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Bitcoin, Ethereum, Dogecoin Consolidate: ‘No Need To Add More Risk Here,’ Trader Warns

July 11, 2024
Reading Time: 3 mins read
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Bitcoin, Ethereum, Dogecoin Consolidate: ‘No Need To Add More Risk Here,’ Trader Warns

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Cryptocurrency markets are buying and selling comparatively flat regardless of optimistic macroeconomic information fueling hopes of a September interest rate cut.

Cryptocurrency Worth Features +/-
Bitcoin BTC/USD $57,371.10  -0.09%
Ethereum ETH/USD $3,107.17 -0.05%
Solana SOL/USD $136.57 -3.3%
Dogecoin DOGE/USD $0.1071 -0.8%
Shiba Inu SHIB/USD $0.0000164   +0.35

Notable Statistics:

  • IntoTheBlock information notes a 79.8% improve in alternate netflows, whereas every day exercise addresses rose by 4.2%. Transactions higher than $100,000 elevated from 7,269 to eight,500 in a single day.
  • Coinglass information notes 38,109 merchants liquidated for $104.46 million over the previous 24 hours.
  • Sentiment data exhibits that throughout the present downtrend, Bitcoin whale and shark wallets are rising whereas small merchants dump their baggage. It highlighted a internet improve of +261 wallets that now maintain at the very least 10 BTC.
  • The German authorities’s Bitcoin is operating out because it despatched one other 5,000 BTC to Move Merchants, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/–
MANTRA OM/USD $1.07 +13%
Stacks STX/USD $1.61 +6.4%
NEAR Protocol NEAR/USD $4.94 +6.3%
Trader Notes: Crypto trader Poseidon noted that Bitcoin’s daily chart is still bearish and price is below range low. He suggested two scenarios for traders:

Stockmoney Lizards predicted that present market cycle may peak round $250,000 to $300,000. He added that that is “NOT a short-term chart. Subsequent weeks could be sideways / down 10 – 15%.” Put up the CPI information, the dealer reiterated the identical outlook however added an end-of-year prediction of $100,000.

One other crypto dealer famous that if Bitcoin needs to rally to $60,600 going into the weekend, it is going to want a every day shut “above the black resistance to invalidate the early-stage decrease excessive and set value up for that rally.”

Learn Subsequent:

Picture: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

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