Bitcoin, Ethereum, Dogecoin Continue Sideways: 'A Few More Months Of BTC Chop Season,' Warns Trader

Author: Ivan Crnogatić | May 31, 2024 04:34pm

Cryptocurrency markets saw more sideways trading to close out the week, with inflation data failing to ignite a rally.

Prices as of 4 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$67,640	-0.9%
Ethereum (CRYPTO: ETH)	$3,780	+1.1%
Solana (CRYPTO: SOL)	$166.15	-0.5%
Dogecoin (CRYPTO: DOGE)	$0.159	-0.4%
Shiba Inu (CRYPTO: SHIB)	$0.0000255	-1.3%

Notable Statistics:

• Liquidations decreased by 15% to over $130 million over the past 24 hours.
• Trading volume was down by 5% over the same time frame.

Notable Developments:

• Bitcoin Price After The Latest Inflation Data Could Follow These 2 Scenarios, Says Veteran Trader
• Crypto Maturity Puts Pressure On Coinbase Trading Revenue
• Ethereum Could Hit $10K By Year-End, Says Analyst Signaling ‘Significant Bullish Move’
• Is It Time To Buy Bitcoin Mining Stocks?
• Donald Trump’s Crypto Wallet Grows By $500K In Value Following Trial

Top Gainers:

Cryptocurrency	Price	Gains +/–
Lido (CRYPTO: LDO)	$2.53	+8%
Beam (CRYPTO: BEAM)	$0.02853	+7.5%
Pepe (CRYPTO: PEPE)	$0.00001507	+4.5%

It's clear $BTC chop szn is upon us

I think we are all tired of trying to catch these breakouts only to watch them fail on us

A few more month of this probably…

Maybe best to just buy and hold and enjoy life for a few months while not getting chopped up?

— Don't follow Shardi B if you hate Crypto (@ShardiB2) May 31, 2024

Loma Crypto complained that the “current cycle” is “boring.”

“At least in the last cycles, I can pretend to be interested the greater good of finance,” the user added.

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: $BEAM $BTC $DOGE $ETH $LDO $PEPE $SHIB $SOL