Bitcoin, Ethereum, Dogecoin Spike On Good Macro News: 'So Far, So Good,' Says Bullish Trader

Cryptocurrency markets are trading higher following positive news from the latest consumer price inflation data.

What Happened: Major cryptocurrencies are trading higher at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$65,883.69	+7%
Ethereum ETH/USD	$3,020.12	+4.4%
Solana SOL/USD	$155.14	+8%
Dogecoin DOGE/USD	$0.154	+5.1%
Shiba Inu SHIB/USD	$0.00002428	+3.8%

Notable Statistics:

• Despite Bitcoin spiking, IntoTheBlock data shows a fall of 10.4% and 6% in large transaction volume and daily active addresses. Holders making a profit at current levels rose to 92% from 90% in a single day.  
• Coinglass data notes Bitcoin’s total short liquidations increasing to $38.9 million, the highest since March 3. Open interest surged 8.6% to $32.1 billion.
• Andrew Tate claimed putting $100 million in Bitcoin and exiting fiat completely.  

Notable Developments:

• Vanguard Appoints Former BlackRock Executive Salim Ramji As New CEO
• Bitcoin Boom Sparks Surge In Crypto Wallet Recovery Services: ‘It’s Just Pure Economics’
• Crypto Stablecoin Issuer Circle To Relocate To US Amid Market Rebound

Top Gainers:

Cryptocurrency	Price	Gains +/-
Sei SEI/USD	$0.5428	+18.9%
Immutable IMX/USD	$2.42	+18.5%
Beam BEAM/USD	$0.02478	+16%

Also Read: This Trader Sees A ‘Barbell Portfolio Of BTC And Memes’ As Most Profitable Trading Strategy

Analyst Notes: Crypto and stock trader Jelle noted that Bitcoin should hold $65,000 for support and "I could see this playing out completely."

Part-time researcher Bitcoin Ape tweeted an inverse head and shoulders pattern on Bitcoin's four-hour chart, saying this points to "imminent bullish price action."

Another full-time trader, Scient, is optimisticabout Bitcoin, noting the consolidation above $65,500 as a key level and for fresh entries. He awaits price action to develop some support above the $65,500 zone and "not FOMO here."

$BTC, So far so good. Now, my ideal scenario would be;

– 1D close above $65.5k
– Take supply from the OB at $67k
– Retest the $64.5-65.5k zone and successfully flip it to support for a continuation higher.

A clean break of the local 4H downtrend is a good start. Consolidation… https://t.co/lSHFQ1Ngv8 pic.twitter.com/36CwVjEAG2

— Scient (@Crypto_Scient) May 15, 2024

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: Veteran Trader DonAlt Signals Potential ‘Cycle Top’, Says ‘It’s Over For Memes’

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