- Bitcoin maintained stability around $91,000 as the market attempted to recover from the previous week’s decline.
- Analysts identified crucial resistance levels for Bitcoin between $93,000 and $108,000, highlighting a potential shift from speculative to fundamentals-driven trading.
- While TRX, ETH, and XRP showed modest gains, Dogecoin, Solana, and Cardano saw declines.
- Market-wide liquidations reached $174 million over 24 hours, split between long and short positions.
- Retail investor sentiment varied, with bullish views on Bitcoin, bearish sentiment on TRX and ETH, and neutral sentiment on XRP and Dogecoin.
Bitcoin traded steadily at approximately $91,000 on Friday morning, as global cryptocurrency markets tried to rebound from the prior week’s sell-off. The price action for Bitcoin remained flat over the last 24 hours. Retail sentiment around Bitcoin was marked as bullish, while discussion levels shifted to normal after previously being high.
The majority of top ten cryptocurrencies by market value registered losses. However, tron (TRX), Ethereum (ETH), and XRP posted slight gains. TRX led with nearly a 1% increase, while both ETH and XRP edged up by 0.2%. Sentiment for TRX and ETH remained bearish, while for XRP, it turned neutral.
Analysts at 10x Research noted that trading dynamics may be moving from speculation toward fundamentals and network utility, stating in their report: “Recent data suggests the market may be transitioning from a purely speculative regime into one increasingly driven by fundamentals and network growth.” Research from Glassnode highlighted that for Bitcoin to pursue a new all-time high, it must surpass resistance bands between $93,000 and $96,000, and $100,000 to $108,000, as these ranges could prompt selling from previous buyers.
Among notable losers, Dogecoin (DOGE) fell 1.6%, Solana (SOL) decreased by 0.8%, and Cardano (ADA) dropped 1.1%. Sentiment for DOGE stayed in the neutral range.
Despite the recent approval by the U.S. Securities and Exchange Commission for the launch of a new XRP ETF, XRP prices remained muted as of early Friday trading.
Data from CoinGlass indicated that market liquidations totaled $174 million in the past day, with $76 million from short positions and $96 million from longs. Over this period, the broader cryptocurrency market increased by 0.1%, reaching a total value of $3.21 trillion.
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