Bitcoin, Ethereum, Dogecoin Trade Lower, But 'August Will Be Great' If Bitcoin Holds On To This Key Level

Author: Khyathi Dalal | July 18, 2024 04:23pm

Cryptocurrency markets are trading lower as Indian crypto exchange WazirX got exploited for a $230 million loss.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$63,636.3	-1.7%
Ethereum (CRYPTO: ETH)	$3,406.33	-0.6%
Solana (CRYPTO: SOL)	$157.02	-0.18%
Dogecoin (CRYPTO: DOGE)	$0.1183	-3.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001705	-9.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volumes decreased by 26.1% and daily active addresses dropped by 3.4%. However, exchange netflows rose by 101.2%.
• Coinglass data noted 49,154 traders were liquidated in the past 24 hours for $138.5 million. Short crypto liquidations ($33 million) came in at their lowest since July 7.
• Crypto chart analyst Ali Martinez revealed that 120,000 BTC, worth $7.2 billion, were withdrawn from crypto exchanges in the past two weeks.
• In another post, Martinez stated that Bitcoin miners sold 1,970 BTC in a few days amid Bitcoin rising above $60,000.
• Cryptoquant founder & CEO Ki Young Ju noted that Bitcoin's retail investor demand is at 3-year low.

Notable Developments:

• Hong Kong Pushes For New Stablecoin Legislation
• President Biden’s Odds Of Exiting The Race Surge To 80%: Here’s Who’s Favored Now
• As Stablecoin Inflows Surge To All-Time Highs, Here’s What It Could Mean For Bitcoin And Crypto Market
• Bitcoin Bounce: Germany’s Bitcoin Supply Hits Zero, Markets React
• WazirX Suffers $230M Hack, Suspends Withdrawals Amid Security Breach

Top Losers:

Cryptocurrency	Price	Gains +/–
Worldcoin (CRYPTO: WLD)	$2.66	-13.6%
Mog Coin (CRYPTO: MOG)	$0.000001881	-10%
Render (CRYPTO: RNDR)	$6.37	-9.6%

Trader Notes: CEO/Founder Max of Because Bitcoin sees $62,750 as a “huge level” for Bitcoin and there are three technical factors. He added that if the market can bull chop and hold above then August will be great. However, in the worst case, "BTC can visit the yearly VWAP one more time, but we’d need a quick buyback if we went down there."

Crypto and blockchain investor, Crypto Batsman revealed that the Bitcoin ETF issuers purchased 32,410 BTC, worth $2 billion. He predicts Q3 "shaping up to be very bullish for crypto space" as the Ethereum ETF and Bitcoin conference are happening next week.

On the contrary, Altcoin Sherpa predicts a bearish retest for Bitcoin.

$BTC Bearish retest, see you guys at 40k pic.twitter.com/csLBKgxYIT

— Altcoin Sherpa (@AltcoinSherpa) July 18, 2024

#BTC

Bitcoin rejected from $65000 after upside wicking into it & treating it as resistance

The clustering continues between $60600-$65000 (green)

Matter of time before BTC is ready to reclaim $65000 as support to kickstart a new red cluster$BTC #Crypto #Bitcoin https://t.co/558u2spCWA pic.twitter.com/0K7qtFWxad

— Rekt Capital (@rektcapital) July 18, 2024

• Bitcoin’s Mid-Term Target: 3 Points You Need To Know

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $RNDR $SHIB $SOL