Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But 'Big Test' Could Come On A $60K Retest

Cryptocurrency markets are trading higher in the aftermath of the failed assassination attempt on former President Donald Trump.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$63,450.42	+5.9%
Ethereum ETH/USD	$3,413.92	+7%
Solana SOL/USD	$155.8	+7.3%
Dogecoin DOGE/USD	$0.12	+8%
Shiba Inu SHIB/USD	$0.00001853	+7.9%

Notable Statistics:

IntoTheBlock data shows large transaction volume increasing by 4% and daily active addresses growing by 27.5%. Led by the price surge, 87% of Bitcoin holders are currently making a profit, while 13% remain at breakeven.
Coinglass data shows 51,245 traders were liquidated in the past 24 hours for $166.00 million. Bitcoin short liquidations came in at the highest level ($48.3 million) since July 9.
Crypto chart analyst Ali Martinez noted long-term Bitcoin holders are now back in action , with 6,500 BTC added to their wallets.
Cryptoquant CEO Ki Young Ju spotted a recovery in spot ETF demand with 16,800 BTC flowing in last week.

Notable Developments:

Benzinga future of digital assets conference

Top Gainers:

Cryptocurrency	Price	Gains +/–
JasmyCoin JASMY/USD	$0.02973	+22.1%
Pepe PEPE/USD	$0.00001065	+21.3%
Floki FLOKI/USD	$0.000176	+21.6%

Trader Notes: Crypto expert Benjamin Cowen points to Bitcoin's resistance at $64,000 and if it remains constructive "then the big test will come potentially on a backtest of $60,000." He compared it to a similar move that happened in May.

CryptoGodJohn pointed out a “classic Bitcoin move.”

Classic $BTC move here

Deviate & lose the lows after a 4 month range breakdown on major fud & many people calling for a bear market to start

Just for the entire move to be erased in a few candles pic.twitter.com/SMtvFXogRK
— Johnny (@CryptoGodJohn) July 15, 2024

Another heavily followed crypto trader sees Bitcoin in a super cycle. Explaining a chart's technical pattern, he added that when an asset is extremely bullish the rising wedge pattern fails which is applicable in all time frames. He concluded, "stay on a look-out for such failed rising wedges on every time frame."

Crypto Chase noted Bitcoin is approaching the weekly fair value gap. While he states that if levels flip, he is looking for longs, he will not short this type of strength. He cautioned investors highlighting his own strategy to not give back gains without a clear read.

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.

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