Bitcoin extended losses as markets reacted to a hawkish Federal Reserve stance under new Chair Kevin Warsh, boosting the U.S. dollar and weighing on risk assets.
Notable Statistics:
- Coinglass data shows 136,366 traders were liquidated in the past 24 hours for $558.38 million.
- SoSoValue data shows net outflows of $82.2 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ET’Fs saw net outflows of $29.4 million.
- In the past 24 hours, top losers include Lighter, SPX6900 and Aerodrome Finance.
Notable Developments:
Trader Notes:
CryptosBatman explained Bitcoin has retested the lower boundary of its long-term ascending channel, a support level that has marked major cycle lows since 2018, while the weekly RSI sits at a relatively oversold 36.
The analyst notes that similar setups preceded strong rallies, including a 10x move from 2019 lows and a 5x advance from the 2022 bottom.
Analyst Kevin says Bitcoin is continuing to follow his bearish yearly roadmap, with the $56,000–$44,000 range remaining the key downside target.
He believes this zone aligns with a bear flag measured move, major liquidity clusters, the 12-day 200 EMA/SMA, and the 0.5 Fibonacci retracement, making it a potential long-term accumulation area despite liquidity extending as low as $40,000.
Crypto Tony does not believe Bitcoin has reached its cycle bottom yet and views the current support level as the last key structure keeping a bullish recovery scenario intact. If that level fails, he expects a move to fresh lows to become increasingly likely.
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