The crypto markets kicked off the shortened holiday week with some much-needed green, as Bitcoin clawed its way back to $88,000 after what traders are calling the largest liquidation event of this cycle. It's the kind of painful reset that often marks a turning point, though whether it's actually the bottom remains to be seen.

Here's where major cryptocurrencies stood:

Market Carnage and Recovery

The numbers tell a brutal story. According to Coinglass data, 122,579 traders were liquidated in the past 24 hours for a combined $311.65 million. That's the kind of widespread pain that clears out overleveraged positions and, at least in theory, creates room for a healthier move higher.

Not everything was red, though. Top gainers over the past 24 hours included Pump.fun, SPX6900, and Sui, showing that selective pockets of strength remained even as the broader market digested its losses.

What Traders Are Watching

Crypto Seth noted that Bitcoin appears to have found solid support around $80,000 before bouncing back to current levels. The critical level everyone's watching now is $100,000. Reclaiming that psychological barrier would suggest the uptrend is back on track and could open the door for new highs.

Cold Blooded Shiller sees Bitcoin forming a stable base and expects it to test the $88,800–$89,000 resistance zone. In his view, the current market environment favors smaller, more controlled price movements rather than explosive volatility.

Ted Pillows offered a more cautionary perspective, pointing out that Bitcoin's weekly RSI has hit its lowest level since Q4 2022. Looking at historical patterns (excluding the 2020 anomaly), BTC has typically needed extended recovery periods whenever the weekly RSI drops below this threshold. Translation: don't expect a sharp V-shaped bounce back to all-time highs anytime soon.

Recent Developments

The broader crypto landscape has been buzzing with activity. BitMine added 69,822 ETH to its holdings as Tom Lee maintains his Ethereum "supercycle" thesis. Meanwhile, XRP received yet another spot ETF launch, though some chart patterns are flashing warning signs.

Anthony Pompliano reminded Bitcoin holders that facing "global financial crisis" type crashes every 18 months is just part of the game. And JPMorgan made waves with research suggesting Wall Street has underpriced Bitcoin miners by 28%, amounting to an $8 billion collective valuation mistake.

The question now is whether Bitcoin's rebound from $80,000 represents a genuine bottom or just another pause in a longer correction. With $100,000 as the line in the sand, the next few weeks should provide some answers.