Bitcoin, Ethereum, Dogecoin Go Sideways, But 'Market Structure Back To Bullish,' Says Trader

Benzinga ·  Jun 17 17:12

Cryptocurrency markets are trading slightly down, as members of the Biden administration will reportedly attend a crypto roundtable.

CryptocurrencyPriceGains +/-
Bitcoin (CRYPTO: BTC)$66,286.62-0.3%
Ethereum (CRYPTO: ETH)$3,528.34 -1.9%
Solana (CRYPTO: SOL)$143.05-3.8%
Dogecoin (CRYPTO: DOGE)$0.1315 -3.4%
Shiba Inu (CRYPTO: SHIB)$0.00001952 -6.6%

Notable Statistics:

  • Australia's largest stock exchange approved its first Spot Bitcoin ETF.
  • Tether, the world's largest stablecoin, launches a new synthetic dollar backed by gold.
  • IntoTheBlock data notes an increase in total exchange inflows and outflows. 90% of Bitcoin holders are in profit at current prices.
  • According to Coinglass data, 111,242 traders were liquidated for $265.50 million in the past 24 hours.

Notable Developments:

  • T-Mobile's parent company, Deutsche Telekom, announces plans to mine Bitcoin.
  • El Salvador's President Bukele Proposes Bitcoin Bank To Attract Billions
  • Spot Ethereum ETF Launch Date Possibly On July 2: Bloomberg Analyst
  • Biden Admin Officials, Mark Cuban To Attend Crypto Roundtable In July
  • Why Bitcoin Faces A 'Critical Week Ahead'
Benzinga future of digital assets conference

Top Losers:

CryptocurrencyPriceGains +/
zkSync (CRYPTO: ZK)$0.2144-25.3%
Notcoin (CRYPTO: NOT)$0.01728-14.4%
Injective (CRYPTO: INJ)$21.81 -12.6%

Trader Notes: Crypto trader Jelle sees a higher high forming for Bitcoin.

Well, well, well.#Bitcoin making a higher high & going for the reclaim.
Market structure back to bullish – hold above $66,500 from here and we can send this back to the highs.

— Jelle (@CryptoJelleNL) June 17, 2024

Crypto trader DonAlt highlighted that $60,000 is bad support and $70,000 is bad resistance. He suggested that if you are bullish then $65,000 is the spot to hold, adding "If you're bearish you'd want it to fail first."

CrypNuevo highlighted a potential W pattern for Bitcoin,

$BTC update:
Wick filled, strong bounce, potential W pattern
My last requirement is to recover the daily 50EMA (closing a 1D candle above it).
At that point, it's when I'll have high conviction on retracing the imbalances to the upside.
Hope you find the updates helpful

— CrypNuevo (@CrypNuevo) June 17, 2024

Notable crypto trader TheFlowHorse tweeted that a bear trap is potentially building, saying, "if you prefer more volume and liquidity just log back in after Labor Day."

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.

Image: Shutterstock

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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