Bitcoin dropped below $60,000 on Wednesday before a slight recovery amid a sell-off in semiconductor shares.
Notable Statistics:
- Coinglass data shows 107,733 traders were liquidated in the past 24 hours for $433.38 million.
- SoSoValue data shows net outflows of $113.8 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $82.4 million.
- In the past 24 hours, top losers include Audiera, Venice Token and Pump.fun.
Notable Developments:
Trader Notes:
Crypto trader Altcoin Sherpa remains uncertain about Bitcoin’s next move but warns that losing the current support level could open the door to a decline toward $54,000.
Trader KillaXBT admits the bullish thesis may be failing but notes that market bottoms are typically marked by volatile, liquidity-hunting price action that shakes out traders. He suggests focusing on long-term Bitcoin accumulation and ignoring short-term noise.
Technically, $59,000 remains the key level. A break below that wick low would require a strong reclaim to restore a bullish outlook.
CoinBureau founder Nic Puckrin warns that Bitcoin is losing a major technical support zone after falling below its 200-week SMA and nearing the $60,000 level.
A weekly close below this area could signal further weakness and open the door to a decline toward $57,900, marking it to be a new cycle low.
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