Bitcoin, Ethereum, Dogecoin Struggle To Push Higher: 'The Same Channel We've Spent The Past 6 Months Inside'

Author: Khyathi Dalal | August 29, 2024 04:02pm

Cryptocurrency markets are up after Ark Invest sold $100 million in BTC on Wednesday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,389.90	+0.15%
Ethereum (CRYPTO: ETH)	$2,527.79	+0.5%
Solana (CRYPTO: SOL)	$140.31	-3%
Dogecoin (CRYPTO: DOGE)	$0.0991	-0.6%
Shiba Inu (CRYPTO: SHIB)	$0.00001399	+0.5%

Notable Statistics:

• IntoTheBlock data shows a 12.3% drop in Bitcoin's large transaction volume and a 6.6% increase in daily active addresses. Currently, 80% Bitcoin holders are in profit.
• Coinglass data shows 37,247 traders liquidated in the past 24 hours for $98.61 million.

Notable Developments:

• Donald Trump’s Fourth NFT Collection Has Generated Over $2M In Sales In Just 1 Day
• Crypto Firm Haru Invest’s CEO Stabbed In Seoul During Fraud Trial, Taken To Hospital
• Bitcoin, Ethereum Have Left FTX Collapse Behind, But MicroStrategy Has Outperformed: Report
• Robinhood Adds Solana To Web3 Wallet, Expands Crypto Offerings
• Here’s Why Bitcoin, Ethereum, Solana Are So Boring Now Compared To 2021

Top Gainers:

Cryptocurrency	Price	Gains +/-
Flare (CRYPTO: FLR)	$0.01622	+6.2%
SATS (CRYPTO: 1000SATS)	$0.0003085	+3.5%
Monero (CRYPTO: XMR)	$162.77	+2.9%

Trader Notes: Crypto trader Jelle pointed out the obvious—Bitcoin has been trading in a channel for six months.

#Bitcoin still trades in the same channel that we've spent the past 6 months inside of.

Battling for the midlevel now.

Get back above, and a push to the highs makes sense.

Let's see 👀 pic.twitter.com/Vb9uk2sjvy

— Jelle (@CryptoJelleNL) August 29, 2024

Rekt Capital noted that Bitcoin has filled all CME gaps created over the past six months and is currently on course to do the same with the current CME Gap between $60,500 and $61,500.

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 Whale Wallets Shuffle Their Coins: Is This Cause For Concern?

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