Benzinga - by Ivan Crnogatić, Benzinga Editor.
Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance.
Prices as of 4 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $67,230 | +1.3% |
| Ethereum (CRYPTO: ETH) | $3,730 | -0.5% |
| Solana (CRYPTO: SOL) | $166.80 | -1.2% |
| Dogecoin (CRYPTO: DOGE) | $0.159 | -3.5% |
| Shiba Inu (CRYPTO: SHIB) | $0.0000258 | -6.1% |
Notable Statistics:
- Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations.
- Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets.
- Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations.
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Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Notcoin (CRYPTO: NOT) | $0.0012 | +38% |
| Ordi (CRYPTO: ORDI) | $47.95 | +18% |
| Arweave (CRYPTO: AR) | $43.30 | +11% |
Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future:
$BTC vs. $SPXWhile Bitcoin has made a new ATH vs USD this year, it's yet to make a new one vs. the S&P 500.
Looking at this chart, it's clear that there's a high likelihood this ratio enters price discovery in the near future.
That's where the real fun begins. pic.twitter.com/HCvZYJlkTS
— K A L E O (@CryptoKaleo) May 30, 2024
Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip.
compression resolution it was indeedfrom here
– 67.5-68.2k must flip support, lose it again = give proper D1 trend retest 65.0-66.5k
– ~69k must break, = break it, give retest of range high/ATH region
stating the obvious but it never hurts pic.twitter.com/4nluCAMz0s
— Pierre (@pierre_crypt0) May 30, 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.
Photo: Shutterstock
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