Despite positive catalysts like institutional adoption and discussions around Bitcoin's potential inclusion in sovereign wealth funds, the cryptocurrency market is trading lower on Thursday, with traders closely watching Bitcoin's $95,500 support level.
Cryptocurrency | Price |
|
Bitcoin (CRYPTO: $Bitcoin (BTC.CC)$) | $96,588.31 | -1% |
Ethereum (CRYPTO: $Ethereum (ETH.CC)$) | $2,710.63 | -2% |
Solana (CRYPTO: $Solana (SOL.CC)$) | $191.80 | -3.7% |
XRP (CRYPTO: $XRP (XRP.CC)$) | $2.33 | -4.4% |
Dogecoin (CRYPTO: $Dogecoin (DOGE.CC)$) | $0.2481 | -4% |
Shiba Inu (CRYPTO: SHIB) | $0.00001505 | -5.6% |
Notable Statistics:
IntoTheBlock data shows large transaction volume decreasing by 4.9% and daily active addresses falling by 3.4%. Transactions greater than $100,000 are down from 11,229 to 10,785 in a single day. Exchanges netflows are down by 201.8%.
Coinglass data reports 118,611 traders were liquidated in the past 24 hours for $236.37 million.
Notable Developments:
Czech Republic Approves Bitcoin Tax Exemption For Long-Term Holders
Peter Thiel-Backed Crypto Exchange Reportedly Plans IPO In 2025 Amid Bitcoin And Digital Currency Boom (CORRECTED)
Strategy Q4 Earnings: Bitcoin Treasury Company Spends $20.5B On BTC, Shares Inch Higher Despite Revenue Miss
Donald Trump Once Said Bitcoin 'Was Based On Thin Air,' Now His Media Company Is Launching BTC ETF
Top Losers:
Cryptocurrency | Price | Gains +/- |
Berachain (CRYPTO: BERA) | $7.1 | -21.3% |
Virtuals Protocol (CRYPTO: VIRTUAL) | $1.15 | -14.5% |
Ethena (CRYPTO: ENA) | $0.4884 | -11/9% |
Trader Notes: With Bitcoin prices declining, crypto trader Jelle sees short term bearish action, joking, "back to bearish burgers we go" as BTC ETF outflows weigh on the market.
However, he noted that if this trend lasts for a few days, Bitcoin could resume its upward trajectory, as ETF flows have ironically acted as a contrarian signal.
Widely followed chartist Jesse Olson pointed out that Bitcoin's drop below $96,000 has hit his first downside target following a 2-day chart sell signal.
He highlighted key weekly chart signals, including confirmed bearish divergence and an RSI sell signal, while also warning of a potential lower high and a pending MACD bearish crossover.
BREAKING: #Bitcoin drops below $96,000, hitting target 1. Follow-through to the downside after a 2-day chart sell signal.
Weekly Chart Notes:
– Bearish divergence
– RSI sell signal
– Possible lower high
– Pending MACD bearish crossover pic.twitter.com/gCJM4skxz0— Jesse Olson (@JesseOlson) February 6, 2025
Meanwhile, Nebraskangooner noted that Bitcoin's price action is forming a rounded top pattern. While BTC could continue chopping above $95,500, he emphasized that this is a key support level. If it breaks, Bitcoin could slide toward $85,000. He summed it up: "For now, choppy above that level. Bearish below."
A Bitcoin Pullback To $75,000 Is Coming, Arthur Hayes Warns
