Bitcoin, Dogecoin Dip, Ethereum Outperforms As ETH ETFs Capture 20% of BTC ETF Inflows: 'Was This An Unexpected Pullback?,' Trader Wonders

Author: Khyathi Dalal | July 23, 2024 04:22pm

Cryptocurrency markets are down, with Ethereum as the notable example on the launch day of Ethereum ETFs.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$65,612	-3.8%
Ethereum (CRYPTO: ETH)	$3,463	-1%
Solana (CRYPTO: SOL)	$172.23	-5.8%
Dogecoin (CRYPTO: DOGE)	$0.314	-8%
Shiba Inu (CRYPTO: SHIB)	$0.00001711	-4.3%

Notable Statistics:

• IntoTheBlock data shows large transaction volume up by 75% and daily active addresses up by 24.4%. Transactions greater than $100,000 also spiked from 5,287 to 8,307.
• Coinglass data shows total crypto long liquidations at $131.88 million, the highest since July 8. In the past 24 hours, 71,840 traders were liquidated. Bitcoin's short liquidations ($8.2 million) came in at their lowest since July 7.
• Bloomberg analyst Eric Balchunas noted Ethereum ETFs hitting $600 million after half of the trading day, around 20% of the $4.6 billion Bitcoin ETFs did on day one.

Notable Developments:

• Donald Trump To Announce A Strategic Bitcoin Reserve? Crypto Bettors Think It’s Unlikely But Possible
• EXCLUSIVE: How AI Can Unlock The True Potential Of Web3
• Bitwise To Donate 10% Of Ethereum ETF Profits To Open-Source Developers
• Winklevoss-Backed Real Bedford Soccer Club Embraces Michael Saylor Bitcoin Philosophy, Accumulates 82.7 BTC

Top Losers:

Cryptocurrency	Price	Gains +/–
Celestia (CRYPTO: TIA)	$6.51	-13.5%
Dogwifhat (CRYPTO: WIF)	$2.55	-10.8%
Popcat (CRYPTO: POPCAT)	$0.8166	-10%

Trader Notes:  Crypto chart analyst Ali Martinez predicted that Bitcoin needs to hold the support level of $66,000.

On the lower time frames, #Bitcoin is showing signs of a double bottom pattern with bullish RSI divergence. If confirmed, $BTC could rebound to $67,600.

However, the $66,000 support level needs to hold! pic.twitter.com/NBr7xbsyMZ

— Ali (@ali_charts) July 23, 2024

Crypto analyst Caleb Franzen highlighted that Bitcoin is back in the same effective support zone. He continues, "$BTC has continued to make higher highs and higher lows from a short-term perspective during this recent price action."

Rekt Capital commented on Bitcoin's pullback, saying the crypto king needs to continue holding above $65,000 or at the very least, hold $65,000 as support on any unexpected pullback.

#BTC

Was this an unexpected pullback?

"Bitcoin needs to continue holding above $65000 or at the very least, hold $65000 as support on any unexpected pullback"$BTC #Crypto #Bitcoin https://t.co/KSHaRiex08 pic.twitter.com/sDHUAdOAcZ

— Rekt Capital (@rektcapital) July 23, 2024

Heavily followed crypto trader Marco Polo believes Bitcoin always gives a second chance.

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:

• Shorting BTC Before Trump’s Bitcoin Conference Speech Is A Dangerous Game: 10x Research

Image: Shutterstock

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