Bitcoin Drops $75,000 As Ethereum, XRP Trade Lose 3%

Bitcoin slipped to around $75,000 as traders reduced risk, with broader sentiment shifting from neutral to fear.

Notable Statistics:

• Coinglass data shows 179,931 traders were liquidated in the past 24 hours for $674.74 million.       
• SoSoValue data shows net inflows of $440.7 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ET'Fs saw net inflows of $69.05 million.

Notable Developments:

• Jerome Powell Set To Chair Last Fed Meeting: What Does It Mean For Bitcoin?
• Bitcoin Drops Below $76,000 But These 3 Billionaires Stay Bullish
• How Michael Saylor (Almost) Single-Handedly Drove Bitcoin’s 20% Rally
• Arthur Hayes Sees Bitcoin At $125,000 By 2026 As Liquidity Drives ‘Strong Uptrend’
• XRP Network Sees Tokenized Treasuries Jump By 700%: What Is Going On?

Trader Notes:

Analyst Titan of Crypto said Bitcoin is currently holding a critical short-term support zone near $75,900. He noted that maintaining this level would help preserve the current market structure, while a breakdown could trigger a retest of the lower boundary of the ascending channel.

Castillo Trading observed that Bitcoin has lost momentum after its move toward $79,000, with selling pressure emerging on rallies and price action turning increasingly sideways.

He identified roughly $74,500 as a key bullish threshold. Holding above it would keep the broader structure intact, while a break below would weaken the current setup.

Rekt Capital said Bitcoin is showing weakness following rejection from the 21-week exponential moving average (EMA), a level often watched in longer-term trend analysis.

He noted that continued downside pressure could lead to a retest of the upper boundary of a prior double-bottom formation, a zone that may play a decisive role in determining the next major market direction.

Image: Shutterstock