Bitcoin, Ethereum, Dogecoin Go Down Yet Again: 'Crucial Area Of Support,' Top Analyst Warns

Author: Khyathi Dalal | June 21, 2024 04:01pm

Cryptocurrency markets are trading lower, with liquidations spiking over $100 million on Friday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$64,050.37	-1.5%
Ethereum (CRYPTO: ETH)	$3,524.78	+0.15%
Solana (CRYPTO: SOL)	$3,524.78	-0.84%
Dogecoin (CRYPTO: DOGE)	$0.1244	+0.09%
Shiba Inu (CRYPTO: SHIB)	$0.0000179	-1.4%

Notable Statistics:

• IntoTheBlock data notes a 4% increase in large transaction volume and daily active addresses. Transactions greater than $100,000 increased from 6,794 to 7,328.
• Coinglass data highlighted 49,973 traders liquidated in the past 24 hours, with total liquidations at $124.99 million.

Notable Developments:

• Standard Chartered To Launch Bitcoin, Ethereum Trading Desk As ETF Outflows Continue
• Binance Integrates Tether On TON To Boost User Flexibility
• California Judge Advances Civil Securities Lawsuit Against Ripple, Sets Stage For TrialBitcoin Dips Below $64K, Triggers Over $100M In Liquidations: ‘Consolidation Phase Ongoing,’ Says Trader

Top Losers:

Cryptocurrency	Price	Gains +/–
LayerZero (CRYPTO: ZRO)	$3.13	-12.4%
Dogwifhat (CRYPTO: WIF)	$1.83	-9.4%
zkSync (CRYPTO: ZK)	$0.186	-7.2%

#Bitcoin trending down while DMI rests on the very bottom of the cycle 4 support channel.

20-week EMA holding strong, now at $61,800.

Still looking good! It's been boring and sideways since March, but sometimes that's just what you need to build up strength for the next move… pic.twitter.com/0CNT4bd8Te

— CryptoCon (@CryptoCon_) June 21, 2024

Andrew Crypto, in his latest tweet, noted that Bitcoin went lower and headed to its demand zone. He suggested that it is a good place to build longs but added, “as we are heading into the weekend caution is required.”

Titan of Crypto predicted that Bitcoin's most hated rally is incoming and expects a "last epic leg up soon." He adds, "The market is playing with your nerve and as per usual many will be fooled by this BTC price action."

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: What’s Next For Bitcoin? ‘Significant Bounce’ Or ‘Nasty Impulse Down,’ Traders Say

Image: Shutterstock

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