Bitcoin, Ethereum, Dogecoin Resume Uptrend: 'BTC Needs To Stay Above $55,850 For The Rest Of The Week,' Trader Says

Author: Khyathi Dalal | September 09, 2024 04:00pm

Cryptocurrency markets are trading higher despite digital asset investment products experiencing significant outflows last week.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$56,982.53	+4.8%
Ethereum (CRYPTO: ETH)	$2,350.11	+3.4%
Solana (CRYPTO: SOL)	$134.32	+4.2%
Dogecoin (CRYPTO: DOGE)	$0.1036	+8.6%
Shiba Inu (CRYPTO: SHIB)	$0.00001362	+5%

Notable Statistics:

• IntoTheBlock data shows a 19.4% increase in Bitcoin's large transaction volume and a 4.5% drop in daily active addresses. Exchanges netflows narrowed by 104.3%.
• Coinglass data shows 36,354 traders liquidated in the past 24 hours for $137.42 million.

Notable Developments:

• Ether.fi Launches Blockchain Credit Card Offering 3% Cash-Back And Crypto Collateral Through Scroll Partnership
• Bitcoin, Ethereum Need New Catalyst For ‘Enhanced Retail Engagement,’ JPMorgan Says
• Trump’s Upcoming Crypto Project A Potential Problem In Making? DeFi, Stablecoin Promotion Raises Conflict Of Interest Worries
• MicroStrategy’s Bitcoin Strategy Has Outperformed Every S&P 500 Company And Even Nvidia Since 2020, Says Michael Saylor

Top Gainers:

Cryptocurrency	Price	Gains +/-
Popcat (CRYPTO: POPCAT)	$0.6242	+21.2%
Bittensor (CRYPTO: TAO)	$281.36	+15.9%
Fantom (CRYPTO: FTM)	$0.4694	+15.5%

Trader Notes: Crypto trader Jelle predicts Bitcoin reclaiming $60,000 from here and expects the "Q4 seasonality theme really enters the stage."

#Bitcoin tagged the channel lows, and bounced.

Reclaim $60,000 from here and the Q4 seasonality theme really enters the stage

Let's see 👀 https://t.co/FoNFUCLDjg pic.twitter.com/9GOm4NKLIc

— Jelle (@CryptoJelleNL) September 9, 2024

On the other hand, Rekt Capital predicts Bitcoin to stay above $55,850 for the rest of the week.

CryptoCon voices a similar opinion, stating that Bitcoin is "completing every major support retest in the book," which is similar to September 2023 just before the explosion upwards.

The trader concluded, "Just in time for recession predictions to spark back up. The same thing that happened in September 2023, and at the cycle bottom in November 2022."

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: 

• This Bitcoin Week Is ‘Incredibly Important To Watch,’ Analyst Says: Why A 2019 Déja-Vu May Be On The Cards

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