Bitcoin is trading sideways after the U.S. ISM PMI climbed to its highest level since 2022, easing recession fears.
Notable Statistics:
- Coinglass data shows 184,994 traders were liquidated in the past 24 hours for $765.88 million.
- In the past 24 hours, top gainers include Stable, Stacks and Canton.
Notable Developments:
Trader Notes: IncomeSharks noted that Bitcoin has survived far more severe drawdowns in the past, including an 87% collapse that lasted more than a year and pushed prices into the low $200s.
At the time, it genuinely looked like Bitcoin was going to zero, he said, adding that every major crash since has ended with a higher low and a continuation of the long-term uptrend.
Crypto trader Jelle said Bitcoin’s four-year cycle structure still appears intact, noting that the previous bear market lasted only about two weeks longer than expected.
He added that the current cycle top is roughly two weeks shy of the same 1,064-day pattern, making it a key structure to monitor.
Crypto Limbo warned that Bitcoin must hold current support to avoid renewed downside pressure.
He said a brief wick toward the 200-day EMA near $68,000 remains possible, but that zone could also act as a launchpad for a move higher.
Benjamin Cowen noted Bitcoin is now testing the April 2025 lows, adding that a clean breakdown from here would likely trigger a swift move toward the 200-week simple moving average.
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