Bitcoin, Ethereum, Dogecoin Have A Slow Start To The Week: 'Would Be Good To See Minor Red,' Trader Posits

Author: Khyathi Dalal | August 26, 2024 04:48pm

Cryptocurrency markets are trading lower as crypto liquidations dropped to their lowest since June 29.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$63,454.33	-1.2%
Ethereum (CRYPTO: ETH)	$2,688.82	-2.8%
Solana (CRYPTO: SOL)	$158.25	-0.5%
Dogecoin (CRYPTO: DOGE)	$0.1054	-4.01%
Shiba Inu (CRYPTO: SHIB)	$0.00001448	-4.05%

Notable Statistics:

• IntoTheBlock data shows an 11.5% decrease in large transaction volume, while daily active addresses dropped by 12%. Currently, 88% of Bitcoin holders are in profit and 6% are at breakeven.
• Coinglass data shows 58,683 traders liquidated in the past 24 hours for $123.88 million. Crypto short liquidations ($15.21 million) and Bitcoin short liquidations ($3.24 million) dropped to the lowest levels since June 29.

Notable Developments:

• Telegram Founder Pavel Durov Unlikely To Be Released In August, Crypto Bettors Predict
• Veteran Analyst Benjamin Cowen Predicts Bitcoin To Rise But Altcoins To Outperform Bitcoin In 2025
• Korea Blockchain Week 2024 Bolsters Its Flagship IMPACT Conference With the Inaugural Institutional Stage
• French President Macron Denies Political Motivation In Telegram Founder’s Arrest
• From Shiba To Dogecoin, Here Are The Best-Performing Canine Memecoins Of 2024 Fetching Great Returns On International Dog Day

Top Losers

Cryptocurrency	Price	Gains +/-
DOGS (CRYPTO: DOGS)	$0.001245	-22%
Toncoin (CRYPTO: TON)	$5.36	-9.5%
Worldcoin (CRYPTO: WLD)	$1.67	-9.3%

Trader Notes: Crypto trader Jelle predicts Bitcoin to see some minor red today/tomorrow before a "push higher."

#Bitcoin spent the weekend chopping around $64,000 – closing every day in the green.

Would be good to see some minor red today/tomorrow into $62.7 – and then to resume this push higher.

Let's see 👀 pic.twitter.com/AIpCZRPfiN

— Jelle (@CryptoJelleNL) August 26, 2024

#Bitcoin seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com/4hROkZxQNp

— Ali (@ali_charts) August 26, 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: 

• Veteran Analyst Benjamin Cowen Predicts Bitcoin To Rise But Altcoins To Outperform Bitcoin In 2025

Image: Shutterstock

Posted In: $BTC $DOGE $DOGS $ETH $SHIB $SOL $TON