Bitcoin, Ethereum, Dogecoin Recover: '$60K Would Start Looking Interesting,' Says Veteran Trader

Author: Khyathi Dalal | August 06, 2024 04:50pm

Cryptocurrency markets are trading higher after Monday’s strong correction.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$56,848	+5.1%
Ethereum (CRYPTO: ETH)	$2,504	+2.9%
Solana (CRYPTO: SOL)	$145.7	+12%
Dogecoin (CRYPTO: DOGE)	$0.9684	+1.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001358	+2.7%

Notable Developments

• Robinhood Q2 Earnings Preview: 24-Hour Trading, Crypto, Funded Accounts In Focus; Analyst Sees ‘Favorable’ Environment
• Anthony Scaramucci Warns Crypto Investors: ‘Be Very Worried’ About Courts, Fed Under Trump
• Bitcoin, Ethereum ETFs See Mixed Flows As Donald Trump Doubles Down On Crypto
• Nayib Bukele-Led El Salvador Sticks To ‘Buying One Bitcoin A Day’ Plan Amid Raging Market Sell-Offs
• Tim Walz Joins Kamala Harris On Democratic Ticket: 5 Things To Know About Minnesota Governor, VP Pick

Notable Statistics:

• IntoTheBlock data shows a 23.8% increase in large transaction volume. Daily active addresses were down 3.5%. Eexchange netflows widened by 149.2%.
• Coinglass data shows 61,333 traders liquidated in the past 24 hours for $211.29 million, the lowest since July 25.
• Crypto chart analyst Ali Martinez noted Bitcoin whales in the past 48 hours purchased more than 30,000 BTC, worth $1.6 billion.  
• Watcher Guru revealed that BlackRock, Fidelity, Grayscale and MicroStrategy did not offload Bitcoin despite the market crash.
• IntoTheBlock data shows wallets holding between 1,000 and 10,000 BTC increased their holdings.

See Also: Don't miss out on the next Nvidia – you can invest in the future of AI for only $10.

Top Gainers:

Cryptocurrency	Price	Gains +/–
cat in a dogs world (CRYPTO: MEW)	$0.005707	+38.4%
Notcoin (CRYPTO: NOT)	$0.0123	+28.6%
Aioz Network (CRYPTO: AIOZ)	$0.5069	+25%

Trader Notes: Crypto trader DonAlt said a move above $60,000 will look interesting mainly due to markets witnessing a proper washout this time.

$BTC

Low timeframe levels
>$60k would start looking interesting especially given we actually had a proper washout this time
Something we were lacking last time pic.twitter.com/4UMr8LLqE3

— DonAlt (@CryptoDonAlt) August 6, 2024

Another crypto trader highlighted that whales are waiting around $40,000-$44,000 with orders. He added, "you can call it a bear market and be bearish and short after September."

Titan of Crypto states that the Bitcoin bull market is still on and the only metric to monitor is the 38.2% Fibonacci retracement level. He concluded, "As long as the price closes above it, the bull market is still on."

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 Says Government Shouldn’t Be Selling Bitcoin: ‘Crypto Is Like AI, If We Don’t Build It, China Will’

Image: Shutterstock

Posted In: $AIOZ $BTC $DOGE $ETH $MEW $SHIB $SOL