Bitcoin Below $63,000, XRP Under $1 as Ethereum, Dogecoin Struggle to Hold Support

Bitcoin trades sideways heading into the weekend as spot BTC ETFs see significant outflows and crypto sentiment remains firmly in the fear zone.

Notable Statistics:

• Coinglass data shows 82,737 traders were liquidated in the past 24 hours for $166.56 million.       
• SoSoValue data shows net outflows of $131.1 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $6.72 million.
• In the past 24 hours, top gainers include Bitway, OKB and Shiba Inu.

Notable Developments:

Trader Notes:

Trader Michael van de Poppe said the key is to keep accumulating Bitcoin rather than trying to time the exact bottom.

Over a five-year horizon, buying at $55,000 versus $60,000 may matter little, just as buying at $16,000 versus $20,000 four years ago does today.

Rekt Capital noted Bitcoin has repeatedly wicked below $63,000 but managed to recover.

However, weakening rebounds from that level, combined with Bitcoin’s historical tendency to roll over in the second half of August during bear-market years, point to growing downside risk.

A weekly close below $63,000 would confirm the existing technical and seasonal weakness.

Altcoin Sherpa expects Bitcoin to remain in a 2-4 month consolidation phase even after finding a bottom, like 2018 and 2022.

However, both prior cycles featured sharp capitulation moves around the final bottom, something the trader believes has yet to occur this cycle, potentially setting up a volatile latter half of the year.

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