Cryptocurrency markets are trading higher, with long liquidations spiking to the highest level in over a week.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $65,168.3 | +2.8% |
| Ethereum (CRYPTO: ETH) | $3,474.3 | +1.7% |
| Solana (CRYPTO: SOL) | $161.7 | +3.8% |
| Dogecoin (CRYPTO: DOGE) | $0.1259 | +3.5% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001954 | +5.6% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing 82.2%, while transactions greater than $100,000 surged from 5,590 as of July 14 to 8,516 as of July 15. Notably, 91% of Bitcoin holders are currently in profit, with the remaining 9% at breakeven.
- Coinglass data revealed 73,154 traders liquidated in the past 24 hours for $229.3 million. Long liquidations ($91.3 million) peaked at the highest since July 8 levels. Bitcoin open interest ($33.8 billion) also surged to its highest since early July.
- Cryptoquant CEO and founder Ki Young Ju revealed that the Bitcoin Coinbase price premium peaked at a 3-month high amidst a recovering U.S. market sentiment.
Notable Developments:
- Ethereum ETFs To Attract Over $5B In Inflows, But Returns Could Be Lower Than Expected: Citi
- Trump's Vice Presidential Pick J.D. Vance Holds Bitcoin, Supports Pro-Crypto Legislation
- Michael Dell Calls Bitcoin 'Fascinating' Amid BlackRock CEO's Bullish Stance — Tech Billionaire's Crypto Interest Rising?
- Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On?
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Worldcoin (CRYPTO: WLD) | $2.8 | +24.1% |
| Core (CRYPTO: CORE) | $1.44 | +19.9% |
| Pepe (CRYPTO: PEPE) | $0.00001243 | +17% |
Trader Notes: Crypto technical chart analyst Ali Martinez predicts Bitcoin to hold above $62,500 to maintain a bullish position. If it breaks $66,250, it will target new all-time highs.
#Bitcoin $BTC must hold above $62,500 to maintain its bullish position and break $66,250 to target new all-time highs! pic.twitter.com/IHCrAjGffQ
— Ali (@ali_charts) July 16, 2024
Crypto investor and author Quinten Francois noted that Bitcoin is currently 87 days into halving. In 2016 and 2020, sideways price action took 182 days and 161 days respectively. He concluded, "If history repeats September/October will be explosive."
Crypto trader Blockchainedbb sees Bitcoin at daily resistance and still trading up and down. He foresees Bitcoin flipping only when it breaks through Range POC. He noted that Bitcoin is still making lower highs and lower lows with no change in structure.
Another crypto trader sees Bitcoin in the process of locally topping. He is looking for a $62,300 as a first downside target.
#BTC
— CJ (@CJ900X) July 16, 2024
I think we're in the process of locally topping here. Looking for 62.3k as a first downside target.
Not sure to the extent of any drop, just that we have:
– Bear SMT between BTC-ETH
– Bear div on BTC
– Range mid
Downside expectations from min-max are:
– 62.3k
– 59.2k... pic.twitter.com/iGdcploqkW
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:
- Bitcoin Should 'Close A Monthly Candle Above $73,000' To Invalidate Sell Signal, Says Trader