Bitcoin, Ethereum, Dogecoin Remain Rangebound: Analysts Say 'The Reversal Is On The Horizon'
Cryptocurrency market update: The world's largest cryptocurrency, Bitcoin, along with Ethereum and Dogecoin, are showing little movement as investors look for new reasons to trade amidst strong signals from the Federal Reserve.
Current Prices (As of 8:30 p.m. EDT)
- Bitcoin (BTC/USD): -0.09% $64,830.73
- Ethereum (ETH/USD): -1.40% $3,503.51
- Dogecoin (DOGE/USD): +1.66% $0.1238
What Happened
Bitcoin briefly jumped above $66,000 during early morning hours but fell back to $64,000 as traders decided to sell and take their profits. Earlier this month, Bitcoin had reached a high of $71,000. Similarly, Ethereum hit $3,600 but faced strong resistance and dropped back. In the last 24 hours, a significant $125 million in derivatives were wiped out, with $70 million being long positions.
Traders are cautious right now. Open Interest (OI), which shows the total number of open contracts, declined by 0.37% for Bitcoin and 3.12% for Ethereum. This drop signals a weak market. More people are betting against Bitcoin than for it, shown by the Long/Shorts Ratio falling below 1. Almost 50% of traders are bearish on Bitcoin, while 20% are neutral and 30% hope for a market rise.
Top Gainers (24-Hours)
- Core (CORE): +9.20% $1.40
- Worldcoin (WLD): +8.31% $3.00
- Fetch.ai (FET): +6.77% $1.58
Market Overview
The global cryptocurrency market cap is currently at $2.35 trillion, shrinking by 0.61% in the past 24 hours.
In the stock market, indices also saw fluctuations:
- The S&P 500 ended down by 0.25% at 5,473.17, despite earlier breaching the 5,500 mark.
- The Nasdaq Composite slipped by 0.79%, closing at 17,721.59.
- The Dow Jones Industrial Average gained 0.77%, finishing at 39,134.76.
The stock pullback was primarily driven by a 3.5% decline in NVIDIA Corp. (NVDA) shares. Furthermore, macroeconomic data indicated a weaker economy, with higher-than-expected jobless claims and drops in housing starts and building permits.
Analyst Notes
Kevin is a popular cryptocurrency analyst who noticed a "super interesting" trend for Bitcoin. He mentioned that the whale money flow (large amounts of Bitcoin moving) had dropped to its lowest level, which usually happens just before the market goes up again. "Not even in the bear market of 2018 did we go below this level," Kevin highlighted. This indicator had accurately predicted a top few months ago.
Another well-known analyst, Michaël van de Poppe, believes Bitcoin has found a bottom price between $63,000–$65,000 and is preparing for an upward move. "The reversal is on the horizon," he predicted, supporting earlier forecasts.
Summary
The cryptocurrency market remains in a holding pattern as investors wait for new market triggers. With analysts predicting possible upward movements soon, traders are keeping a close eye on Bitcoin, Ethereum, and Dogecoin. Keep monitoring the market for any signs of change, especially in whale money flow and long/short positions.
Stay tuned for more updates as these trends develop.
