Bitcoin Bounces; Ethereum, Dogecoin Disappoint: '$69K Must Break,' Technical Analyst Points Out

Author: Ivan Crnogatić | May 30, 2024 06:01pm

Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance.

Prices as of 4 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$67,230	+1.3%
Ethereum (CRYPTO: ETH)	$3,730	-0.5%
Solana (CRYPTO: SOL)	$166.80	-1.2%
Dogecoin (CRYPTO: DOGE)	$0.159	-3.5%
Shiba Inu (CRYPTO: SHIB)	$0.0000258	-6.1%

Notable Statistics:

Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations.
Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets.
Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations.

Notable Developments:

Benzinga future of digital assets conference

Top Gainers:

Cryptocurrency	Price	Gains +/–
Notcoin (CRYPTO: NOT)	$0.0012	+38%
Ordi (CRYPTO: ORDI)	$47.95	+18%
Arweave (CRYPTO: AR)	$43.30	+11%

Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future:

$BTC vs. $SPX

While Bitcoin has made a new ATH vs USD this year, it's yet to make a new one vs. the S&P 500.

Looking at this chart, it's clear that there's a high likelihood this ratio enters price discovery in the near future.

That's where the real fun begins. pic.twitter.com/HCvZYJlkTS
— K A L E O (@CryptoKaleo) May 30, 2024

Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip.

compression resolution it was indeed

from here
– 67.5-68.2k must flip support, lose it again = give proper D1 trend retest 65.0-66.5k
– ~69k must break, = break it, give retest of range high/ATH region

stating the obvious but it never hurts pic.twitter.com/4nluCAMz0s
— Pierre (@pierre_crypt0) May 30, 2024

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.

Photo: Shutterstock

Posted In: $AR $BTC $DOGE $ETH $ORDI $SHIB $SOL