Bitcoin, Ethereum, Dogecoin Welcome The Weekend With 'Golden Cross Formation,' Trader Says 'Cycle Can Trump The 2016-2017 Cycle'

Author: Khyathi Dalal | August 23, 2024 03:35pm

Cryptocurrency markets are trading higher following Federal Reserve Chair Jerome Powell hinting that the time has come for policy to adjust implying a shift towards cutting interest rates.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$63,539.6	+5.3%
Ethereum (CRYPTO: ETH)	$2,735.7	+4.8%
Solana (CRYPTO: SOL)	$149.4	+4.4%
Dogecoin (CRYPTO: DOGE)	$0.1126	+6.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001505	+7%

Notable Statistics:

• IntoTheBlock data shows a 5.1% increase in daily active addresses, while large transaction volume dropped by 1.8%. Currently, 88% of Bitcoin holders are in profit.
• Coinglass data shows that 51,427 traders were liquidated in the past 24 hours for $125.68 million, $27.16 million out of that being long liquidations.
• Glassnode data shows that long-term holders have been locking in a consistent $138M in profit per day.

Amidst tumultuous market conditions as of late, Long-Term Holders have been locking in a reasonably consistent $138M in profit per day. With each transaction, a buyer and a seller are matched, with supply and demand imbalances resolved via price changes.

Therefore, we can infer… pic.twitter.com/tSAXvF9Rc1

— glassnode (@glassnode) August 23, 2024

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Top Gainers:

Cryptocurrency	Price	Gains +/-
Popcat (SOL) (CRYPTO: POPCAT)	$0.7044	+23.8%
Artificial Superintelligence Alliance (CRYPTO: FET)	$1.21	+23.2%
SATS (CRYPTO: 1000SATS)	$0.0003873	+20.5%

Trader Notes: Crypto trader Elja sees a golden cross formation on Bitcoin.

$BTC Golden cross formation 🚀

The last time it happened, #Bitcoin pumped from $59K to $70K in 2 weeks pic.twitter.com/xjhInpl8Fk

— Elja (@Eljaboom) August 23, 2024

CrediBULL Crypto says although Bitcoin is at new local highs, there is not much change in open interest.  While he stated, "all recent shorts now underwater and all recent longs technically in profit," he believes the pressure is on bears to make a stand or they will get squeezed.  

EmperorBTC says that the $60,000 resistance has been tested, broken, tested and retested so many times and the "incoming Breakout to the upside will be unlike" imagined.

He concluded, "If you plan it well, you’ll be dumping on the retail who enters at $100,000."

Crypto chart analyst Ali Martinez believes if Bitcoin can maintain support at $60,365, the next key resistance levels to watch are $64,045 and $66,250.

If #Bitcoin can maintain support at $60,365, the next key resistance levels to watch are $64,045 and $66,250! pic.twitter.com/lgBJa8NrgZ

— Ali (@ali_charts) August 23, 2024

Javon Marks sees that Bitcoin is shattering defense of bears and with dominance sustaining, "Bitcoin’s most bullish phase of this cycle" can be welcomed. He concluded, "This cycle can trump the 2016-2017 cycle in terms of bull intensity…"

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: 

• Erratic Bitcoin, Ethereum Price Action: What Does Technical Analysis Say About This Market?

Image: Shutterstock

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