Bitcoin, Ethereum, Dogecoin Feel The Pressure: $60.5K-$62K Is A 'Must-Hold,' But The End Of 'Mini-Correction' Is Drawing Near, Trader Says

Author: Khyathi Dalal | July 25, 2024 04:09pm

Cryptocurrency markets are sliding, with Ethereum down 7% on the third day of spot Ethereum ETF trading.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$64,713	-1.5%
Ethereum (CRYPTO: ETH)	$3,114.27	-3.5%
Solana (CRYPTO: SOL)	$167.81	-5.9%
Dogecoin (CRYPTO: DOGE)	$0.1222	-5.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001604	-6%

Notable Statistics:

• IntoTheBlock data shows large transaction volume dropiping by 24.4%, while daily active addresses increased by 4.2%. However, exchange netflows plunged 826.3%.
• Coinglass data shows long liquidations at $253.1 million, the highest since July 6. Bitcoin long liquidations ($70 million) peaked at their highest since July 8.
• Whale Alert data flagged a dormant address containing 750 BTC, worth $48 million, being activated after 11.2 years.
• Bloomberg analyst Eric Balchunas reported that the Jersey City Mayor is announcing that its pension is allocating Bitcoin ETFs.

Notable Developments:

• Bitcoin Could Reach $2.9M By 2050, Says VanEck: Here’s What Would Need To Happen
• Core Foundation’s New Dual Staking Model Launched To Boost Bitcoin Yields
• Marathon Digital Buys Bitcoin, Adopts ‘Full HODL’ Strategy: What’s Going On With The Mining Stock?
• Tyler Winklevoss: Kamala Harris Snubbing Bitcoin Conference Won’t Be Forgotten, Industry ‘Will Show No Mercy’ In November

Top Losers:

Cryptocurrency	Price	Gains +/–
Celestia (CRYPTO: TIA)	$5.5	-12.8%
Fanthom (CRYPTO: FTM)	$0.4221	-11%
Ronin (CRYPTO: RON)	$1.95	-10%

Trader Notes: Crypto trader Michaël van de Poppe noted that the markets are at the "close to the end of this mini-correction."

#Bitcoin is approaching the must-hold area around $60.5-62K.

I think we're close to the end of this mini-correction. pic.twitter.com/GwG5ehgpK1

— Michaël van de Poppe (@CryptoMichNL) July 25, 2024

Rekt Capital sees Bitcoin is in the process of retesting the $65,000 level in a volatile manner. He concluded that to make Bitcoin's retest successful, Bitcoin will have to see a daily close above $65,000 and keep the price in the $65,000-$71,500 region.

Crypto trader Emperor stated he is not interested in bidding altcoins until Bitcoin is showing strength. However, he concluded that any strength without a strong a catalyst will most probably be a "lag."

BITCOIN PRICE UPDATE

1. Almost at our level of support at $63,300. Still looks heavy and LTF longs are alright but we rejected from Range POC at $67,000 and heading lower.

2. I will consider longing on LTF sweeps of our level. Next area of interest is from $62,000-$60,000… pic.twitter.com/ix2kH9yfGK

— Emperor👑 (@EmperorBTC) July 25, 2024

Investor and entrepreneur Ted sees Bitcoin reflecting "incredible strength" and $180,000 is still the "cycle peak target for BTC." He marks, that Mt. Gox distribution is happening, and the U.S. stock market is dumping as some factors. He predicts that once the Fed rate cut is implemented in September, Bitcoin and crypto rallies will resume.

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:

• Could A Bitcoin Treasury Fix The US National Debt? One Trader Details How ‘Bitcoin Fixes This’

Image: Shutterstock

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