Bitcoin Hovers Near $90,000 As Crypto Markets Face Heavy ETF Outflows
MarketDash
Bitcoin is treading water around $90,000 while sentiment turns cautious across crypto markets. ETFs are bleeding capital with nearly half a billion in outflows, and the past 24 hours saw $465.67 million in liquidations.
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The crypto markets are in a waiting game right now, with Bitcoin (BTC) hovering around $90,000 while investors try to figure out what comes next. It's not panic mode, but it's not exactly party time either. Market sentiment sits stubbornly neutral, and the ETF flows tell a story that's hard to ignore.
Wednesday brought some brutal numbers on the institutional side. Bitcoin ETFs saw $486 million walk out the door in net outflows, while Ethereum (ETH) ETFs weren't far behind with $98.5 million in redemptions. When you add $465.67 million in liquidations over the past 24 hours, you've got a market that's feeling some real pressure.
Michael van de Poppe thinks Bitcoin is sitting at a critical inflection point after testing its 21-day moving average. Hold this level, and we could see a run toward $94,000 next week. Lose it, and we might get a liquidity sweep of recent lows before the uptrend resumes. It's one of those moments where the next few days matter quite a bit.
Meanwhile, crypto trader Jelle flagged something interesting: the Federal Reserve expanded its balance sheet for the first time in nearly three years. Historically, that's been rocket fuel for Bitcoin rallies, so it could be a bullish signal if the pattern holds.
Crypto chart analyst Ali Martinez is watching Ethereum break out of a triangle pattern, with technical targets pointing to around $3,730. Martinez also noted that the TD Sequential indicator is flashing a buy signal for XRP as it bounces back again.
Crypto Tony suggested Solana (SOL) might need to pull back into a strong support zone before it can mount a sustainable rally.
The meme coin sector isn't faring much better. The broader meme coin market dropped 6.8% over the past day and slipped below a $50 billion market cap. Still, LongTerm pointed out that Dogecoin (DOGE) continues showing resilience by holding its 200-day simple moving average. That setup offers upside potential of roughly 2x to the last local high and more than 3x to its 2024 peak, if you believe in the technicals.
Right now, crypto markets are caught between supportive technical levels and some pretty ugly outflow numbers. Whether this is just a breather or the start of something more painful depends largely on whether Bitcoin can defend that 21-day moving average and whether institutional money stops heading for the exits.
