2025-01-22 20:19:49 by Benzinga

Cryptocurrency markets are trading lower on Wednesday as investors await Donald Trump's executive orders on crypto and his announcement regarding a strategic Bitcoin reserve. CryptocurrencyPrice   Gains +/-Bitcoin BTC/USD $104,661.95-2.3%Ethereum ETH/USD $3,266.86 -2%Solana SOL/USD $266.11+5.4%XRP XRP/USD $3.24+1.4%Dogecoin DOGE/USD $0.3614-5.9%Shiba Inu SHIB/USD $0.00002042-2.8%Notable Statistics: IntoTheBlock data shows large transaction volume decreasing by 9.6% and daily active addresses up by 1.95%. Transactions greater than $100,000 are down from 16,250 to 13,808 in a single day. Exchanges netflows are down by 307.6%. Coinglass data reports 88,536 traders were liquidated in the past 24 hours for $161.09 million. Arkham Intelligence data shows Blackrock purchased $600 million of BTC, marking its third largest purchase this year. Notable Developments: Strategic Bitcoin Reserve Probability Up To 64% Despite Trump Silence On Crypto Bitcoin Is No ‘Threat’ To The US Dollar, Goldman Sachs CEO Says Michael Saylor’s Proposal To Increase MicroStratagy’s Share Count Approved By Shareholders — More Bitcoin Purchases On The Cards? SEC Launches Crypto Task Force To Establish Clear Regulatory Framework Bitcoin Miners Helped Texas Avoid $18 Billion Energy Costs: Report Top Gainers: CryptocurrencyPrice   Gains +/-Worldcoin WLD/USD $2.34+12.7%Raydium RAY/USD $8.19+7.1%Pudgy Penguins PENGU/USD $0.02578+6.4%Trader Notes: Crypto trader Flow Horse emphasized that BlackRock itself hasn’t purchased Bitcoin; its clients did through the ETF. He warned that the bullish sentiment could be misleading and noted that spikes in trading volume, including multiples of an ETF’s average daily volume, often indicate short-term market tops. Altcoin Sherpa expressed optimism, suggesting a “Bitcoin god candle” is imminent, advising traders to focus on the upward potential. Technical analyst Kevin described the market as stagnant, with liquidity concentrated between $96,000 and $111,000. He highlighted the nearly three months of sideways trading after a brief rally, following eight months of stagnation in late 2024. Big blocks of liquidity all the way from 96K-111K. That's the current range we're. Beyond that nothing much to update. Market still pretty boring now for close to 3 months. Crazy because we traded sideways for 8 months to end 2024 then we went up for one month and now we have… pic.twitter.com/jYTMbOCnfd— Kevin (@Kev_Capital_TA) January 22, 2025CrediBULL Crypto clarified that his high-timeframe BTC chart illustrates market structure rather than precise timing or price levels. He identified two key support zones: the current level and $88,000-$95,000. If these fail, BTC could drop to the mid-$80,000 or even $70,000 range, but the larger bullish structure remains intact as long as the $58,000 higher low holds Read Next:  3 Reasons Why Bitcoin Could Hit $122,000 Soon: 10x Research Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.