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Bitcoin, Ethereum, Dogecoin Drop Further: 'Chop For Rest Of The Summer…Beggars Can't Be Choosers,' Says Trader

Published 14/06/2024, 22:11
© Reuters.  Bitcoin, Ethereum, Dogecoin Drop Further: \'Chop For Rest Of The Summer…Beggars Can\'t Be Choosers,\' Says Trader
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Cryptocurrency markets are trading in the red, with Bitcoin touching the sensitive $65,000 level and mixed opinions about future price trajectory.

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $65,615.96 -1.7%
Ethereum (CRYPTO: ETH) $3,411.62 -2.4%
Solana (CRYPTO: SOL) $142.05 -4%
Dogecoin (CRYPTO: DOGE) $0.1339 -5.7%
Shiba Inu (CRYPTO: SHIB) $0.00002002 -6.4%

Notable Statistics:

  • Coinglass liquidations data shows Bitcoin's short liquidations at the lowest since June 9. In the past 24 hours, 79,749 traders were liquidated for $207.41 million.
  • IntoTheBlock data shows a 9% drop in daily active addresses and a 15.8% fall in large transactions volume.
  • Lookonchain data notes Bitfinex Bitcoin whales reduced their long positions.
Notable Developments:

  • Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’
  • Coinbase CEO Brian Armstrong Says ‘Both Parties’ Need To Address ‘Untenable’ Regulatory Situation
  • EXCLUSIVE: Biden Administration ‘Let The SEC Go Unchecked,’ Tether Co-Founder Says
  • How Donald Trump Went From Selling NFTs To Declaring Himself The ‘Crypto President’

Top Losers:

Cryptocurrency Price Gains +/
Stacks (CRYPTO: STX) $1.89 -11.1%
Pepe (CRYPTO: PEPE) $0.00001086 -9.3%
Ronin (CRYPTO: RON) $2.52 -9.3%

Trader Notes: ElonTrades drew parallels between Bitcoin's current scenario to late 2020. "It retraced 15%, pumped, then retraced another 10% before liftoff." He adds that this cycle could be a "slightly less explosive and more drawn-out cycle."

Crypto analyst Wolf sees Bitcoin eyeing the $62,000 mark. "Market sentiment is expected to turn extremely bearish. They want your cheap coins."

Trader Mercury noted that Bitcoin is in a "chop for the rest of the Summer."

CryptoCon says "$61,603 is the number to watch," based on the most reliable healthy support, the 20-week EMA.

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: Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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