Bitcoin, Ethereum, Dogecoin Slide Further: 'I Wonder If Someone Knows Something,' Trader Wonders

Author: Khyathi Dalal | August 27, 2024 04:06pm

Cryptocurrency markets are trading lower as markets await economic data releases and Nvidia earnings later this week.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$62,095.80	-2.3%
Ethereum (CRYPTO: BTC)	$2,589.24	-3.9%
Solana (CRYPTO: SOL)	$154.87	-2.2%
Dogecoin (CRYPTO: DOGE)	$0.1045	-0.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001447	-0.2%

Notable Statistics:

• Bitcoin's large transaction volume surged 54.8%, together with a 23.6% increase in daily active addresses, according to IntoTheBlock data. Currently, 87% of Bitcoin holders are in profit as large transactions spiked from 5,665 to 7,926 in a single day.
• Coinglass data shows 47,360 traders liquidated in the past 24 hours for $120.6 million.
• Crypto chart analyst Ali Martinez notes Binance top traders buying the Bitcoin dip. He stated, "almost 65.22% of them are going long on Bitcoin."

Notable Developments:

• Donald Trump Unveils New NFT Collection Featuring Debate Memorabilia And Exclusive Perks
• After Binance And Coinbase, Gary Gensler-Led SEC Set To Lock Horns With Crypto Exchange Kraken
• Nasdaq Seeks SEC Approval For Bitcoin Index Options, Following NYSE’s Lead
• Crypto Trader Turns $5,000 Into Millions, Shares Key Insights From His Journey: ‘Looking In Hindsight Isn’t Going To Improve You’

Top Gainers:

Cryptocurrency	Price	Gains +/-1
Helium (CRYPTO: HNT)	$7.13	+8.2%
Floki (CRYPTO: FLOKI)	$0.0001577	+5.9%
Notcoin (CRYPTO: NOT)	$0.009033	+4.2%

Trader Notes: Crypto Con stated that Bitcoin 2024 is the same as 2023 with a one-month lag. The trader predicted, "another local high lining up with 2023…waiting on next local low." He predicts a September recovery.   

Crypto chart analyst Ali Martinez predicted that if Bitcoin can close above $65,440, the next local top will be around $86,910.

If #Bitcoin can close above $65,440, the next local top will be around $86,910! pic.twitter.com/w2DXFHuZEt

— Ali (@ali_charts) August 27, 2024

Crypto trader Jelle believes there will be a dip early next week, which could be a good opportunity. The trader added, "Hold current prices and a push towards $70,000 wouldn’t surprise me."

More Crypto Online noted Bitcoin "breaking wave 4 support today, casting doubt on its ability to complete a third wave." The prediction of $66,800 points to a tentatively bullish primary outlook. Also, for this bullish outlook to hold, wave B of wave 3 needs to stay above $57,990.

Altcoin Sherpa is curious to know if someone knows something, as there is controlled selling in last few days.

$BTC is at a critical spot, 4h 200 ema + range high. Bizarre controlled selling so far the last few days….wonder if someone knows something pic.twitter.com/67hi32qjVm

— Altcoin Sherpa (@AltcoinSherpa) August 27, 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 2 Technical Analysis Scenarios For Bitcoin (And Why Ethereum Just Can’t Catch A Break)

Image: Shutterstock

Posted In: $BTC $DOGE $FLOKI $HNT $SHIB $SOL