Cryptocurrency markets turned red on Wednesday as rising recession fears in the U.S. weighed on risk assets. Cryptocurrency Price Gains +/- Bitcoin BTC/USD $94,087.28 -1.4% Ethereum ETH/USD $1,786.44 -2.1% Solana SOL/USD $145.61 -2.8% XRP XRP/USD $2.18 -4.7% Dogecoin DOGE/USD $0.1714 -4.2% Shiba Inu SHIB/USD $0.00001320 -3.7% Notable Statistics: IntoTheBlock data shows large transaction volume increasing by 3.5% and daily active addresses falling by 10.1%. Transactions greater than $100,000 are down from 10,589 to 10,199 in a single day.
Exchanges netflows are down by 407.8%. Coinglass data reports 162,816 traders were liquidated in the past 24 hours for $380.67 million. Crypto chart analyst Ali Martinez noted that capital inflows into the crypto market spiked from $1.5 billion to $15 billion in ten days.
In another X post, Martinez highlighted the Bitcoin Accumulation Trend Score being close to 1, implying larger entities, or a significant portion of the network, actively accumulating. Notable Developments: Top Losers: Cryptocurrency Price Gains +/- Pudgy Penguins PENGU/USD $0.01060 -8.6% Virtuals Protocol VIRTUAL/USD $1.33 -8.3% Bonk BONK/USD $0.00001902 -7.9% Trader Notes: Crypto trader Kaleo highlighted that Bitcoin has just set a new all-time high relative to the Nasdaq, breaking above its 2021 peak. BTC is now consolidating near those levels, a bullish sign suggesting it's primed for another breakout.
Momentum favors further upside, and this looks like the start of a major outperformance leg, Kaleo noted. More Crypto Online offered a technical perspective, observing that Bitcoin remains in consolidation. The current structure resembles a wave B correction, which typically precedes a stronger wave C move to the upside.
A minor final dip within wave B would be “healthy,” with the broader setup still leaning bullish as long as key support holds. Meanwhile, Titan of Crypto noted Bitcoin is tightly range-bound between $92,800 and $95,800, awaiting a decisive move. Despite the lack of a breakout, the steadily rising Tenkan line (a key Ichimoku indicator) reflects increasing buyer strength.
If this trend continues, Titan says a bullish breakout is the more likely outcome. Read Next: Image: Shutterstock
