Bitcoin, Ethereum, Dogecoin Bounce Back As Whale Transactions Spike: 'Bitcoin Retrace Was All About Forming A Macro Higher Low'

Author: Khyathi Dalal | June 25, 2024 02:58pm

Cryptocurrency markets are up despite ETFs recording their seventh consecutive day of negative fund flows.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$61,914.65	+3.3%
Ethereum (CRYPTO: ETH)	$3,413.14	+3.8%
Solana (CRYPTO: SOL)	$138.94	+8.1%
Dogecoin (CRYPTO: DOGE)	$0.1281	+10.6%
Shiba Inu (CRYPTO: SHIB)	$0.00001812	+9.4%

Notable Statistics:

• IntoTheBlock data shows large transaction volume up 154%, with daily active addresses spiking 42%. Transactions greater than $100,000 more than doubled to 9,368 from 4,580 in a single day. Exchange netflows increased 71.9%.
• Coinglass data notes 41,349 traders liquidated in the past 24 hours for $137.49 million.
• Watcher Guru shared that SEC Chair Gary Gensler stated that the "process to spot Ethereum ETF approval is going smoothly."
• Radar revealed that Warren Buffett-owned Brazilian bank Nubank plans to integrate the Bitcoin Lightining payments.

Notable Developments:

• German Government Continues Bitcoin Liquidation, Transfers 400 BTC To Exchanges
• Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin
• FTX Faces Customer Backlash Over Proposed Liquidation Plan
• Solana Foundation Launches Tools To Streamline Blockchain Transactions
• Will The Upcoming Debate Between Biden And Trump Impact Bitcoin And Crypto Market — What The Analysts Predict

Top Gainers:

Cryptocurrency	Price	Gains +/–
Brett (Based) (CRYPTO: BRETT)	$0.1675	+25.3%
Dogwifhat (CRYPTO: WIF)	$2.07	+24.3%
Pepe (CRYPTO: PEPE)	$0.00001281	+19.8%

#BTC

This Bitcoin retrace was all about forming a Macro Higher Low

And we may have just got one

If things continue like this…

Bitcoin may very well be developing a Macro Bull Flag at these price levels$BTC #Crypto #Bitcoin https://t.co/AAcXPVFMto pic.twitter.com/68cgyoFUex

— Rekt Capital (@rektcapital) June 25, 2024

Blockchainedbb highlighted Bitcoin’s three consecutive daily closes above $60,000. "Bears can pack their bags and go for vacation for 2 months," adds the trader.

Another crypto trader highlighted that every June "Bitcoin found its local bottom & then proceeded to rally over the summer and then make a local top in August."

Bitcoin analyst Willy Woo terms Bitcoin "a fast-emerging asset class." He goes on to add that Bitcoin will 10x from here and rival the U.S. dollar in size, becoming a reserve asset.

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: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader

Image: Shutterstock

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