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Bitcoin slipped to around $75,000 as traders reduced risk, with broader sentiment shifting from neutral to fear.
Coinglass data showed 179,931 traders were liquidated over the past 24 hours, totaling $674.74 million.
SoSoValue data indicated net inflows of $440.7 million into spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs recorded net inflows of $69.05 million.
Analyst Titan of Crypto said Bitcoin is holding a critical short-term support zone near $75,900. He noted that maintaining this level would help preserve the current market structure, while a breakdown could trigger a retest of the lower boundary of the ascending channel.
Castillo Trading observed that Bitcoin has lost momentum after its move toward $79,000. The analyst pointed to selling pressure emerging on rallies and price action turning increasingly sideways. Castillo Trading identified roughly $74,500 as a key bullish threshold; holding above it would keep the broader structure intact, while a break below would weaken the current setup.
Rekt Capital said Bitcoin is showing weakness after rejection from the 21-week exponential moving average (EMA), a level often watched in longer-term trend analysis. He added that continued downside pressure could lead to a retest of the upper boundary of a prior double-bottom formation, which may be decisive for the next major market direction.
The combination of large liquidation activity and risk-off sentiment coincided with traders focusing on near-term support around the mid-$75,000s and additional bullish levels near $74,500, while longer-term trend watchers cited the 21-week EMA as a key reference point.
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