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

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

14 June 2024

in DOGE

Reading Time: 3 mins read

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 BTC/USD	$65,615.96	-1.7%
Ethereum ETH/USD	$3,411.62	-2.4%
Solana SOL/USD	$142.05	-4%
Dogecoin DOGE/USD	$0.1339	-5.7%
Shiba Inu SHIB/USD	$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:

Top Losers:

Cryptocurrency	Price	Gains +/–
Stacks STX/USD	$1.89	-11.1%
Pepe PEPE/USD	$0.00001086	-9.3%
Ronin RON/USD	$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

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