Bitcoin held above $63,000 as cooler-than-expected inflation data eased concerns over aggressive Federal Reserve tightening, helping lift sentiment across the cryptocurrency market.
Notable Statistics:
- Coinglass data shows 119,414 traders were liquidated in the past 24 hours for $303.20 million.
- SoSoValue data shows net outflows of $213.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ET’Fs saw net outflows of $35.6 million.
- In the past 24 hours, top gainers include Audiera, Stargate Finance and DeXe.
Notable Developments:
Trader Notes:
Crypto chart analyst Ali Martinez says Bitcoin is nearing a breakout as it trades within a symmetrical triangle, with key resistance at $63,000 and support at $61,000.
A decisive hourly close above or below this range could trigger a roughly 10% move, with volume expected to provide early confirmation of the breakout direction.
Ted Pillows notes that Bitcoin has historically never bottomed below its estimated electrical production cost, currently around $49,390, except during the COVID-19 crash.
Based on this metric, a drop below $50,000 would likely require a major market shock, such as an FTX-style collapse or a significant geopolitical escalation.
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