Bitcoin, Ethereum, Dogecoin In The Red Again, Analyst Reveals Downside Target

July 3, 2024 John Dogecoin 0

Cryptocurrency markets are trading lower, as Bitcoin is clinging on to its $60,000 support.

Cryptocurrency Price Gains +/-
Bitcoin BTC/USD $59,925.51 -3.3%
Ethereum ETH/USD $3,275.86 -4.1%
Solana SOL/USD $140.10 -7.9%
Dogecoin DOGE/USD $0.1177 -5.1%
Shiba Inu SHIB/USD $0.00001632 -4.7%

Notable Statistics:

  • IntoTheBlock data notes a drop in Bitcoin’s metrics; large transactions volume is down by 6%, and daily active addresses declined by 14%. Transactions greater than $100,000 also narrowed significantly.
  • Coinglass notes Bitcoin liquidations ($39.1 million) and open interest ($33.4 billion) at the highest level since June 25. In the past 24 hours, 61,742 traders were liquidated for $171.26 million.
  • Crypto trader Michaёl van de Poppe noted that the Bitcoin CME gap closed.
  • Daan Crypto Trades highlighted a large short of $45 million entering at $60,000.

Notable Developments:

Top Losers:

Cryptocurrency Price Gains +/–
Ethereum Name Service ENS/USD $25.99 -16.3%
Dogwifhat WIF/USD $1.85 -15.7%
Bonk BONK/USD $0.00002187   -14.1%
Trader Notes: Crypto chart analyst Ali Martinez outlined that if Bitcoin breaks $60,600 it could drop further.

Another crypto trader highlighted that his preferred target for Bitcoin is $157,000. He pointed out that currently, the crypto king is in wave 4, “with just one last (and large) push higher left to go.” The trader added that even if the play does not turn out like what he predicted, it could still land somewhere close.

Benjamin Cowen highlighted resistance levels for Bitcoin.

Image: Shutterstock

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