Bitcoin stabilized near $63,400 on Wednesday following a volatile intra-day move between $63,317 and $64,400, leaving its market cap unchanged at $1.27 trillion.
Key Takeaways
Bitcoin stabilized near $63,400 Wednesday after sharp intra-day swings, holding its $1.27 trillion market cap.Total crypto market liquidations reached $153.2 million while Strategy downplayed recent token sales.Glassnode warned that low spot buyer demand leaves bitcoin wedged beneath its $68,700 cost-basis hurdle.An equally sharp sell-off followed, pulling bitcoin down to $63,317 before it rebounded to just above $63,400. Bitcoin traded at nearly the same price level as 24 hours earlier—a rare occurrence for an asset widely considered one of the most volatile in recent years.
The flat price action left bitcoin’s market capitalization unchanged at $1.27 trillion and its seven-day loss at 2%. In the derivatives market, liquidations were subdued at $32.3 million, with long bets accounting for $20.5 million of the total. Overall, crypto market liquidations topped $153.2 million, split between $86.6 million in short positions and $66.7 million in long positions.
The firm warned that unless demand returns to build on the benign inflation backdrop, the market remains vulnerable to overleveraged long positioning on low spot volume.
