Bitcoin, Ethereum, Dogecoin Move Sideways As Trump Raises Pro-Crypto Pitch – Why Does This Analyst Think Longing King Crypto Could Soon Be A Good Option?
By Benzinga
Leading cryptocurrencies held on to their gains Sunday as presidential nominee Donald Trump made big promises to safeguard the industry’s interests.
| Cryptocurrency | Gains +/- | Price (Recorded 9 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.66% | $68,417.06 |
| Ethereum (CRYPTO: ETH) |
+0.94% | $3,274.63. |
| Dogecoin (CRYPTO: DOGE) | -0.18% | $0.1307 |
What Happened: Bitcoin nearly touched $69,000 on the day, recouping some of the losses incurred yesterday overnight. However, it pulled back to the $68,000 zone later in the day. Ethereum also retraced to $3,270 following a brief stay over $3,300.
Donald Trump amped up his pro-cryptocurrency rhetoric at the recent Bitcoin 2024 conference, championing a national Bitcoin stockpile for the U.S.
Both Bitcoin and Ethereum recorded an appreciable rise in futures Open Interest. Typically, when the price moves sideways while OI increases, it signals a potential upside breakout.
Bullish bets for Bitcoin also rose sharply in comparison to downside bets in the last 24 hours.
The Cryptocurrency Fear & Greed Index increased from 71 to 74 in the last 24 hours, signaling an optimistic mood in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9 p.m. EDT) |
| Bitcoin Cash (BCH) | +6.22% | $420.03 |
| Brett (Based) (BRETT) | +4.12% | $0.1307 |
| Maker (MKR) | +2.19% | $2, 681.17 |
The global cryptocurrency market stood at $2.44 trillion, gaining 0.73% in the last 24 hours.
Stock market futures edged slightly higher Sunday overnight The Dow Jones Industrial Average Futures rose 0.44% as of 9 p.m. EDT. Futures tied to the S&P 500 are up 0.45%, while Nasdaq 100 Futures gained 0.61%.
Investors brace for a week of big tech earnings, with giants like Microsoft Corp. (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL) ready to report their second-quarter performance.
Additionally, the Federal Reserve will hold the FOMC meeting later this week. According to the CME FedWatch tool, investors are not expecting any interest rate cuts.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent on-chain researcher Ali Martinez observed a “heavy accumulation” of Bitcoin by large holders, a pattern which could support a rally in the days ahead.
In another post, he predicted King Crypto will move toward $69,200 if it managed to break the $68,080 resistance.
Another widely followed cryptocurrency analyst, The Crypto Dog, stated that longing Bitcoin could be a good option, predicting that altcoins won’t have much to offer.
“Leave position alone for next weeks, maybe months. Don’t TP, use trailing SL. Don’t size so big you will close on a dip,” the trader remarked.
Photo by Avi Rozen on Shutterstock
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