Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects ‘Decent Year-End Run, Starting Late Q3’

Cryptocurrency markets are trading down, even though U.S. inflation reading remaining unchanged in May.

Cryptocurrency Price Gains +/-
Bitcoin BTC/USD $60,719.49 -1.7%
Ethereum ETH/USD $3,378.62 -2%
Solana SOL/USD $141.47 -4.8%
Dogecoin DOGE/USD $0.1237 -0.8%
Shiba Inu SHIB/USD $0.00001704 -2.8%

Notable Statistics:

  • IntoTheBlock data shows a 74% surge in large transaction volume as daily active addresses increased by 13.8%. Exchanges netflows spiked 704.6%.
  • Coinglass data noted 35,808 traders liquidated for $112 million in the past 24 hours.
  • Bitcoin miners’ selling pressure is easing, as Bitcoin withdrawals from miner-affiliated wallets decreased by 85% since the halving in April.
  • Bolivia legalized Bitcoin, lifting a decade-long banm and cryptocurrency payments enabling financial institutions to officially use them.

Notable Developments:

Top Losers:

Cryptocurrency Price Gains +/
Lido DAO LDO/USD $2.01 -15.9%
Ethena ENA/USD $0.519 -8.3%
Dogwifhat WIF/USD $1.94 -7.4%
Trader Notes: Stockmoney Lizards reiterated that Bitcoin is going through a normal correction and repeating macro patterns show it is still in a bull market.

Another crypto trader, Titan of Crypto, noted Bitcoin is still cheap and based on the new Bitcoin rainbow 2023 chart it is still not too late to buy Bitcoin.

Technical chart analyst Ali Martinez predicted that Bitcoin will go back to $62,000 to grab a $43 million liquidity wall.   

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: Mt. Gox Bitcoin Distributions Won’t Be That Bad And Ethereum ETF Could Surprise: Galaxy Research

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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