Bitcoin, Ethereum, Dogecoin Labor Sideways: Trader Eyes $64K As Support If BTC Dumps

Author: Khyathi Dalal | July 31, 2024 04:03pm

Cryptocurrency markets are trading sideways in the wake of the Fed leaving interest rates unchanged.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$65,516	-0.7%
Ethereum (CRYPTO: ETH)	$3,265.9	-0.3%
Solana (CRYPTO: SOL)	$177.13	-0.2%
Dogecoin (CRYPTO: DOGE)	$0.1236	-1.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001612	-0.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increased by 5.5% and daily active addresses dropped by 14.4%. Notably, 90% of Bitcoin holders are currently in profit, while 5% are at breakeven.
• Coinglass data noted 36,519 traders were liquidated in the past 24 hours, with total liquidations coming in at $101.2 million.
• Crypto chart analyst Ali Martinez noted Ethereum whales accumulated more than 126,000 ETH, worth $440 million, in the past 48 hours.
• Whale Alert data revealed 9,999 BTC, worth $665 million, was transferred from an unknown wallet to another unknown wallet.

Notable Developments:

• Trump Launches Limited Edition Bitcoin-Themed Sneakers Following Bitcoin 2024 Keynote: Report
• Bahamas Introduces New Crypto Regulation With DARE Act 2024
• SEC Charges BitClout Founder With $257M Crypto Fraud Scheme
• Tether Reports Record $5.2B Profit In Q2
• Trump Raises $25M At Bitcoin Conference In Nashville, Second Highest Fundraiser Across Campaigns

Top Gainers:

Cryptocurrency	Price	Gains +/–
Beam (CRYPTO: BEAM)	$0.01876	+7%
Mog Coin (CRYPTO: MOG)	$0.052055	+5.9%
Kaspa (CRYPTO: KAS)	$0.2056	+5%

Trader Notes: Mister Crypto cautions that if Bitcoin dumps further from here, the support level is $64,000.

If #Bitcoin would dump further here…

I would have a look at this support at $64,000. pic.twitter.com/oUNnfoZmIA

— Mister Crypto (@misterrcrypto) July 31, 2024

Galaxy’s Head Of Research Alex Thorn sees Bitcoin in accumulation mode. Around 600,000 BTC changed hands between $66,200 and $66,900, the largest price band of on-chain movement since $0-736. This marks 3% of Bitcoin's circulating supply.

Santiment data sees market commentary leaning positively towards Bitcoin this week. It is the highest level of bullish commentary from the crypto crowd since the week of May 15. This implies that BTC at $70,000 is imminent.

Meanwhile, Daan Crypto Trades highlighted Bitcoin's open interest being built up into the rate decision and FOMC. However, he stated that the usual positions on both sides would stack betting on a big move on either side, which is not the case currently.

He concludes that the current situation makes the odds higher for further moves to stick and nor be "another fake-out to squeeze out positions."

CryptoCon predicted that it is time for the big flip and Bitcoin bull run.

The #Bitcoin bull market starts where the Gold bear market begins.

It's been 208 weeks since the last Gold bear market pinnacle, others have been triggered at 196 and 213 weeks…

Not much longer now for the big flip and Bitcoin bull run pic.twitter.com/RipcYut8da

— CryptoCon (@CryptoCon_) July 31, 2024

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:

• Bitcoin Stuck In Another Sideways Range: Where Do We Go From Here?

Image: Shutterstock

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