Bitcoin, Ethereum, Dogecoin Witness 'Friday Bitcoin Blues' — Trader Says 'This Short-Term Mess Will Be Over Soon'

Author: Khyathi Dalal | September 06, 2024 04:47pm

Cryptocurrency markets are trading lower as Bitcoin and Ethereum ETFs continue to witness significant outflows.

In his latest live session on X, Fred Krueger titled his discussion "The thrill is gone. Friday Bitcoin Blues" as Bitcoin retreated below the $53,000 mark.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$53,604.97	-4.6%
Ethereum (CRYPTO: ETH)	$2,222.84	-6.2%
Solana (CRYPTO: SOL)	$125.02	-2.9%
Dogecoin (CRYPTO: DOGE)	$0.09088	-6.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001269	-3.4%

Notable Statistics:

• IntoTheBlock data shows a 10.5% drop in large transaction volume and transactions greater than $100,000 narrowed from 8,371 to 7,820. Daily active addresses increased by 3.3%. Exchanges netflows dropped by 60.5%.
• Coinglass data noted 60,197 traders were liquidated in the past 24 hours as the total liquidations stood at $196.67 million. The crypto and Bitcoin long liquidations stood at $147 million and $63.6 million, the highest since Aug. 27.  
• Crypto chart analyst Ali Martinez noted the accumulation trend score is almost zero implying market participants are either distributing or not accumulating Bitcoin at the moment.

Notable Developments:

• What If, In 2051, Taxes And Wages Are Paid In Bitcoin And Inflation Is At Zero? This Trader Shares His Vision
• VanEck Done With Ethereum Strategy ETF, Blames ‘Operational Considerations’
• Coinbase Upgraded As Both Presidential Candidates Show Crypto Support; Analyst Sees Resilience Amid Regulatory Changes
• Ripple Co-Founder Backs Kamala Harris While Crypto Regulatory Debates Continue
• Ethereum Co-Founder Vitalik Buterin To Donate All Crypto Proceeds, Ends New Token Investments
• Crypto Set To Dominate AI Payments, Bernstein Says

Top Losers:

Cryptocurrency	Price	Gains +/-
Dogecoin (CRYPTO: DOGE)	$0.09088	-6.7%
Ethereum (CRYPTO: ETH)	$2,221.60	-6.1%
Lido DAO (CRYPTO: DAO)	$0.9061	-6%

Trader Notes: IntoTheBlock tweeted that Bitcoin holders who purchased between $47,000-$64,000 are feeling the squeeze, with only 27.6% of them currently in profit. The data pointed out that these investors are short-term holders, and this could increase selling pressure if the market experiences further declines.

CryptoCon noted that for six months the market is waiting for new Bitcoin highs but there is just sideways and decline movement. However, in 2019 the wait was almost three times longer. He concluded that this “short-term mess will be over soon.”

We've been waiting almost 6 months for new #Bitcoin highs, but all we've seen is sideways and decline.

There was a time when you would have had to wait even longer….. 3X longer.

2019.

2024 shares many similarities with that price structure, and it all leads to point 8 which… pic.twitter.com/BH4psaSVfM

— CryptoCon (@CryptoCon_) September 6, 2024

IncomeSharks noticed the Bitcoin chart is still showing local top signals.

#Bitcoin – The local top signals are always there. But when the candles are green and everyone is calling for $100k you can get blinded. https://t.co/i9KWikGFNb pic.twitter.com/NrJVV4RPuz

— IncomeSharks (@IncomeSharks) September 6, 2024

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 If, In 2051, Taxes And Wages Are Paid In Bitcoin And Inflation Is At Zero? This Trader Shares His Vision

Photo: Shutterstock

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