Bitcoin slid roughly 8% in a day to $65,000, pushing the crypto sentiment index to Extreme Fear (5); liquidations stand at $2.60 billion over the past 24 hours.
Bitcoin ETFs saw $434.2 million in net outflows on Thursday, while Ethereum ETFs reported $80.8 million in net outflows.
Slight Rally Can Lead To Large Wick
Crypto trader Jelle said Bitcoin has entered the lowest quarter of its eight-year price channel and is nearing its lower boundary. Major channel support sits in the $50,000–$55,000 range, an area he views as critical.
Michael van de Poppe noted Bitcoin plunged below $60,000 almost instantly, marking a sharp two-week correction. Price is now hovering near the 200-week moving average, making the coming sessions decisive. He added, “If prices can rally up slightly, we’re going to see a large wick.”
Crypto chart analyst Ali Martinez said Ethereum historically bottoms when its MVRV ratio falls below 0.80. The metric currently stands near 0.96, suggesting Ethereum may not yet be at a cycle low.
XRP, however, showed relative resilience. Analyst CryptoInsightUK said the token posted a daily close that fully absorbed the Binance liquidation wick, clearing downside liquidity with a strong volume spike, a setup that “still favors a sharp upside move.”
Trader Bluntz Capital highlighted Solana tagging the macro 0.78 Fibonacci retracement, placing it roughly 78% below all-time highs. From a long-term perspective, he said deep fibonacci retracements have historically offered favorable risk-reward entries.
The meme coin sector fell 10.4% in a single day, dropping total market capitalization to $32.9 billion in line with the broader crypto sell-off.
Martinez noted Dogecoin is holding key support around $0.054, a level that could serve as a potential bounce zone if broader market conditions stabilize.
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