Bitcoin, Ethereum, Dogecoin Continue The 'Infinite Chop,' But: 'These Prices Won't Last Forever,' Trader States

Author: Khyathi Dalal | August 22, 2024 03:30pm

Cryptocurrency markets are slightly down as markets anticipate Jerome Powell’s Friday guidance on potential September rate cuts.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$60,350	-1.2%
Ethereum (CRYPTO: ETH)	$2,609	-1.4%
Solana (CRYPTO: SOL)	$143	-0.0%
Dogecoin (CRYPTO: DOGE)	$0.1052	-0.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001405	+0.5%

Notable Statistics: 

• IntoTheBlock data shows an 5.5% decrease in large transaction volumes and a 1.91% increase in daily active addressees.
• Coinglass data noted 31,362 traders were liquidated in the past 24 hours for $95.1 million, with $59 million being liquidated long positions.

Notable Developments: 

• Donald Trump Launches Crypto Platform ‘The DeFiant Ones’ To Challenge Traditional Banking Systems
• If Jerome Powell Signals Rate Cuts On Friday, What Does That Mean For Crypto?
• Will RFK Jr. Endorse Donald Trump On Friday? 86% Chance, Crypto Bettors Say, But Landing A Cabinet Position Looks Less Likely
• Bitcoin Is Transformative Technology Because It Is Closing ‘The Gap Between Fast Transactions And Slow Settlements,’ Analyst Highlights
• MicroStrategy’s Bitcoin ‘Strategy Playbook’ Explained: Will Others Follow This ‘Radical Step’?

Top Gainers:

Cryptocurrency	Price	Gains +/-
Immutable X (CRYPTO: IMX)	$1.32	+9.8%
Render (CRYPTO: RNDR)	$4.97	+6.5%
Floki (CRYPTO: FLOKI)	$0.0001357	+6.4%

Trader Notes: Crypto trader Jelle remains adamant that Bitcoin is in an accumulation zone, saying “these prices won’t last forever.”

A ChimpZoo poll among his followers shows that over 40% expect “infinite chop,” meaning sideways price action, in the short term, with roughly 20% expecting a breakout or a breakdown, respectively. The remaining 20% voted just to see the results.

Crypto trader Scient noted Bitcoin is getting rejected from the fourth supply zone at $61,500 – $62,000. The trader is more bullish than bearish and plans to take a long position if we get a strong close above $62,000.

More Crypto Online noted that Bitcoin has yet another day of sideways trading, as it fails to break through recent highs. It marked the range boundaries are approximately $56,290 to $61,900.

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: 

• What A Potential Gensler Appointment As Treasury Secretary Could Mean For Crypto Prices

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $FLOKI $IMX $RNDR $SHIB $SOL