Bitcoin traded near $63,000 on Thursday as cryptocurrency markets extended their decline amid more than $1 billion in liquidations, worsening fear sentiment.
Notable Statistics:
- Coinglass data shows 288,483 traders were liquidated in the past 24 hours for $1.74 billion.
- SoSoValue data shows net outflows of $396.6 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $52.9 million.
- In the past 24 hours, top gainers include siren, Audiera and DeXe.
Notable Developments:
Trader Notes
Daan Crypto Trades noted Bitcoin remains in a broader downtrend after a bearish retest of the low-$80,000 region, a trend that has persisted since October last year.
The analyst said traders are closely watching whether BTC establishes a long-term range between $60,000 and $80,000 or breaks below the key $60,000 support zone, which coincides with the weekly 200-week moving average.
KillaXBT argued Bitcoin’s market cycles are accelerating, noting BTC reached a new all-time high before the 2024 halving, unlike previous cycles.
Based on that thesis, the trader believes Bitcoin could reach fresh record highs before the next halving in April 2028, implying a move above $120,000 within the next 500 days
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