Bitcoin, Ethereum, Dogecoin Go Sideways: 'Potentially Same Thing Happening' As In 2023, Says Trader

Author: Khyathi Dalal | July 10, 2024 04:12pm

Cryptocurrency markets are trading relatively flat or marginally higher as markets await the Ethereum ETF approval.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$57,504.51	-0.4%
Ethereum (CRYPTO: ETH)	$3,106.33	+1.4%
Solana (CRYPTO: SOL)	$141.23	-0.5%
Dogecoin (CRYPTO: DOGE)	$0.108	+0.8%
Shiba Inu (CRYPTO: SHIB)	$0.00001637	+0.5%

Notable Statistics:

• IntoTheBlock data large transaction volume declining by 10.4%, while transactions greater than $100,000 from 7,867 on July 8 to 7,269 on July 9. Exchanges net flows are down 149.6%.
• Coinglass notes 33,319 traders liquidated for $104.4 million in the past 24 hours.
• Crypto chart analyst Ali Martinez notes that the markets are witnessing the highest level of fear in the crypto market since January 2023.

Notable Developments:

• Goldman Sachs To Launch Three Tokenization Projects By Year-End: ‘It’ll Change The Nature Of How Clients Can Invest’
• Peter Schiff Calls Upcoming Bitcoin Documentary ‘Total Scam,’ Calls King Crypto ‘Fraud’ While Hyping Gold And Silver As Alternatives
• How Low Will Bitcoin Go If Germany Sells All Its BTC?
• Bitcoin Spot ETFs Keep Buying The Dip This Week: Here’s Why
• Biden Urged By Chamber Of Progress To Attract Young Voters By Supporting Crypto Rules: ‘You Can Still Win This Issue’

Top Gainers:

Cryptocurrency	Price	Gains +/–
Stacks (CRYPTO: STX)	$1.51	+11%
zkSync (CRYPTO: ZK)	$0.1627	+7.9%
JasmyCoin (CRYPTO: JASMY)	$0.02476	+7%

Trader Notes: Crypto trader Kevin drew parallels to historical patterns and stated that in the year 2023 crypto did not get going until the later part of the year, concluding that "potentially the same thing is happening.”

Another trader expects a deviation into the $60,000s before a move down to $50,000. Bitcoin Ape marks $55,000 as a support level for Bitcoin with no signs yet that this is the bottom. He believes that a breakdown below this level "will send the price down into the $45,000 range” but doesn’t believe the bull market is over.

Meanwhile, Bitcoin trader Blackwidow clarifies that the BTC chart is in a downtrend for three months and it has nothing to do with Germany. He stated that this is just used as an explanation for price action. He concluded, "Resistance points noted on chart – must start closing above $58,500 as step 1 of reversal."

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:

• How Low Will Bitcoin Go If Germany Sells All Its BTC?

Image: Shutterstock

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