Bitcoin, Ethereum, Dogecoin Playing Seesaw: 'Read Past Bitcoin Cycles…We're Perfectly On The Path To The Moon,' Trader Says

Author: Khyathi Dalal | August 14, 2024 04:20pm

Cryptocurrency markets are trading lower as the U.S. government moved 10,000 BTC to an unknown wallet and the latest CPI data release.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,039	-3.1%
Ethereum (CRYPTO: ETH)	$2,671	-1.5%
Solana (CRYPTO: SOL)	$144.36	-1.6%
Dogecoin (CRYPTO: DOGE)	$0.1028	-2.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001364	-2.05%

Notable Developments:

• EXCLUSIVE: Bitcoin Down To $59,200, But July CPI Report Is ‘Bullish For Bitcoin,’ Will Stabilize Crypto Market, Experts Tell Benzinga
• Circle CEO Jeremy Allaire: ‘Crypto Has Been A Bipartisan Issue For Quite Some Time’
• Bitcoin Miners Expand Capacity As Network Hashrate Hits New Record Despite Recent Price Drop
• EXCLUSIVE: Chainbase Co-Founder Outlines Transformative Potential Of Web3 And AI For Digital Economies
• Arkham Intelligence data reported 10,000 Silk Road bitcoin, worth $593.5 million, moved to Coinbase Prime.

Notable Statistics:

• IntoTheBlock data shows Bitcoin’s large transaction volume increased by 9.2%, while exchange netflows dropped 102%. Transactions greater than $100,000 increased marginally from 7,557 on Aug. 12 to 7,957 on Aug.13.
• Coinglass data reported 36,241 traders liquidated in the past 24 hours for $122.49 million.
• Glassnode data highlighted that Bitcoin's largest wallets, mostly connected to ETFs, are now returning to accumulation. It added that since Bitcoin's all-time high in March, the market has seen widespread supply distribution across all wallet sizes.
• Bitcoin Archive noted that Morgan Stanley purchased $187 million BTC for its fund through BlackRock's ETF IBIT.

Top Losers:

Cryptocurrency	Price	Gains +/–
Dogwifhat (CRYPTO: WIF)	$1.57	-7.6%
Celestia (CRYPTO: TIA)	$5.82	-7.6%
Sui (CRYPTO: SUI)	$0.88	-6.6%

Trader Notes: Investor and entrepreneur Ted Pillows noted that his timeline has turned bearish, and people are calling for a Bitcoin price of $38,000-$40,000. He drew parallels that Bitcoin has always consolidated below all-time highs for a prolonged period and said, "read past Bitcoin cycles, and you’ll realize that we’re perfectly on the path to the moon."

Daan Crypto Trades sees Bitcoin remaining rangebound and in the middle of nowhere at the moment. He predicted that the biggest cluster is at $70,000.

#Bitcoin It's clear where the liquidity lies on the HTF. Biggest cluster at $70K.

Right now, price is in the middle of nowhere though and it will take a large move towards either side to get to a big liquidity cluster.

For now, we remain rangebound. pic.twitter.com/9iwLWNlXUg

— Daan Crypto Trades (@DaanCrypto) August 14, 2024

Crypto Chase predicts a deviation/sweep of either side and potential reversal play. He had expected that CPI would prompt a move, but nothing happened.

Rekt Capital noted that Bitcoin's local highs are at $61,700 and acting as resistance.

#BTC

Notice how the local highs of ~$61700 (black) are acting as resistance

Interestingly, BTC is consolidating between the late June wedge highs (~$62000 black) which are back to figuring as resistance and the early July wedge highs ($58280) which are now acting as support… https://t.co/tkr08M31wG pic.twitter.com/GwlNRRHYOU

— Rekt Capital (@rektcapital) August 14, 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:

• The Game Theory Behind BlackRock’s Bitcoin Acquisitions: ‘It Is Unstoppable,’ Influencer Claims

Image: Shutterstock

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