Bitcoin, Ethereum, Dogecoin A Mixed Bag As Trader Points Out The 'Key To A Future Price Reversal'

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

Cryptocurrency markets are trying to push higher on Donald Trump embracing crypto donations for his election campaign, and Market Vector launching the Meme Coin Index.

What Happened: Major cryptocurrencies are trading flat or marginally higher at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin (CRYPTO: BTC)	$62,454.83	+0.27%
Ethereum (CRYPTO: ETH)	$3,020.16	+0.75%
Solana (CRYPTO: SOL)	$150.59	+3.4%
Dogecoin (CRYPTO: DOGE)	$0.1501	+2.2%
Shiba Inu (CRYPTO: SHIB)	$0.0000233	+2.1%

Notable Statistics:

• IntoTheBlock data highlights a significant 4,927.9% drop in exchange netflows, with total exchanges inflows and outflows dropping.
• Lookonchain data noted nine ETFs seeing 195 bitcoin worth $12 million of outflows.
• Bloomberg reported that Mastercard, JPMorgan, Visa, Citibank & other big U.S. banks are testing shared-ledger technology for tokenized asset settlements.
• Harvest, a Hong Kong Bitcoin ETF issuer, announced it wants to put the ETF on Stock Connect, so mainland Chinese investors can buy it.

Notable Developments:

• Robinhood Analysts ‘Pleasantly Surprised’ By Crypto Volume, Q2 Start: ‘We See A Number Of Reasons To Be Positive’
• Spot Bitcoin ETFs Clock $11M Net Inflows On Wednesday As Grayscale Shifts Focus To Spot Ether ETF
• JPMorgan Analysts Optimistic About Future Approval Of Spot Ether ETFs Despite Regulatory Hurdles

Top Gainers:

Cryptocurrency	Gains +/-	Price
Akash Network (CRYPTO: AKT)	$5.19	+18.6%
Render (CRYPTO: RNDR)	$10.81	+11.2%
Arweave (CRYPTO: AR)	$41.19	+10.8%

Also Read: Bitcoin Facing These ‘Compelling Mid-Term Bearish Cases,’ Warns Trader

Analyst Notes:  Notable crypto technical analyst Ali Martinez tweeted that Bitcoin is in consolidation mode.

#Bitcoin has been consolidating for 70 days! #HODL pic.twitter.com/wOtqfHBQlN

— Ali (@ali_charts) May 9, 2024

Another crypto analyst, Rekt Capital, notes that "Long downside wicks to end a more than -20% correction have often been the key to a future price reversal." Macroeconomist Seth is curious to know if this time it will be different for Bitcoin. He adds that the "Daily RSI reached the level where we find all the local bottoms in 2023-2024."

#Bitcoin Daily RSI reached the level where we find all the local bottoms in 2023-2024.

Lets see if this time is any different for $BTC https://t.co/GEpygehCy4 pic.twitter.com/53Y6vuyHgP

— Seth (@seth_fin) May 9, 2024

Santiment data noted high uncertainty and small wallets dropping out of the sector as the ingredients needed for Bitcoin to enjoy steady recoveries leading up to the summer.

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: Analyst Warns Ethereum’s Fate Is Tied To Bitcoin: ‘If ETH Goes Up From Here, It Would Only Be Due To…’

Image: Shutterstock

Posted In: $AKT $AR $BTC $DOGE $ETH $RNDR $SHIB $SOL