Bitcoin, Ethereum, Dogecoin Consolidate: 'No Need To Add More Risk Here,' Trader Warns

Author: Khyathi Dalal | July 11, 2024 04:24pm

Cryptocurrency markets are trading relatively flat despite positive macroeconomic data fueling hopes of a September interest rate cut.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$57,371.10	-0.09%
Ethereum (CRYPTO: ETH)	$3,107.17	-0.05%
Solana (CRYPTO: SOL)	$136.57	-3.3%
Dogecoin (CRYPTO: DOGE)	$0.1071	-0.8%
Shiba Inu (CRYPTO: SHIB)	$0.0000164	+0.35

Notable Statistics:

IntoTheBlock data notes a 79.8% increase in exchange netflows, while daily activity addresses rose by 4.2%. Transactions greater than $100,000 increased from 7,269 to 8,500 in a single day.
Coinglass data notes 38,109 traders liquidated for $104.46 million over the past 24 hours.
Sentiment data shows that during the current downtrend, Bitcoin whale and shark wallets are increasing while small traders sell off their bags. It highlighted a net increase of +261 wallets that now hold at least 10 BTC.
The German government's Bitcoin is running out as it sent another 5,000 BTC to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu.

Notable Developments:

Benzinga future of digital assets conference

Top Gainers:

Cryptocurrency	Price	Gains +/–
MANTRA (CRYPTO: OM)	$1.07	+13%
Stacks (CRYPTO: STX)	$1.61	+6.4%
NEAR Protocol (CRYPTO: NEAR)	$4.94	+6.3%

Trader Notes: Crypto trader Poseidon noted that Bitcoin's daily chart is still bearish and price is below range low. He suggested two scenarios for traders:

$BTC Daily

Daily trend is still bearish and price is below range low. If you want to take risk for upside, wait for clean range low and daily ema21 reclaim. If you already over exposed, no need to add more risk here, wait for lower prices or trend reclaim. pic.twitter.com/LzNlOMnZoy
— Poseidon (@CryptoPoseidonn) July 11, 2024

Stockmoney Lizards predicted that current market cycle could peak around $250,000 to $300,000. He added that this is "NOT a short-term chart. Next weeks might be sideways / down 10 – 15%." Post the CPI data, the trader reiterated the same outlook but added an end-of-year prediction of $100,000.

Another crypto trader noted that if Bitcoin wants to rally to $60,600 going into the weekend, it will need a daily close "above the black resistance to invalidate the early-stage lower high and set price up for that rally."

#BTC

Not only is Bitcoin rejecting from the Daily resistance of $58350 (black) but a new Lower High (orange) may also be developing

This is not conclusive but if Bitcoin wants to rally to $60600 (blue) going into the weekend…

Bitcoin will need to Daily Close above the black… https://t.co/tKhGemC8TN pic.twitter.com/DOsJ4TNa0W
— Rekt Capital (@rektcapital) July 11, 2024