XRP was the weakest performer among major cryptocurrencies, dropping over 5%.
- Bitcoin’s price fell below $91,000 after failing to hold gains near $93,000.
- Analysts flagged $89,500 as a key support level for Bitcoin.
- Tron was the only crypt major to post gains during the session.
Bitcoin (BTC) led the cryptocurrency market lower on Wednesday night after it dropped from nearly $93,000 to below $91,000 in a span of 24 hours. The move marked one of the sharpest pullbacks so far this year and triggered losses across several major altcoins.
Ripple’s XRP (XRP) was the worst hit among crypto majors, followed by Ethereum (ETH) and Cardano (ADA) – all three of which underperformed Bitcoin. XRP’s price dropped more than 5% in the last 24 hours to $2.16. On Stocktwits, retail sentiment around the token remained in ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter over the past day.
Meanwhile, Ethereum and Cardano fell around 3% each in the last 24 hours. Chatter around both altcoins remained at ‘high’ levels over the past day, but Ethereum’s retail sentiment trended in ‘bullish’ territory while Cardano’s retail sentiment was in the ‘extremely bullish’ zone.
Will Bitcoin’s Price Recover?
MN Fund founder Michael van de Poppe said Bitcoin’s price action on Wednesday was “not great,” pointing to the sharp rejection near the $94,000 level that reinforced a short-term downtrend. In a post on X, he said Bitcoin is likely to hold above $89,500. A sustained move below that level would place markets “in bad territory,” he added.
CryptoQuant CEO Ki Young Ju, on the other hand, stated that capital inflows into Bitcoin have dried up. In a post on X, he said that liquidity channels are more diverse now, reducing the importance of timing inflows from traditional whale and retail cycles.
“Institutional holders have largely broken the old sell cycle,” Ki wrote, adding that Strategy is unlikely to liquidate a meaningful portion of its roughly 673,000 BTC holdings. “Money just rotated to stocks and shiny rocks. I don't think we'll see a -50%+ crash from ATH like past bear markets. Just boring sideways for the next few months,” he said.
Crypto Majors That Outperformed Bitcoin
Binance Coin (BNB), Dogecoin (DOGE), and Solana (SOL) were also in the red on Wednesday night but outperformed Bitcoin. BNB’s price ticked nearly 1.6% lower in the last 24 hours to around $893. On Stocktwits, retail sentiment around the altcoin remained in ‘bullish’ territory over the past day, amid ‘high’ levels of chatter.
Dogecoin’s price edged 0.7% lower in the last 24 hours to $0.1456. While pressured by the broader losses in the crypto market on Wednesday, Dogecoin has gained nearly 25% over the past seven days. Retail sentiment around the leading meme token on Stocktwits trended in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter.
Solana’s price showed a similar drop of around 0.7% in the last 24 hours. However, retail sentiment around the token trended in ‘bearish’ territory over the past day amid ‘high’ levels of chatter.
Tron (TRX) was the only token among the top 10 cryptocurrencies by market capitalization to buck the trend, rising 1.1% in the last 24 hours to $0.2978. Retail sentiment around TRX on Stocktwits around the coin remained in ‘extremely bullish’ territory over the past day, with chatter at ‘high’ levels.
The overall cryptocurrency market fell 1.8% in the last 24 hours to $3.2 trillion. CoinGlass data showed $316 million in liquidations with longs accounting for $271 million and short bets bearing around $45 million.
Read also: Semler Outperforms Crypto Equities While Bitcoin Slips Below $91,000
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
