Cryptocurrency markets are experiencing a notable uptrend following the Federal Reserve’s recent interest rate cut and the launch of new altcoin exchange-traded funds (ETFs). Major cryptocurrencies have seen significant price movements, with Bitcoin currently priced at $117,785.90, Ethereum at $4,612.77, Solana at $250.11, XRP at $3.11, Dogecoin at $0.2842, and Shiba Inu at $0.00001353.
According to Coinglass data, a substantial 105,119 traders were liquidated in the past 24 hours, leading to a staggering total of $336.51 million lost. This volatility underscores the risk associated with trading in the cryptocurrency space as it continues to evolve.
In terms of ETF flows, recent reports from SoSoValue indicate net outflows of $51.3 million from spot Bitcoin ETFs and an additional $1.9 million from spot Ethereum ETFs on Wednesday. Despite these outflows, the market sentiment remains cautiously optimistic, propelled by bullish momentum.
Top gainers over the past 24 hours include Aster (ASTER/USD), Immutable (IMX/USD), and Avalanche (AVAX/USD), reflecting strong market interest in altcoins despite the outflows from established cryptocurrencies.
Market analysts are keeping a close eye on Bitcoin, with Walter Bloomberg sharing insights that suggest Bitcoin is stabilizing around the $117,800 mark. Analysts believe the cryptocurrency has a 70% chance of reaching new highs within the next two weeks. Notably, ETF inflows have totaled $2.8 billion since September 9, further bolstering positive market sentiment. However, liquidity around $114,000 has been highlighted as a potential trigger for pullbacks, indicating caution among traders.
Castillo Trading has analyzed bearish predictions around the $107,000–$108,000 range, stating that these forecasts were incorrect and that Bitcoin appears to be on a trajectory towards its upper limits and new all-time highs. Additionally, CW has pointed out that Bitcoin’s last significant sell wall lies between $119,000 and $121,000, which could be a critical level to watch for future price actions.
Traders are also noting that Bitcoin seems to be converting previous resistance levels into support, indicating a framework for sustained upward momentum as the market moves into the latter half of the year. The overall sentiment suggests that Bitcoin’s price is likely to progress “slow and steady” toward new highs, reflecting a combination of bullish futures and increasing market confidence.
