Benzinga – by Khyathi Dalal, Benzinga Staff Writer.
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 (CRYPTO: BTC) | $65,615.96 | -1.7% |
| Ethereum (CRYPTO: ETH) | $3,411.62 | -2.4% |
| Solana (CRYPTO: SOL) | $142.05 | -4% |
| Dogecoin (CRYPTO: DOGE) | $0.1339 | -5.7% |
| Shiba Inu (CRYPTO: SHIB) | $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:
- Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’
- Coinbase CEO Brian Armstrong Says ‘Both Parties’ Need To Address ‘Untenable’ Regulatory Situation
- EXCLUSIVE: Biden Administration ‘Let The SEC Go Unchecked,’ Tether Co-Founder Says
- How Donald Trump Went From Selling NFTs To Declaring Himself The ‘Crypto President’
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Stacks (CRYPTO: STX) | $1.89 | -11.1% |
| Pepe (CRYPTO: PEPE) | $0.00001086 | -9.3% |
| Ronin (CRYPTO: RON) | $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.”
we’re now in a situation where “chop for the rest of the Summer” is a best-case scenario for $BTC
which kinda sucks, but beggars can’t be choosers.
it’s also pretty normal if we’re comparing to what previous Summers have done:
as it stands, we’ve locked in a Lower High on the… pic.twitter.com/pb0ReHCorg
— Mercury (@TraderMercury) June 14, 2024
CryptoCon says “$61,603 is the number to watch,” based on the most reliable healthy support, the 20-week EMA.
Sideways #Bitcoin price action and consolidation continues….
The number to watch: $61,603 according to the most reliable healthy support, the 20-week EMA.
Nothing has shown we should expect a breakdown of the moving average so far with the perfect retest in April.
It’s just… pic.twitter.com/hh1hrJGLzQ
— CryptoCon (@CryptoCon_) June 14, 2024
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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