Bitcoin has clawed its way back above $92,000, coinciding with Congressional pressure on the SEC to greenlight cryptocurrency investments in 401(k) retirement plans. It's the kind of development that could bring crypto exposure to millions of Americans saving for retirement—if regulators play along.
Here's the price snapshot across major cryptocurrencies:
The rally looks nice on paper, but there's a catch. Bitcoin ETFs hemorrhaged $77.3 million in net outflows on Thursday, while Ethereum ETFs shed $42.4 million. That's not exactly a vote of confidence from institutional investors, even as prices recover.
What the Charts Are Saying
Michael van de Poppe pointed out that Bitcoin remains incredibly volatile thanks to thin liquidity, which is creating wild price swings in both directions. The good news? The market keeps forming higher lows, suggesting an uptrend might be emerging. A breakout could materialize in the coming days or weeks if this pattern holds.
Van de Poppe also noted that the most recent sell-off appeared more manipulative than organic, and selling pressure seems to be easing as price action stabilizes.
Ted Pillows isn't quite as optimistic. He's watching a bear flag forming on Bitcoin's chart—a pattern that typically signals more downside. A 12-hour close above $96,000 would kill the bearish setup. But if Bitcoin drops below $86,000, things could get ugly fast, potentially sending the price below its April 2025 lows.
For Ethereum, Pillows sees price approaching major resistance once again. A daily close above $3,400 could open the door to a move toward $3,700–$3,800. Fail to break through, though, and a pullback toward $3,000 becomes more likely.
Degen Hardy observed that Solana is successfully holding its support zone, keeping the possibility of another rally intact even if the price continues chopping sideways for now.
Meme Coins Slip Slightly
The meme coin market dipped 1.3% to $46.3 billion in total market cap.
For now, crypto markets are caught between competing forces: regulatory optimism and institutional skepticism. Whether Bitcoin can sustain this momentum depends on whether it can break through key resistance levels without triggering those bearish chart patterns analysts are watching.