Cryptocurrency markets continued to slide lower on Wednesday.
Cryptocurrency | Price |
|
$94,201.98 | -2.3% | |
$3,279.33 | -3.2% | |
$194.57 | -4.9% | |
$2.32 | +1.9% | |
$0.3362 | -4.8% | |
Shiba Inu (CRYPTO: SHIB) | $0.00002113 | -3.6% |
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 9% and daily active addresses falling by 0.08%. Transactions greater than $100,000 are up from 11,574 to 10,613 in a single day. Exchanges netflows are down by 401.2%.
Coinglass data reports 241,241 traders were liquidated in the past 24 hours for $643.68 million. Bitcoin derivates volume spiked 17.3% to $123.2 billion.
Quinten Francois noted whales are accumulating Bitcoin.
Whales are accumulating #Bitcoin pic.twitter.com/a9EcHWr3En
— Quinten | 048.eth (@QuintenFrancois) January 8, 2025
Notable Developments:
US Bitcoin Miners Hoard Apex Crypto To Shield Against Rising Expenses — MARA, Riot Replicate MicroStrategy's Playbook
MicroStrategy Launches Sovereign European Cloud With STACKIT: Details
What MicroStrategy's (Declining) Net Asset Value Premium Really Means For Bitcoin
Jamie Dimon Questioned Bitcoin's 21 Million Cap Years Before BlackRock — Here's How Much You'd Have If You Invested $1,000 Into BTC When JPMorgan CEO Shared His Take
$92,000 Is Bitcoin's Key Support — Here's What Top Analyst Says Will Happen If It Fails
Top Losers:
Cryptocurrency | Price | Gains +/- |
Movement (CRYPTO: MOVE) | $0.8904 | -12% |
Worldcoin (CRYPTO: WLD) | $2.15 | -10.4% |
THORChain (CRYPTO: RUNE) | $3.98 | -10.2% |
Trader Notes: With Bitcoin prices dropping below the $95,000 level, crypto trader Michael van de Poppe highlighted two key points: he initially expected a breakout and the start of a bull market at $100,000, but that hasn't happened.
Now, he anticipates a dip below the lows to take liquidity before reversing upward, targeting the $90,000-92,000 range.
Crypto trader Jelle sees Bitcoin touching 2025 levels tagged.
Finally some wicks, nice.
2025 lows tagged – let's see. #Bitcoin pic.twitter.com/H3keXovhT6— Jelle (@CryptoJelleNL) January 8, 2025
Crypto trader Kevin notes Bitcoin that Bitcoin reached $92,507 as forecasted, but there are liquidity blocks at $89,000-$90,000 that he hopes to avoid.
He observes bullish divergences forming on the daily timeframe for altcoins and prefers BTC to hold its current level.
CryptoCon points out that Bitcoin bull markets often begin with early-year volatility.
In the past two cycles, initial January gains were followed by corrections, and this pattern is repeating in the current cycle.
Historical trends suggest that corrections are typically brief, ending within the month and followed by strong rallies into March.
Crypto trader Skew identifies $95,000 as the key level to watch for Bitcoin.
$BTC
One bullish thing so far is passive flow is leading the buying
this forces takers to chase the market at a premium later, if sustained
$95K key price here pic.twitter.com/zz1fvHQhyx— Skew Δ (@52kskew) January 8, 2025
Bitcoin Is Suffering From A Shift In Macro Expectations, Analyst Says: Here's What That Means
