Bitcoin is hovered around $113,000 on Wednesday morning, as Polymarket traders assign a 98% probability of a 25-basis points rate cut at today’s Federal Reserve meeting.
Over the past 24 hours, total crypto liquidations reached $514.22 million, affecting more than 140,000 traders.
Despite market caution, Bitcoin ETFs drew $202.5 million in net inflows and Ethereum ETFs added $246 million on Tuesday.
Is Bitcoin Undervalued?
Crypto chart analyst Ali Martinez noted that the TD Sequential indicator, which accurately called Bitcoin’s major swings in recent months, is now flashing a new sell signal.
It correctly called July’s 7% correction, August’s 13% drop, September’s 10% and 15% rebounds and October’s 19% correction.
Michael van de Poppe observed that Bitcoin has retested lower levels and found buying support, warning traders to avoid leverage during FOMC volatility.
He maintains that Bitcoin remains undervalued compared to other assets, making the $112,000 region an attractive accumulation zone.
For Ethereum, trader Jelle highlighted that the asset continues to hold previous highs after a bullish megaphone breakout, with the potential for a “hated rally” once momentum returns.
On Solana, Martinez reported that 24.5 million SOL were accumulated near $189, forming a major support base.
XRP’s TD Sequential has again flashed a sell signal, after accurately identifying trend reversals over the past three months, stated Martinez.
The meme coin market cap fell 2% in the past 24 hours to $63.6 billion, mirroring the broader crypto pullback. PolitFi meme coins continue to reflect strength for the second day with a 10.2% surge, while Solana-based meme coins held ground with only a 0.4% drop.
Trader Tardigrade noted a bullish setup for Dogecoin on the 4-hour chart, citing a hidden bullish divergence on the RSI and a bullish cross on the Stochastic RSI at the oversold zone.
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$BTCBitcoin – United States dollar$113091.990.16%Overview$DOGEDogecoin – United States dollar$0.19530.86%$ETHEthereum – United States dollar$4008.970.72%$SHIBShiba Inu – United States dollar$0.0000101.38%$SOLSolana – United States dollar$198.602.26%$XRPRipple – United States dollar$2.651.88%Market News and Data brought to you by Benzinga APIs
