Bitcoin (BTC) is hovering around $85,000, and despite some decent economic news on the inflation front, crypto traders aren't exactly popping champagne. The king of crypto gave investors a collective shrug when softer-than-expected U.S. inflation data dropped, failing to spark any meaningful rally.
Here's where the major cryptocurrencies stand:
Bitcoin (BTC): $85,553
Ethereum (ETH): $2,825
Solana (SOL): $119.45
XRP: $1.82
Dogecoin (DOGE): $0.1207
Shiba Inu (SHIB): $0.00007071
The Carnage Continues
It's been brutal out there. According to Coinglass data, 154,181 traders got liquidated over the past 24 hours, wiping out $504.89 million in the process. When you're getting squeezed that hard, those support levels start looking pretty important.
The pain wasn't distributed equally either. Top losers in the past day include MYX Finance, Pump.fun, and Aster.
What's Moving the Market
Several developments are shaping sentiment right now. An analyst just slashed the price target on Coinbase, arguing investors are missing the bigger picture. Meanwhile, an Ethereum bear who already pocketed $500,000 shorting ETH is now betting another $1 million against it. That's confidence in your thesis.
On the institutional front, SoFi launched what they're calling the first "bank-issued" stablecoin. And concerns are swirling about whether perceived quantum computing risks might slow Bitcoin adoption, though one popular analyst suggests what really matters is whether investors can actually sense the danger.
Technical Picture Getting Tight
Crypto chart analyst Ali Martinez points out that Bitcoin remains trapped in a tight range on lower timeframes, with resistance sitting near $89,900 and support around $85,400. A breakout above could reignite upside momentum, but a breakdown threatens deeper losses.
Daan Crypto Trades highlights something interesting: BTC hasn't swept either its monthly high or low yet. That kind of setup typically resolves before month-end, which makes the current consolidation increasingly tense as time ticks down.
Michael van de Poppe adds that despite the bullish CPI print, Bitcoin couldn't hold its gains. The $88,000 level remains the critical hurdle. Without a clean reclaim of that zone, downside pressure is likely to persist.
The Divergence Problem
Here's what's particularly concerning for crypto bulls: while the Nasdaq pushes higher and gold holds steady, crypto continues to lag. With the Bank of Japan decision looming, risk assets are starting to diverge in how they're positioning. Traders are bracing for potential rate-hike volatility, and apparently crypto is the asset class they're most willing to dump heading into that uncertainty.
The question now is whether Bitcoin can finally break through resistance or if we're headed for a test of lower support levels. Either way, this range won't hold forever.