Bitcoin, Ethereum, Dogecoin Reverse Gains: 'Another Boring Day On Bitcoin,' Says Trader

Author: Khyathi Dalal | July 02, 2024 05:26pm

Cryptocurrency markets are trading lower despite bullish indicators like positive spot Bitcoin ETF flows, the surge in exchange netflows and a spike in whale transactions.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$61,800.59	-2.3%
Ethereum (CRYPTO: ETH)	$3,408.61	-1.8%
Solana (CRYPTO: SOL)	$152.30	+3.3%
Dogecoin (CRYPTO: DOGE)	$0.1243	-0.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001714	-0.7%

Notable Statistics:

IntoTheBlock data notes a 5,254.5% surge in exchange net flows, an 84% increase in large transaction volume and a 33.7% expansion in daily active addresses. Transactions greater than $100,000 surged to 9,770 transactions on July 1 from 5,819 the previous day.
Coinglass data notes Bitcoin liquidations at low levels, with long and short liquidations at $12.8 million and $4.1 million, respectively.
Crypto chart analyst Ali Martinez noted that Bitcoin retail investors are returning with new Bitcoin addresses hitting a four-month high of 432,026.
Bloomberg analyst Jeff Seyffart noted that the U.S. Bitcoin ETF group's trading volume is on a downtrend. It has not been able to hit $3 billion since mid-May.

Notable Developments:

Benzinga future of digital assets conference

Top Losers:

Cryptocurrency	Price	Gains +/–
Pendle (CRYPTO: PENDLE)	$4.33	-14%
Aave (CRYPTO: AAVE)	$90.9	-8.3%
Bittensor (CRYPTO: TAO)	$260.29	-8%

Trader Notes: Looking at Bitcoin’s relatively flat performance, Crypto Tony tweeted that it is another boring day for Bitcoin. “Looking for exciting opportunities elsewhere for now,” the trader writes.

Michaёl van de Poppe predicted a “mega bearish divergence on Bitcoin dominance chart” implying a reversal.

Titan Of Crypto, in his latest tweet, predicted that Bitcoin’s price target is at $123,000 based on a bullish cup and handle continuation pattern currently formed on the weekly timeframe.

Crypto investor Quinten Francois outlines Bitcoin’s growth trajectory after the fourth halving:

Just imagine selling here, right before the fireworks #Bitcoin $BTC pic.twitter.com/yF31p8Y4OL
— Quinten | 048.eth (@QuintenFrancois) July 2, 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

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