News
“Crucial support area,” warns Benzinga, a leading analyst
Benzinga – Cryptocurrency markets are trading lower, with settlements topping $100 million on Friday.
| Cryptocurrency | Price | Earnings +/- |
| Bitcoin (CRYPTO: BTC) | $64,050.37 | -1.5% |
| Ethereum (CRYPTO: ETH) | $3,524.78 | +0.15% |
| Solana (CRYPTO: SOL) | $3,524.78 | -0.84% |
| Dogemoneta (CRYPTO: DOGE) | $0.1244 | +0.09% |
| Shiba Inu (ENCRYPTION: SHIB) | $0.0000179 | -1.4% |
Notable stats:
- IntoTheBlock data notes a 4% increase in large transaction volume and daily active addresses. Transactions over $100,000 increased from 6,794 to 7,328.
- Data from Coinglass highlighted 49,973 traders liquidated in the last 24 hours, for a total liquidations of $124.99 million.
Notable developments:
- Standard Chartered launches Bitcoin and Ethereum trading desk as ETF outflows continue
- Binance integrates Tether on TON to increase user flexibility
- California Judge Advances Civil Securities Lawsuit Against Ripple, Sets Ground for Trial Bitcoin Drops Below $64,000, Triggers Liquidations of Over $100 Million: “Consolidation Phase Underway,” Trader Says
Major losers:
| Cryptocurrency | Price | Earnings +/– |
| LevelZero (CRYPTO: ZRO) | $3.13 | -12.4% |
| Dogwifhat (CRYPTO:WIF) | $1.83 | -9.4% |
| zkSync (ENCRYPTION: ZK) | $0.186 | -7.2% |
Merchant Notes: Cryptocurrency trader Michael van de Poppe stressed that Bitcoin “is in the crucial support area and repeats the 2020 pattern.”
CryptoCon Noticed that Bitcoin is trending down:
#Bitcoin in bearish trend while DMI is at the bottom of cycle 4 support channel.
The 20-week EMA remains strong, now at $61,800.
It still looks good! It’s been boring and choppy since March, but sometimes that’s just what you need to build strength for the next move… pic.twitter.com/0CNT4bd8Te
— CryptoCon (@CryptoCon_) June 21, 2024
Andrea Cripto, in his latest tweet, noted that Bitcoin has dropped and headed towards its demand zone. He suggested it’s a good place to build long positions, but added, “as we head into the weekend, caution is needed.”
Titan of cryptocurrencies predicted that Bitcoin’s most hated rally is coming and expects “an epic final leg soon.” He adds: “The market is playing with your nerves and, as usual, many will be fooled by this BTC price action.”
What’s next: Bitcoin’s influence as an institutional asset class is expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read next: What is the future of Bitcoin? “Significant bounce” or “bad downward momentum,” traders say
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.