Bitcoin Plunges Below $60K, Ethereum, Dogecoin Follow Down, But...'July Is Historically Bullish,' Says Trader

Author: Khyathi Dalal | June 24, 2024 04:49pm

Cryptocurrency markets are down heavily in Monday trading, as Bitcoin plunged below $60,000 for the first time in weeks.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,931	-6%
Ethereum (CRYPTO: ETH)	$3,346	-2.4%
Solana (CRYPTO: SOL)	$130.20	-0.2%
Dogecoin (CRYPTO: DOGE)	$0.1177	-6.2%
Shiba Inu (CRYPTO: SHIB)	$0.00001685	-5%

Notable Statistics:

• Coinglass data shows 89,508 traders liquidated in the past 24 hours, with total liquidations at $347.76 million; BTC long liquidations ($132.4 million) marked a two-month high.
• IntoThe Block data notes a 92.1% increase in exchange netflows; transactions greater than $100,000 dropped, as did Bitcoin holders in profit.
• Crypto chart analyst Ali Martinez highlighted Bitcoin's daily RSI hitting oversold territory three times in the past two years leading to price surges of 60%, 63%, and 198%, respectively. He suggested a "prime opportunity to buy the dip."

Notable Developments:

• White House Rehires Former Crypto Adviser To National Security Council
• Japanese Investment Firm Adopts MicroStrategy-Like Bitcoin Strategy, Set To Purchase $6M Worth BTC Using Funds From Bonds Sale
• Mt. Gox To Start Repaying Bitcoin In July: $9B In Sell Pressure Coming?
• Crypto Billionaire Justin Sun Doubles Down On Ethereum, Reportedly Buys $49M Worth Of Assets In 3 Days — Excitement Over Spot ETFs Launch?
• Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms

Top Losers:

Cryptocurrency	Price	Gains +/–
Ordi (CRYPTO: ORDI)	$33.98	-15%
Uniswap (CRYPTO: UNI)	$8.82	-11%
Gnosis (CRYPTO: GNO)	$286.55	-10%

#BTC

As BTC looks to retest its old All Time High area as support again…

It's worth looking at ways in which $BTC could form a new pattern on this retrace

At the moment, here's a possible pattern that may be emerging

Monitoring as the retrace develops#Crypto #Bitcoin pic.twitter.com/HWmr3KPBq9

— Rekt Capital (@rektcapital) June 24, 2024

In a very detailed post, CrediBULL Crypto highlighted that "The orange zone below at $58,000-$60,000 is a “last chance” level to keep us from seeing much more downside."

He also predicted that things could get ugly ($53,000-$54,000) as the next major area of demand. However, he adds "Hold it and technically we still have a higher low above the $56,000 lows from last month."

The trader added, "Even if this level is held we now have to look to build a new impulsive structure to the upside since the prior impulse was invalidated."

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: Is Bitcoin’s New 5% Tumble Still A ‘Bull Market Correction’?

Image: Shutterstock

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