Bitcoin, Ethereum, Dogecoin Drop Further: 'Chop For Rest Of The Summer…Beggars Can't Be Choosers,' Says Trader

Cryptocurrency markets are trading in the red, with Bitcoin touching the sensitive $65,000 level and mixed opinions about future price trajectory.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$65,615.96	-1.7%
Ethereum ETH/USD	$3,411.62	-2.4%
Solana SOL/USD	$142.05	-4%
Dogecoin DOGE/USD	$0.1339	-5.7%
Shiba Inu SHIB/USD	$0.00002002	-6.4%

Notable Statistics:

• Coinglass liquidations data shows Bitcoin's short liquidations at the lowest since June 9. In the past 24 hours, 79,749 traders were liquidated for $207.41 million.
• IntoTheBlock data shows a 9% drop in daily active addresses and a 15.8% fall in large transactions volume.
• Lookonchain data notes Bitfinex Bitcoin whales reduced their long positions.

Notable Developments:

• Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’
• Coinbase CEO Brian Armstrong Says ‘Both Parties’ Need To Address ‘Untenable’ Regulatory Situation
• EXCLUSIVE: Biden Administration ‘Let The SEC Go Unchecked,’ Tether Co-Founder Says
• How Donald Trump Went From Selling NFTs To Declaring Himself The ‘Crypto President’

Top Losers:

Cryptocurrency	Price	Gains +/–
Stacks STX/USD	$1.89	-11.1%
Pepe PEPE/USD	$0.00001086	-9.3%
Ronin RON/USD	$2.52	-9.3%

we're now in a situation where "chop for the rest of the Summer" is a best-case scenario for $BTC

which kinda sucks, but beggars can't be choosers.

it's also pretty normal if we're comparing to what previous Summers have done:

as it stands, we've locked in a Lower High on the… pic.twitter.com/pb0ReHCorg

— Mercury (@TraderMercury) June 14, 2024

CryptoCon says "$61,603 is the number to watch," based on the most reliable healthy support, the 20-week EMA.

Sideways #Bitcoin price action and consolidation continues….

The number to watch: $61,603 according to the most reliable healthy support, the 20-week EMA.

Nothing has shown we should expect a breakdown of the moving average so far with the perfect retest in April.

It's just… pic.twitter.com/hh1hrJGLzQ

— CryptoCon (@CryptoCon_) June 14, 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: Arthur Hayes, Raoul Pal Predict Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’

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