Bitcoin, Ethereum, Dogecoin Open The Week Relatively Flat: 'Same Price As At The End Of February,' Trader Remarks

Author: Khyathi Dalal | August 12, 2024 04:14pm

Cryptocurrency markets are trading relatively flat as markets await the interview between Elon Musk and Donald Trump.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,067	-1.15%
Ethereum (CRYPTO: ETH)	$2,649	+1.9%
Solana (CRYPTO: SOL)	$143.6	-1.7%
Dogecoin (CRYPTO: DOGE)	$0.1052	+1.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001366	+0.4%

Notable Developments:

• Massive $650M Crypto Fraud Scheme Uncovered, SEC Files Charges
• A Donald Trump Win Could Be Seen As Bullish, Harris Victory As Bearish For Crypto: Bernstein
• Nicolas Maduro’s Venezuela Blocks Access To Binance, Crypto Exchange Says Funds Are Safe
• Kamala Harris Edges Out Donald Trump In Crypto Betting Odds For The First Time, Wagers Rise From 6% To 52% In Less Than A Month
• Bitcoin Archive noted that Bitcoin miner Marathon Digital will raise $250 million for buying more Bitcoin.

Notable Statistics:

• IntoTheBlock data shows large transaction volume increased by 10%, while daily active addresses grew by 3.2%. Exchanges netflows widened by 80.2%, taking around 82% Bitcoin holders to profit levels.   
• Coinglass data noted 75,577 traders were liquidated in the past 24 hours for $220.44 million.
• Cryptoquant reported that miner reserves dropped below levels not seen since Bitcoin's early 2021 all-time high.
• Crypto trader Marty Party tweeted that Bitcoin reserves on centralized exchanges are at levels not seen since November 2018.

Top Gainers:

Cryptocurrency	Price	Gains +/–
SATS (CRYPTO: 1000SATS)	$0.0003154	+23.9%
Sui (CRYPTO: SUI)	$1.01	+12.7%
Helium (CRYPTO: HNT)	$6.6	+12.3%

Trader Notes: More Crypto Online in their recent tweet stated that Bitcoin’s price will have to reverse to the upside the keep the "white micro structure alive."The next relevant support levels are at $56,287 and then $54,600.  

Crypto trader Income Sharks believes that those who invested in spot are doing great, while others who are impatient will be out of money when BTC goes higher.

#Bitcoin – Same price that it was at the end of February. Still in a range, still chopping. Those that have been spot and chilling are doing great. Those trading this with leverage or being impatient will be out of money by the time it goes higher. pic.twitter.com/HVgYLObl5J

— IncomeSharks (@IncomeSharks) August 12, 2024

Crypto trader Blockchainedbb predicts that Bitcoin will go to $63,000 if $55,000 holds.

The likelihood of Aug pumping more is extremely high. If geopolitical tensions grow and we lose 55K, we must consider the case broken and contemplate option B, which is shorting early.

As of today, $BTC is maintaining the bullish structure that it developed earlier this… https://t.co/z6MPUeNCA6 pic.twitter.com/rMLt6ZCTzb

— Blockchainedbb (@blockchainedbb) August 12, 2024

Stockmoney Lizards in the latest X post has a conservative cycle top estimate of $200,000 – $250,000.

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 Will Outperform Gold, Ethereum And Even Nvidia, Trader Claims

Image: Shutterstock

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