Bitcoin, Ethereum, Dogecoin In The Red Again, Analyst Reveals Downside Target

Author: Khyathi Dalal | July 03, 2024 03:16pm

Cryptocurrency markets are trading lower, as Bitcoin is clinging on to its $60,000 support.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,925.51	-3.3%
Ethereum (CRYPTO: ETH)	$3,275.86	-4.1%
Solana (CRYPTO: SOL)	$140.10	-7.9%
Dogecoin (CRYPTO: DOGE)	$0.1177	-5.1%
Shiba Inu (CRYPTO: SHIB)	$0.00001632	-4.7%

Notable Statistics:

• IntoTheBlock data notes a drop in Bitcoin’s metrics; large transactions volume is down by 6%, and daily active addresses declined by 14%. Transactions greater than $100,000 also narrowed significantly.
• Coinglass notes Bitcoin liquidations ($39.1 million) and open interest ($33.4 billion) at the highest level since June 25. In the past 24 hours, 61,742 traders were liquidated for $171.26 million.
• Crypto trader Michaёl van de Poppe noted that the Bitcoin CME gap closed.
• Daan Crypto Trades highlighted a large short of $45 million entering at $60,000.

Notable Developments:

• CoinDCX Acquires BitOasis, Marking Its First Move Into The MENA Crypto Market
• Bitcoin Will Plummet To $50K If This Key Support Breaks: 10x Research
• Mike Novogratz: ‘We’re Going To Get Positive Crypto Legislation No Matter Who Wins’
• Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto Bettors, Memecoin Themed On Her Surges 126%
• Spot Ethereum ETFs Could Arrive By Mid-July, Suggests Analyst Nate Geraci: ‘Theoretically Means A Launch In The Week Of July 15’

Top Losers:

Cryptocurrency	Price	Gains +/–
Ethereum Name Service (CRYPTO: ENS)	$25.99	-16.3%
Dogwifhat (CRYPTO: WIF)	$1.85	-15.7%
Bonk (CRYPTO: BONK)	$0.00002187	-14.1%

If #Bitcoin breaks $60,600, it could climb another $1,000 to reach $61,600! But if $BTC dips below $60,200, then $59,200 will be the target. pic.twitter.com/aONlUXjfjY

— Ali (@ali_charts) July 3, 2024

Resistance levels for #BTC include both the 8W and 20W SMA, currently both around $65k-$66k. pic.twitter.com/S8xnzXUEl1

— Benjamin Cowen (@intocryptoverse) July 3, 2024

Image: Shutterstock

Read Next:

• Top Trader Is Long Bitcoin, Ethereum, Short Litecoin, Cardano…And Thinks Shiba Inu’s Time Has Passed

Posted In: $BONK $BTC $DOGE $ENS $ETH $FTM $JASMY $ORDI $SHIB $SOL $UNI