Bitcoin, Ethereum Hold Steady, Dogecoin Spikes As Biden Bows Out Of Presidential Race: King Crypto Might Have A Chance To Reclaim $71.5K, Forecasts Analyst
Bitcoin, Ethereum Hold Steady, Dogecoin Spikes As Biden Bows Out Of Presidential Race: King Crypto Might Have A Chance To Reclaim $71.5K, Forecasts Analyst
What Happened: The world's largest cryptocurrency, Bitcoin, traded flat until the news of Biden dropping out of the contest broke, injecting positive volatility in the market. King Crypto recorded a weekly close above $68,000 and is up more than 10% over the week.
Ethereum moved in the $3,500 zone, anticipating bullish impetus as it awaits the final approval of exchange-traded funds tracking its spot price. The investment products are likely to go live this week.
In the last 24 hours, 56,837 traders were liquidated, with the total liquidations at $165.54 million, More than $100 million in bullish bets were liquidated.
Bitcoin's Open Interest rose 1.08% to $37.21 billion in the last 24 hours, complementing the price increase. This is typically indicative of a bullish sentiment.
The Cryptocurrency Fear & Greed Index flashed "Greed" at the time of writing, signaling significant buying sentiment in the market.
Top Gainers (24-Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 9:15 p.m. EDT)
Celestia (TIA)
+16.30%
$7.55
Core (CORE)
+15.12%
$1.65
Avalanche (AVAX)
+12.27%
$32.54
The global cryptocurrency market stands at $2.48 trillion, up 1.65% in the last 24 hours.
Stock futures edged higher Sunday night. The $Dow Jones Industrial Average (.DJI.US)$ Futures gained 0.12%, as of 9:15 p.m. EDT. Futures linked to the S&P 500 added 0.22%, while Nasdaq 100 Futures rose 0.36%.
Traders monitored political developments in the wake of Biden dropping out of the 2024 presidential race. It will be interesting to see how the market opens this week in response to this significant development.
Last week, major indices like the S&P 500 and the Nasdaq Composite registered their biggest weekly losses since April.
See More:Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency trader CrypNuevo anticipated significant volatility in the Bitcoin market after Joe Biden's announcement.
"Expecting a volatile price action instead; therefore, I think it's likely to see a move down first. Then we can go up to liquidity at $68,900," the trader predicted.
$BTC Sunday update: It was going to be a quiet week ahead, but Biden just announced that he is not running for re-election. Expecting a volatile price action instead; therefore, I think it's likely to see a move down first. Then we can go up to the liquidity at $68.9k. pic.twitter.com/3XfaZITYWL
— CrypNuevo (@CrypNuevo) July 21, 2024
Widely-followed analyst Rekt Capital stated that a weekly close above $65,000 could bolster Bitcoin's chances of reclaiming $71,500 in the following week.
With the apex cryptocurrency closing near $68,000, it'll be intriguing to see if the predictions come true.
#BTC Every time Bitcoin Weekly Closed above ~$65000 (blue) in an uptrend... Bitcoin would revisit ~$71500 in the following week Could history repeat itself? We know it often does What about this time?$BTC #Crypto #Bitcoin pic.twitter.com/KosyX2ezIh
