After several weeks of strong gains, cryptocurrency markets are taking a pause to consolidate.
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 5.4% and daily active addresses falling by 6.3%. Transactions greater than $100,000 are up from 11,304 to 11,517 in a single day. Exchanges netflows are down by 466.7%.
- Coinglass data reports 90,592 traders were liquidated in the past 24 hours for $233.13 million.
Notable Developments:
- Donald Trump’s Crypto Ties Could Be A Banana Skin For The Industry: Report
- 14 US State Pension Funds Now Hold $632 Million In Strategy Stock
- Basel Medical Eyes $1 Billion Bitcoin Bet To Fuel Asia Healthcare Expansion
- Bitcoin Up 1.46% as JP Morgan Predicts It Will Outperform Gold, Public Companies Add Digital Assets
- Coinbase Under SEC Investigation For Overstatement Of User Numbers
- Wisconsin Pension Fund Exits $300M Bitcoin ETF Position
Top Losers:
Trader Notes: According to Santiment, Bitcoin is encountering stiff resistance in the $104,000–$105,000 zone, sparking short-term bearish sentiment across the market.
However, history suggests that when traders become fearful, it often sets the stage for a surprise rally.
A balanced 1:1 bullish-to-bearish social sentiment ratio is currently in play, which analysts say could be an early signal of a shift in market psychology, potentially preceding a breakout.
Crypto chart analyst Ali Martinez highlighted $98,732 as a critical demand zone, where over 1.19 million BTC were accumulated by 1.19 million wallets.
He noted that a daily close above $107,000 would be a bullish confirmation that "will take Bitcoin places."
The Cryptomist added that if Bitcoin can clear $104,400, the next targets lie between $108,000 and $110,000, likely dragging altcoins higher with it.
Meanwhile, Michael van de Poppe believes that as long as BTC holds above $98,000, it's in the final consolidation phase before a push to new all-time highs.
Trader Tim cautioned that Bitcoin and Ethereum are showing mixed signals heading into the weekend:
- Ethereum is trading between its Monday range and last week's high, a potential deviation setup that could favor short positions.
- Bitcoin hasn’t yet reclaimed its Monday high, but a push above it could spark stop runs in ETH, potentially propelling it toward $3,000.
Tim advised traders to remain nimble in what he described as a choppy, tricky environment where it’s easy to get caught offside. “Tough conditions to trade lately. Hang in there. Stick and move.”
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