Bitcoin has surged above $88,000 following a period of decline, with liquidations totaling $195.55 million in the last 24 hours. Bitcoin ETFs experienced net outflows of $175.3 million on Wednesday, while Ethereum ETFs saw net outflows of $52.7 million. According to Crypto Tony, Bitcoin's stagnant price movement suggests it is in an X wave phase, characterized by erratic and disruptive behavior. He predicts a potential decline, either immediately or after a brief rally, advising traders to be ready for both possibilities. CryptosBatman attributed the recent sideways trading to low holiday volume rather than inherent weakness in the market. Bitcoin is said to be consolidating in a classic pattern.