Bitcoin, Ethereum, Dogecoin Continue Chaotic Ups And Downs, Trader Hopes It's The 'Final Weeks Of Pain'

Author: Khyathi Dalal | August 15, 2024 04:06pm

Cryptocurrency markets are down, causing long liquidations to spike to highest in around two weeks.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$56,980	-3.4%
Ethereum (CRYPTO: ETH)	$2,536	-4.9%
Solana (CRYPTO: SOL)	$139.1	-3.7%
Dogecoin (CRYPTO: DOGE)	$0.09905	-3.3%
Shiba Inu (CRYPTO: SHIB)	$0.00001321	-3.1%

Notable Developments:

• Blockchain Unicorn 5ire Launches Mainnet Following 1M Monthly Testnet Transactions
• Bitcoin Miners’ Profits Dipped In July Compared To June: Jeffries
• MSTX Becomes First Single-Stock Leveraged ETF For MicroStrategy Stock, Offers 175% Exposure
• Bettors Dismiss Recession Fears: Polymarket Shows Only 7% Chance Of US Downturn In 2024
• Crypto Heists Surge 84% In 2024 With Over $1.58B Stolen, Says Report

Notable Statistics:

• IntoTheBlock data shows Bitcoin's large transaction volume increased by 3.2%, while daily active addresses dropped by 4.9%. However, exchange netflows surged by 355.8%. With price fluctuations, Bitcoin's current holders in profit declined to 75% from around 82% earlier.
• Coinglass data noted 52,424 traders were liquidated in the past 24 hours, with the total liquidations at $176 million. Long crypto liquidations ($137.4 million) and Bitcoin long liquidations came in at their highest since Aug.5.
• Crypto chart analyst Ali Martinez highlighted that 69% of the top traders in Binance have taken a long position on Bitcoin.
• In another tweet, he noted capital inflows for Bitcoin and Ethereum dropped from $20 billion to $14 billion in the past two weeks. However, stablecoin inflows grew from $2 billion to $4 billion.

Top Losers:

Cryptocurrency	Price	Gains +/–
Starknet (CRYPTO: STRK)	$0.36	-10.3%
Sats (CRYPTO: 1000SATS)	$0.0002885	-8.3%
Brett (Based) (CRYPTO: BRETT)	$0.0826	-8%

Trader Notes: Michaёl van de Poppe noted in his latest tweet that Bitcoin is witnessing its final weeks of pain, as BTC valuations are "slowly grinding upwards already." He predicts that from September onwards is the best period of the cycle for Bitcoin and crypto.

More Crypto Online tweeted that Bitcoin will likely touch $56,280 after it invalidated "its 1-2 pattern in the C-wave to the upside." After the price drops below $56,280, the next support level is at $54,600, which is not strong support.

The post stated, "If $54,600 breaks, I anticipate a move down to the mid $40,000 region." However, he also adds $51,900 as one more support level.

The tweet also noted the price movements in the past few days have moved up and down in chaotic ways without being able to successfully break out to the upside.

Another crypto trader CrypNuevo sees some liquidity present below the current lows of this Bitcoin low-timeframe range as shown in the liquidations heatmap. He predicts to clear out this liquidity by "Monday max."

$BTC update:

Some liquidity present below current lows of this LTF range as shown in the liquidations heatmap.

Yellow circles to mark drops ocurring at the 4h50EMA. It's a case whether we drop from here or from the LP above.

We'd ideally clear out this liquidity by Monday max. pic.twitter.com/EE3XpC7qnK

— CrypNuevo 🔨 (@CrypNuevo) August 15, 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’s Last Downturn Put Sentiment On ‘Suicide Watch,’ But Experts See A Silver Lining

Image: Shutterstock

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