Cryptocurrency markets experienced a slight uptick on Friday morning, with Bitcoin managing to reclaim the $112,000 mark. This increase comes ahead of crucial macroeconomic data anticipated later in the day.
The current prices for various cryptocurrencies are as follows:
– Bitcoin (BTC/USD): $112,356.29
– Ethereum (ETH/USD): $4,420.26
– Solana (SOL/USD): $206.15
– XRP (XRP/USD): $2.84
– Dogecoin (DOGE/USD): $0.2166
– Shiba Inu (SHIB/USD): $0.00001230
Recent data from Coinglass highlights a significant development in the market, as 95,307 traders were liquidated within the past 24 hours, resulting in losses totaling approximately $267.77 million.
Additionally, SoSoValue data revealed that the market faced net outflows of $227.5 million from spot Bitcoin ETFs on Wednesday, while spot Ethereum ETFs saw net outflows of $167.4 million.
Crypto trader Jelle noted that Bitcoin’s recent resurgence above the $112,000 level is crucial, marking a change after being below this threshold for two weeks. He emphasized the importance of holding this range for potential upside movement, setting a target of $118,000.
Another trader, Ted Pillows, pointed out that the recent bounce in Bitcoin’s price appears strong but is largely driven by perpetual futures volume and aggressive long entries. He cautioned that this surge could be a “pre-news bull trap,” especially in light of forthcoming macroeconomic events and odds for rate cuts.
In the case of Ethereum, Pillows indicated that $4,500 serves as a critical resistance level. A successful reclaim could favor long positions, while another rejection may redirect momentum towards short positions.
Observations by Cryptoinsightuk suggested that XRP might be poised for a significant move. Meanwhile, Solana has been following a strategic roadmap and continues to push higher, creating more short-term entry opportunities.
Trader Tardigrade also highlighted Dogecoin’s weekly chart, speculating on the potential for a massive surge in the near future. As the market continues to react to these developments, traders remain vigilant, anticipating what lies ahead in a fluctuating landscape.
