Bitcoin Battles To 'Reclaim Some Levels,' Solana, Meme Coins Leading The Rebound: The Thursday Play-By-Play

Author: Khyathi Dalal | May 02, 2024 04:09pm

Cryptocurrency markets on Thursday clawed back some of their losses earlier in the week, with Bitcoin open interest sinking to its lowest levels in two months.

What Happened: Major cryptocurrencies are up moderately at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin (CRYPTO: BTC)	4%	$59,335
Ethereum (CRYPTO: ETH)	2.3%	$2,999
Solana (CRYPTO: SOL)	6.3%	$138.5
Dogecoin (CRYPTO: DOGE)	4.4%	$0.133
Shiba Inu (CRYPTO: SHIB)	5%	$0.00002311

Notable statistics:

• Open interest stands at $28.19 billion, the lowest level since early March 2024.
• In the past 24 hours, 48,914 traders were liquidated for a total of $155.29 million. Short liquidations ($90.36 million) outnumbered long liquidations ($64.88 million).
• 86% of Bitcoin holders are in profit.
• Bitcoin spot ETFs recorded substantial net outflows ($564 million) on Wednesday.

Notable developments:

• U.S. PayPal users can now purchase cryptocurrencies through MoonPay.
• MicroStrategy unveils a decentralized identity service built on the Bitcoin Ordinals protocol.
• BlackRock expects renewed institutional interest in Bitcoin ETFs.

Top Gainers:

Cryptocurrency	Gains +/-	Price
Arweave (CRYPTO: AR)	19.8%	$34.64
Pepe(CRYPTO: PEPE)	10.9%	$0.000007638
Axelar (CRYPTO: AXL)	9.3%	$1.25

Also Read: Bitcoin’s ‘Party Is Over’: Why Peter Schiff Sees Bitcoin In A Bear Market

Analyst Notes: Rekt Capital, a notable crypto trader, states that Bitcoin is +2% away from reclaiming the re-accumulation range low.

#BTC

Bitcoin is literally +2% away from reclaiming the Re-Accumulation Range Low

Is Bitcoin ready to end the downside deviation?

A reclaim of the Range Low would need to happen before the end of the week for this deviation to be over$BTC #BitcoinHalving #Bitcoin https://t.co/FHKoyDdJQD pic.twitter.com/2CO086IBAk

— Rekt Capital (@rektcapital) May 2, 2024

Altcoin Sherpa, in his latest tweet, suggests that Bitcoin needs to show more strength before they go all in. He expresses skepticism about the current state of Bitcoin and warns that despite some positive movement in altcoins, investors should not rush to invest heavily at the current levels.

He stresses that Bitcoin needs to "reclaim some levels" and break the $60,000 mark to demonstrate more strength before investors should consider going all in.

Crypto trader and analyst CrediBULLCrypto latest X post highlights that Bitcoin is making a bit of progress off its local lows but this type of choppy rise leaving behind a bunch of untapped liquidity is not ideal as usually it comes back for it later.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin Market In Distribution: Are We Nearing A Bottom?

Image: Shutterstock

Posted In: $AR $AXL $BTC $DOGE $ETH $PEPE $SHIB $SOL