Bitcoin, Ethereum, Dogecoin Go Sideways, But 'Market Structure Back To Bullish,' Says Trader

Author: Khyathi Dalal | June 17, 2024 05:12pm

Cryptocurrency markets are trading slightly down, as members of the Biden administration will reportedly attend a crypto roundtable.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$66,286.62	-0.3%
Ethereum (CRYPTO: ETH)	$3,528.34	-1.9%
Solana (CRYPTO: SOL)	$143.05	-3.8%
Dogecoin (CRYPTO: DOGE)	$0.1315	-3.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001952	-6.6%

Notable Statistics:

• Australia's largest stock exchange approved its first Spot Bitcoin ETF.
• Tether, the world’s largest stablecoin, launches a new synthetic dollar backed by gold.
• IntoTheBlock data notes an increase in total exchange inflows and outflows. 90% of Bitcoin holders are in profit at current prices.
• According to Coinglass data, 111,242 traders were liquidated for $265.50 million in the past 24 hours.

Notable Developments:

• T-Mobile’s parent company, Deutsche Telekom, announces plans to mine Bitcoin.
• El Salvador’s President Bukele Proposes Bitcoin Bank To Attract Billions
• Spot Ethereum ETF Launch Date Possibly On July 2: Bloomberg Analyst
• Biden Admin Officials, Mark Cuban To Attend Crypto Roundtable In July
• Why Bitcoin Faces A ‘Critical Week Ahead’

Top Losers:

Cryptocurrency	Price	Gains +/–
zkSync (CRYPTO: ZK)	$0.2144	-25.3%
Notcoin (CRYPTO: NOT)	$0.01728	-14.4%
Injective (CRYPTO: INJ)	$21.81	-12.6%

Well, well, well.#Bitcoin making a higher high & going for the reclaim.

Market structure back to bullish – hold above $66,500 from here and we can send this back to the highs. 🙏🏻 pic.twitter.com/MyClRRjcIl

— Jelle (@CryptoJelleNL) June 17, 2024

Crypto trader DonAlt highlighted that $60,000 is bad support and $70,000 is bad resistance. He suggested that if you are bullish then $65,000 is the spot to hold, adding "If you’re bearish you’d want it to fail first."

CrypNuevo highlighted a potential W pattern for Bitcoin,

$BTC update:

Wick filled, strong bounce, potential W pattern 🔨

My last requirement is to recover the daily 50EMA (closing a 1D candle above it).

At that point, it's when I'll have high conviction on retracing the imbalances to the upside.

Hope you find the updates helpful🤝 pic.twitter.com/W3iUHdevo7

— CrypNuevo 🔨 (@CrypNuevo) June 17, 2024

Notable crypto trader TheFlowHorse tweeted that a bear trap is potentially building, saying, "if you prefer more volume and liquidity just log back in after Labor Day."

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: Dogecoin, Shiba Inu, Floki Are ‘Dino Coins,’ Says Trader: He Likes These 3 Other Meme Coins As ‘Blue Chips’

Image: Shutterstock

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