Bitcoin is holding around $68,000 level, reflecting broader market softness and persistent fear sentiment.
Notable Statistics:
Coinglass data shows 83,760 traders were liquidated in the past 24 hours for $196.52 million. SoSoValue data shows net inflows of $15.2 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $10.3 million. In the past 24 hours, top losers include pippin, MYX Finance and Quant.
Notable Developments:
Trader Notes: Position trader Bob Loukas said Bitcoin’s price action remains notably weak. Even after the recent flush lower, the market has not produced the kind of sharp countertrend bounce typically seen in oversold conditions.
According to Loukas, Bulls need to reclaim $72,000 to begin discussing a meaningful relief rally and until then, price behaviour resembles classic bear market structure
Crypto trader Jelle highlighted historical cycle durations.
Bitcoin bull markets to last around 150 weeks and bear markets take around a year to fully play out.
If the current cycle follows similar timing, he suggests the bear phase may not fully bottom until around October.
Analyst Titan of Crypto noted that Bitcoin has entered its production cost zone, with the lower boundary around $44,500. Historically, including in 2014 and 2022, Bitcoin briefly dipped below this band before forming a structural bottom and beginning a broader recovery.
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