Bitcoin, Ethereum, Dogecoin Decline, XRP Clinging On As Traders Wargame Bear Market Scenarios

Cryptocurrencies saw another day of bearish price action on Thursday, with only XRP displaying relative strength.

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 10.7% and daily active addresses falling by 5%. Transactions greater than $100,000 are down from 10,766 to 10,064 in a single day. Exchanges netflows are down by 491.8%.
• Coinglass data reports 81,934 traders were liquidated in the past 24 hours for $209.56 million.
• Crypto chart analyst Ali Martinez noted that more than 36,000 BTC have been withdrawn from exchanges in the last 96 hours.

Notable Developments:

Top Gainers:

Trader Notes: Crypto trader Ted Pillows noted that Bitcoin has reclaimed $80,000 liquidity. If it holds above this level, a move toward the $87,000 liquidity zone remains possible.

In another post, Ted sees Bitcoin holding above its support trendline, similar to 2017 and 2020, suggesting the cycle isn’t over yet. A retest of the $72,000-$74,000 level could occur before a bottom forms, followed by consolidation and then the next leg up.

Crypto trader Nebraskangooner explained Bitcoin top is not confirmed unless the weekly closes below $67,250. If that happens and BTC follows historical patterns, key levels below could indicate phases of distribution, accumulation, or an instant reversal, as seen in past bear markets.

Titan of Crypto warns that although Bitcoin has not entered a bear market, but it’s important to be prepared for all scenarios. As long as BTC holds current support, the bull market remains intact.

Read Next: 

Image: Shutterstock