Bitcoin, Ethereum, Dogecoin Continue Collecting Gains: ‘If History Repeats, September/October Will Be Explosive,’ Says Expert
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Cryptocurrency markets are trading higher, with long liquidations spiking to the highest level in over a week.CryptocurrencyPriceGains +/-BitcoinBTC/USD $65,168.3+2.8%Ethereum ETH/USD $3,474.3+1.7%SolanaSOL/USD $161.7+3.8%DogecoinDOGE/USD $0.1259+3.5%Shiba InuSHIB/USD $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 Trumps Vice Presidential Pick J.D. Vance Holds Bitcoin, Supports Pro-Crypto Legislation Michael Dell Calls Bitcoin Fascinating Amid BlackRock CEOs Bullish Stance Tech Billionaires Crypto Interest Rising? Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On? Top Gainers:CryptocurrencyPriceGains +/Worldcoin WLD/USD $2.8+24.1%Core CORE/USD $1.44+19.9%Pepe PEPE/USD $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.
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.
Whats Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Bitcoin Should Close A Monthly Candle Above $73,000 To Invalidate Sell Signal, Says Trader Market News and Data brought to you by Benzinga APIs
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