Bitcoin, Ethereum, Dogecoin Losing Steam Before 'Fifth Attempt To Break This BTC $72-$73K Resistance Level'

Author: Khyathi Dalal | June 06, 2024 04:48pm

Cryptocurrency markets are trading slightly down despite strong ETF inflows for the last 17 days.

Prices as of 4 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$70,300	-1.2%
Ethereum (CRYPTO: ETH)	$3,771.80	-2.7%
Solana (CRYPTO: SOL)	$167.99	-2.8%
Dogecoin (CRYPTO: DOGE)	$0.1589	-2.8%
Shiba Inu (CRYPTO: SHIB)	$0.00002508	-3.1%

Notable Statistics:

Coinglass data points to $38 billion in Bitcoin open interest, the highest since April 1, with long liquidations at lowest since a week.
IntoTheBlock noted a 6,370.9% increase in exchange netflows and a 19.5% growth in large transaction volumes. Meanwhile, 98% of Bitcoin holders are currently making a profit.

Notable Developments:

Robinhood Announces Acquisition Of Crypto Exchange Bitstamp in $200M Deal

Bitcoin Could Reach $150K By Year-End If Trump Wins: Standard Chartered

JPMorgan: US Crypto Regulations Signal Opposition To CBDCs And Non-Compliant Stablecoins

Bitcoin Spot ETFs Record 17 Straight Inflow Days, Reaching $15.3B Year-To-Date

How Ethereum ETF Inflows Will Impact Bitcoin And Cryptocurrency Prices

Benzinga future of digital assets conference

Top Losers:

Cryptocurrency	Price	Gains +/–
Dog (Runes) (CRYPTO: DOG)	$0.008402	-11.5%
Bitget Token (CRYPTO: BGB)	$1.19	-9.9%
Beam (CRYPTO: BEAM)	$0.02548	-9%

Trader Notes: Santiment data noted that $70,000 for Bitcoin is "not nearly as big of a deal for traders as it was 3 months ago." The post adds that the "lack of FOMO is a good sign that BTC and other coins can break through with less crowd euphoria that previously caused tops."

Heavily followed futures trader Satoshi Flipper highlights Bitcoin's attempt to break the resistance level.

We're on our 5th attempt to break this $BTC $72k-$73k resistance level … the more we tag it, the weaker it gets 🚀🚀

tick tock, tick tock⏱️ pic.twitter.com/Fw4pIajVQD
— Satoshi Flipper (@SatoshiFlipper) June 6, 2024

Meanwhile, swing trader Jesse Olson commented on the Robinhood acquisition of Bitstamp. He added, "Did the U.S. big players really want to ban Bitcoin & #Altcoins or did they want a piece of the pie?"

Did the U.S. big players really want to ban #Bitcoin & #Altcoins or did they want a piece of the pie? @Coinbase joins forces with Blackrock
Blackrock makes the ETF's happen
Robinhood is buying @Bitstamp

You wanted the institutions, they are here, be careful what you wish…
— Jesse Olson (@JesseOlson) June 6, 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.

Image: Shutterstock

Posted In: $BEAM $BTC $DOGE $ETH $JASMY $ORDI $SHIB $SOL $UNI