Price Analysis: Bitcoin finds support at the $93k level
Bitcoin's fall from $101,000 to a daily low of $93,000 generated $750 million in liquidity, sending the crypto market down 6.48% (roughly $240 billion). The major cryptos are starting to recover, with some alts already entering double-digit price increases. Meanwhile, Bitcoin and Ethereum spot ETFs continue to post positive returns.
Bitcoin bled in yesterday's trading session, falling from a daily opening price of $101,151 to $94,270 before closing higher at $97,314 in the US afternoon session. With a market dominance of over 56%, the largest crypto by market cap weighed on the entire market as major altcoins posted double-digit losses.
However, some major altcoins seem to have gained support at the start of today's US trading session. Ethereum hit a low of $3,506 yesterday and is up 5% from its record high, while Solana is up 6.9% from yesterday's low.
Is the sale over?
Bitcoin price has dropped into the support zone with $97,463 as the upper bound and while most of the selling pressure seems to have subsided, the price is still hovering around the support as clear buying action has yet to start.
Clearing and profit taking has resulted in many positions being closed as open interest has been lower since yesterday. However, signs of a resumption at the top indicate that open interest coupled with positive price action has opened up new positions.
Ethereum's price action, the second largest cryptocurrency, hovers around the market cap as it waits for a support level or buying initiative to push the price higher or sellers to push the price lower.
Elsewhere, some altcoins have completely shaken off yesterday's slump, posting double-digit daily gains as of writing. Mantra is a good example of this as its price is up 14.11% since yesterday as of this writing.
Spot crypto ETF earnings remain stable.
Yesterday's decline is not indicative of broader bearish sentiment as inflows into US crypto spot ETFs remain positive. US spot Bitcoin ETFs recorded $2.77 billion in revenue last week and $483.60 million yesterday.
Ethereum (ETH) followed a similar pattern, recording $836.8 million in weekly earnings and $149.80 million yesterday.
Bitcoin is trading at $97,900 as of press, while Ethereum is trading at $3,600.