Leading cryptocurrencies surged alongside stocks on Wednesday, while gold eased as President Donald Trump backed off on planned tariffs on Europe over Greenland. Bitcoin snapped its week-long losing streak, rising above $90,000, while Ethereum reclaimed $3,000 amid a broader cryptocurrency market upswing. Over $630 million was liquidated from the market in the last 24 hours, according to Coinglass, with nearly equal amounts of levered longs and shorts erased.
Notably, Bitcoin’s open interest fell 0.35% in the last 24 hours. “Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index. Ali Martinez, widely followed cryptocurrency analyst and trader, highlighted Short-Term Holder Realized Price, currently at $98,365, as a bullish level for Bitcoin. Historically, reclaiming this level has unlocked strong upside momentum since 2023, the analyst stated.
The Bitcoin Short Term Holder Realized Price is a metric that calculates the average price at which short-term investors have purchased their BTC. Friedrich, another prominent cryptocurrency commentator, predicted Bitcoin to reclaim $100,000 soon if it closes above $94,000 this week. The global cryptocurrency market capitalization stood at $3.04 trillion, following an uptick of 1.15% in the last 24 hours.
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