Bitcoin, Ethereum, Dogecoin Losing Steam Before ‘Fifth Attempt To Break This BTC $72-$73K Resistance Level’

June 6, 2024 John Ethereum 0

June 6, 2024 4:48 PM | 2 min read

Cryptocurrency markets are trading slightly down despite strong ETF inflows for the last 17 days.

Prices as of 4 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $70,300 -1.2%
Ethereum (CRYPTO: ETH) $3,771.80 -2.7%
Solana (CRYPTO: SOL) $167.99 -2.8%
Dogecoin (CRYPTO: DOGE) $0.1589  -2.8%
Shiba Inu (CRYPTO: SHIB) $0.00002508   -3.1%

Notable Statistics:

  • Coinglass data points to $38 billion in Bitcoin open interest, the highest since April 1, with long liquidations at lowest since a week.
  • IntoTheBlock noted a 6,370.9% increase in exchange netflows and a 19.5% growth in large transaction volumes. Meanwhile, 98% of Bitcoin holders are currently making a profit.

Notable Developments:

Robinhood Announces Acquisition Of Crypto Exchange Bitstamp in $200M Deal

Bitcoin Could Reach $150K By Year-End If Trump Wins: Standard Chartered

JPMorgan: US Crypto Regulations Signal Opposition To CBDCs And Non-Compliant Stablecoins

Bitcoin Spot ETFs Record 17 Straight Inflow Days, Reaching $15.3B Year-To-Date

How Ethereum ETF Inflows Will Impact Bitcoin And Cryptocurrency Prices

Top Losers:

Cryptocurrency Price Gains +/–
Dog (Runes) (CRYPTO: DOG) $0.008402   -11.5%
Bitget Token (CRYPTO: BGB) $1.19 -9.9%
Beam (CRYPTO: BEAM) $0.02548 -9%
Trader Notes: Santiment data noted that $70,000 for Bitcoin is “not nearly as big of a deal for traders as it was 3 months ago.” The post adds that the “lack of FOMO is a good sign that BTC and other coins can break through with less crowd euphoria that previously caused tops.”

Heavily followed futures trader Satoshi Flipper highlights Bitcoin’s attempt to break the resistance level.

Meanwhile, swing trader Jesse Olson commented on the Robinhood acquisition of Bitstamp. He added, “Did the U.S. big players really want to ban Bitcoin & #Altcoins or did they want a piece of the pie?”

Did the U.S. big players really want to ban #Bitcoin & #Altcoins or did they want a piece of the pie? @Coinbase joins forces with Blackrock
Blackrock makes the ETF’s happen
Robinhood is buying @Bitstamp

You wanted the institutions, they are here, be careful what you wish…

— Jesse Olson (@JesseOlson) June 6, 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: Does ‘Sell In May And Go Away’ Work For Bitcoin? This Researcher Crunched The Numbers

Image: Shutterstock

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