Bitcoin trades near $74K supported by short liquidations and derivatives positioning
Synopsis
Bitcoin hovers around $74,000, buoyed by short liquidations and derivatives. Major cryptocurrencies like Ethereum and altcoins are also seeing gains. Traders are paying to maintain long positions above $73,000. All eyes are now on Federal Reserve Chair Jerome Powell’s upcoming speech. The global crypto market capitalization has increased. Investors are watching for potential breakouts.
Bitcoin traded near the $74,000 mark on Wednesday, supported by short liquidations and derivatives positioning. The cryptocurrency was trading at $74,099 mark.
In the past 24 hours, Bitcoin and Ethereum were up marginally by 0.1% and 0.6% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano gained up to 2.3%.
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Crypto TrackerTOP COINS (₹) Tether92 (0.01%)XRP141 (-0.12%)BNB62,193 (-0.26%)Ethereum214,490 (-0.44%)Bitcoin6,833,894 (-0.56%)CoinSwitch Markets Desk said funding rates have turned positive, signaling growing bullish bias as traders pay to maintain long exposure above the $73K level. Market focus now turns to Federal Reserve Chair Jerome Powell’s upcoming remarks; while rates are expected to remain unchanged, the tone will be key.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »The global crypto market capitalisation was up 0.15% to $2.54 trillion, according to .
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The fear & greed index again slipped to 36 from 41, hinting at fear within the markets, according to CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were up 5.72% and 14.74% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano surged upto 21%.
“The intraday range narrowed to roughly $73,500-$75,400, suggesting the market is stabilising but still lacking strong follow-through, on-chain data remains supportive and wallets holding 10 to 10,000 BTC now control around 68% of supply, indicating continued accumulation,” said Vikram Subburaj, CEO, Giottus.
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What other analyst say
Akshat Siddhant, Lead quant analyst, Mudrex
With market pricing in a 99% pause in rates, attention has shifted to the Fed’s forward guidance, a dovish commentary from the Fed Chair could support a breakout above the $76,000 resistance.
Riya Sehgal, Research Analyst, Delta Exchange
Sentiment has improved from extreme fear to a neutral zone, reflecting better risk appetite. Overall, the market is consolidating within an uptrend, with macro triggers, ETF flows, and technical breakouts likely to determine the next directional move.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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