Bitcoin, Ethereum, Dogecoin Double Down On Losses But One Indicator Gives Bulls Hope
By Benzinga
Cryptocurrency markets are trading lower in Tuesday as markets continue their correction.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $96,035.77 | -0.97% |
| Ethereum (CRYPTO: ETH) | $3,639.93 | -3.9% |
| Solana (CRYPTO: SOL) | $212.60 | -4% |
| Dogecoin (CRYPTO: DOGE) | $0.3882 | -9.6% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002583 | -11.5% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 116% and daily active addresses growing by 6.8%. Transactions greater than $100,000 are up from 9,044 to 13,121 in a single day. Exchanges netflows are down by 152.3%.
- Coinglass data reports 583,986 traders were liquidated in the past 24 hours for $1.76 billion.
Notable Developments:
- US Strategic Bitcoin Reserve Would Cause Tectonic Shifts In Personal Finance, Researcher Predicts
- Microsoft, Amazon Investors Eye Bitcoin Investments Amid MicroStrategy’s Success
- Riot Platforms To Raise $525 Million Via Private Convertible Debt To Purchase Bitcoins
- Michael Saylor Urges US To Ditch Gold For Bitcoin: ‘Sell The Past, Own The Future’
- Bitcoin Miners CleanSpark, Cipher Mining Win JPMorgan Support For Growth, Efficiency Edge
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| IOTA (CRYPTO: IOTA) | $0.3548 | -19.4% |
| Floki Inu (CRYPTO: FLOKI) | $0.0002162 | -18.6% |
| Movement (CRYPTO: MOVE) | $0.647 | -18.2% |
Trader Notes: With Bitcoin prices dropping, crypto trader Jelle stated that whether there is volatility or not, “Tuesdays are for taking profit.” He revealed reducing his crypto exposure by 1.4% today and predicts higher prices and “simply continue to scale out on the way up.”
In another tweet, he compared the current price action below $100,000 to the one below $20,000 in 2020.
He believes that currently the market is in the second half of that structure and is curious “if it plays out the same.”
Providing a optimistic outlook, crypto trader Ali Martinez predicts Bitcoin to reach $275,000 based on a technical pattern.
Analytics firm Santiment noted that Bitcoin dropped to as low as $94,200 on Tuesday, sparking fear and uncertainty among traders, with some predicting a further decline to $80,000-$89,000.
This widespread pessimism may be a bullish signal, as market prices often move contrary to crowd expectations, suggesting fear could precede a rebound.
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Image: Shutterstock
