The crypto markets took a breather Wednesday morning, with Bitcoin (BTC) hovering around $91,000 while traders nursed their wounds from a brutal liquidation event. Over 109,000 traders saw $279.3 million wiped out, the kind of volatility that reminds everyone why leverage in crypto is a dangerous game.
Making matters more interesting, institutional money kept heading for the exits. Spot ETF flows stayed firmly in the red, with $372.8 million flowing out of Bitcoin products and another $74.2 million leaving Ethereum (ETH) funds on Tuesday. When the smart money is taking chips off the table, it's worth paying attention.
Is Bitcoin Building Momentum for a Run to $99,000?
Despite the rough trading environment, some analysts are seeing opportunity in the chaos. Michael van de Poppe noted that Bitcoin posted a healthy bounce, though he cautioned that elevated volatility means true reversals don't happen overnight. He expects BTC will likely consolidate in this zone to build a solid base, and believes accumulating at these levels "will age well" over the coming years.
Crypto chart analyst Ali Martinez is spotting signs of a rebound taking shape, with Bitcoin potentially targeting a move toward $99,000. That's the kind of technical optimism that gets attention when everyone's feeling beaten down.
On the altcoin front, Altcoin Sherpa points out that Ethereum is sitting right on the 0.50 Fibonacci retracement of its entire move, which historically has been a strong zone for local bottoms. Translation: if Ethereum is going to bounce, this is where it should happen.
Degen Hardy observed that Solana (SOL) is showing surprising strength, with a potential daily bullish divergence forming. If that pattern confirms, it could set up what he calls a high-confidence long opportunity.
The picture isn't as rosy for XRP (XRP), though. Martinez highlights that long-term XRP holders have transitioned through the emotional stages from euphoria to denial to anxiety, and the token is now at risk of losing its $2 support level. That's a psychological threshold that could trigger more selling if it breaks.
As of Wednesday morning, here's where the major cryptocurrencies stood: Bitcoin traded at $91,422.68, Ethereum at $3,098.17, Solana at $139.60, and XRP at $2.13.
Meme Coins Stage a Comeback
The meme-coin sector showed some resilience, rebounding 3.4% to reach a $50.6 billion market cap and essentially recovering the previous day's losses. Maybe the degen crowd isn't done yet.
Chart analyst Martinez flagged something interesting with Dogecoin (DOGE): its exchange supply has flipped positive, a shift that historically has preceded strong rebounds. Whether that pattern holds this time is anyone's guess, but it's a data point worth watching.
Dogecoin was trading at $0.1582, while Shiba Inu (SHIB) sat at $0.00008713.
The crypto markets are doing what they do best: keeping everyone guessing. With institutional flows turning negative but technical analysts spotting potential reversal patterns, the next move could go either way. For now, the consolidation continues.