The cryptocurrency market is experiencing a downturn today, with price declines effectively reversing the gains seen after the Federal Open Market Committee (FOMC) meeting.
| Cryptocurrency | Ticker | Price |
| Bitcoin | BTC/USD | $115,346.95 |
| Ethereum | ETH/USD | $4,461.67 |
| Solana | SOL/USD | $237.58 |
| XRP | XRP/USD | $3.00 |
| Dogecoin | DOGE/USD | $0.2656 |
| Shiba Inu | SHIB/USD | $0.00001287 |
Key Market Data:
- Recent data from Coinglass indicates significant liquidations, with 120,795 traders seeing their positions closed out in the last 24 hours, totaling $321.54 million.
- Over the past day, some of the biggest percentage decliners include MYX Finance MYX/USD, Fartcoin FARTCOIN/USD, and SPX6900 SPX/USD.
What’s Happening in the Crypto Space:
Analyst Commentary: According to crypto trader Scient, Bitcoin has been consolidating its position under $117,000 for the past week. This consolidation has taken the form of successively higher peaks and troughs within a broadening upward trend. With support established around $112,000, the current formation suggests a likely breakout to the upside, barring a significant increase in bearish pressure.
Trader CW has identified a substantial buying interest level holding steady down to $114,700, providing price support.
CryptoUB observes that Bitcoin’s price is contained within a defined range. Consolidation above $115,200 implies a potential upward rebound. However, a drop below $114,500 could initiate a downward trend heading into the weekend.
Castillo Trading highlights the period of relative calm following the FOMC announcement. The upcoming weekend is expected to reveal whether Bitcoin and Ethereum possess genuine bullish strength or if the market is still in a waiting pattern.
Further Reading:
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