benzinga.com
23 m
Leading cryptocurrencies struggled for big gains on Wednesday as investors trimmed risk appetite.
Bitcoin wobbled between $73,202 and $74,694 as bulls faced stiff resistance from bears. Ethereum struggled to break through $2,100, while Dogecoin slid 0.50% in the last 24 hours.
Cryptocurrency-related stocks, meanwhile, gained, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing up 1.06% and 6.33%, respectively.
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Nearly $290 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 2.44% over the last 24 hours. A drop in open interest accompanied by a price increase typically indicates short covering, meaning short sellers are buying back contracts to close out open positions.
Top Gainers (24 Hours)
The Dow Jones Industrial Average jumped 254.60 points, or 0.49%, to close at 52,486.49. The S&P 500 rose 1.31% to end at 7,619.3, while the tech-focused Nasdaq Composite added 1.60% to end at 25,466.
CoreWeave Inc. ) soared 24%, its biggest one-day gain since June 3, 2025, pulling chipmakers, memory producers and power stocks.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted Bitcoin holding support at its 200-day moving average near $73,200 while slowly advancing on the daily chart.
“First step to break through: $75,000. If that breaks, we’re getting into better territory,” Van De Poppe projected.
Cryptocurrency analyst CrediBULL Crypto predicted a repeat of a prior short squeeze when high Bitcoin open interest preceded a rapid pump.
“My bet is they are gonna run it back again this time. Short squeeze from $72,000 to $90,000 in a few days,” the analyst added.
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