Bitcoin slipped to $80,000 as bulls look for new buyers to step in to extend the relief rally.
Notable Statistics:
- Coinglass data shows 109,319 traders were liquidated in the past 24 hours for $358.60 million.
- SoSoValue data shows net inflows of $46.3 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $11.6 million.
- In the past 24 hours, top gainers include siren, Venice Token and World Liberty Financial.
Notable Developments:
Trader Notes:
Trader Dan Gambardello said Bitcoin’s five-year rising wedge may appear bearish, but the pattern has historically failed often, leaving room for a breakout to new all-time highs. Improving global liquidity, PMI expansion and the end of quantitative tightening are supporting the bullish case.
Another trader, Nebraskangooner, said Bitcoin remains in a bullish trend after breaking above $73,500, but it is now facing strong resistance and showing early signs of rejection. Bulls still have control, though the next move depends on whether BTC can hold support and absorb selling pressure.
Daan Crypto Trades noted Bitcoin still has two CME gaps below current price levels at $78,000 and $67,000, though their importance may fade as CME moves toward 24/7 futures trading in May.
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