monero.
In notable industry developments, BitGo, a prominent crypto custodian company, is reportedly targeting a valuation of nearly $2 billion in its upcoming NYSE initial public offering. Additionally, there is anticipation surrounding a Senate vote on a significant crypto bill, expected within the next 72 hours, raising questions about its potential passage.
Despite the recent gains, analysts are expressing caution. Trader Altcoin Sherpa highlighted that while Bitcoin has broken out of a two-month consolidation phase, market sentiment remains tentative due to fears of past false breakouts. However, he maintains a bullish outlook, suggesting a move toward $100,000 remains likely unless a significant macroeconomic shock occurs.
Another crypto analyst, Kevin, indicated that if Bitcoin successfully reclaims the 2-day timeframe 200 EMA/SMA and sustains this momentum, it would represent a historic shift from what many consider a bear market year. The critical resistance zone is currently identified between $96,000 and $101,600.
Furthermore, crypto trader Jelle pointed out that Bitcoin“s recent downtrend has seemingly concluded, noting a clear break and retest of the descending trendline. This shift suggests that the former local high is now acting as support, with the next major resistance area anticipated between $100,000 and $105,000, as momentum appears to favor the bulls.
As this market evolution unfolds, it is essential for investors to remain vigilant and consider the broader economic context influencing cryptocurrency trends.
