Bitcoin held above $63,000 as cooler-than-expected inflation data eased concerns over aggressive Federal Reserve tightening, helping lift sentiment across the cryptocurrency market.

Notable Statistics:

• Coinglass data shows 119,414 traders were liquidated in the past 24 hours for $303.20 million.      
• SoSoValue data shows net outflows of $213.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ET'Fs saw net outflows of $35.6 million.
• In the past 24 hours, top gainers include Audiera, Stargate Finance and DeXe.

Notable Developments:

• Bitcoin Needs A New Catalyst, Ethereum, Solana, XRP Have Distinct Appeal, Top Morgan Stanley Exec Says
• Kevin O’Leary Says ‘Bitcoin’s Going Nowhere Until CLARITY Becomes Law’
• Bitcoin ETFs Still Hold 93% Of Their BTC: Are Institutions Not Bearish After All?
• SpaceX IPO Driving Capital Rotation From Crypto Into AI, Solana Foundation President Says
• Are Bitcoin ETF Buyers Rotating Into XRP ETFs? This Schwab Exec Says Maybe
• DOGE Crashed 31% The Last Time This Indicator Fired: Now It Is Flashing Buy

Trader Notes:

Crypto chart analyst Ali Martinez says Bitcoin is nearing a breakout as it trades within a symmetrical triangle, with key resistance at $63,000 and support at $61,000.

A decisive hourly close above or below this range could trigger a roughly 10% move, with volume expected to provide early confirmation of the breakout direction.

Ted Pillows notes that Bitcoin has historically never bottomed below its estimated electrical production cost, currently around $49,390, except during the COVID-19 crash.

Based on this metric, a drop below $50,000 would likely require a major market shock, such as an FTX-style collapse or a significant geopolitical escalation.

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