Bitcoin, Ethereum, Dogecoin Dip: BTC 'Not Ready' For The $65K Retest, Trader Points Out

Author: Khyathi Dalal | July 17, 2024 04:21pm

Cryptocurrency markets are trading slightly down despite Bitcoin ETF inflows peaking at a one-month high.

Cryptocurrency	Price	Gains +/-
Bitcoin	$64,567.4	-0.88%
Ethereum	$3,424.6	-1.6%
Solana	$157.3	-3.2%
Dogecoin	$0.123	-2.2%
Shiba Inu	$0.00001878	-3.7%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 22.3% and transactions greater than $100,000 rising from 8,516 transactions as of July 15 to 8,842 as of July 16. However, exchange netflows narrowed by 244.5%.
• Coinglass data revealed 50,913 traders were liquidated in the past 24 hours, with total crypto liquidations at $155.7 million.
• Coinbureau CEO and co-founder Nic highlighted that Bitcoin ETF inflows were $422 million on July 16. This marked the largest inflow in over a month.
• Ki Young Ju revealed Bitcoin whale wallets, including spot ETFs and custodial wallets, added 1.45 million BTC in 2024 taking the total to 1.8 million BTC. Every week, 100,000 BTC flows in compared to 70,000 BTC in 2021.

Notable Developments:

• InfStones Unveils Node-As-A-Service Product For DePIN Development
• SEC Commissioner Peirce Opens Door For Ethereum ETF Staking
• Direxion Launches Two New Crypto ETFs: One For Bulls, One For Bears
• Donald Trump Plans Launch Of Fourth NFT Collection: ‘I’m Going To Do Another One Because The People Want Me To Do Another One’
• Bitwise CIO Matt Hougan: Ethereum To $5,000 In 2024 And $15B In ETF Inflows

Top Gainers:

Cryptocurrency	Price	Gains +/–
Worldcoin (CRYPTO: WLD)	$3.04	+9.1%
Injective (CRYPTO: INJ)	$26.6	+9.1%
Helium (CRYPTO: HNT)	$4.2	+8.4%

Trader Notes: Altcoin Sherpa in his latest tweet noted three different Bitcoin scenarios: a dump to $63,000 and $60,000 will return the pump while a dump to $60,000 with some bounces will lead to "die."  However, he is hopeful of breaking the current level and reaching $70,000.

Crypto trader Rekt Capital highlighted Bitcoin's current support and retest levels, predicting a similar retest to confirm a break back into the $65,000-$71,500 region.

#BTC

Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support

Bitcoin will need a similar retest like in the not-so-distant past (blue circle) to confirm a break back into the $65,000-$71,500 region$BTC #Crypto #Bitcoin https://t.co/Ct0P7qzTmS pic.twitter.com/HylRSusUTG

— Rekt Capital (@rektcapital) July 17, 2024

Crypto trader Eugene Ng Ah Sio noted that Bitcoin above $60,000 will keep the bull market intact, but the situation could turn ugly if it drops below that level.

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:

• Trump, Bitcoin, Ethereum ETFs, Tokenization: Trader’s Reasons For The ‘Most Bullish Crypto Setup’

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $HNT $INJ $SHIB $SOL