Bitcoin, Ethereum, Dogecoin Slide, But: 'Bitcoin Is Still On Track For A September Breakout,' Highlights Trader

Cryptocurrency markets are down Grayscale is introducing a new Bitcoin ETF.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$65,954	-2.1%
Ethereum ETH/USD	$3,273.5	-1.1%
Solana SOL/USD	$177.6	-4.9%
Dogecoin DOGE/USD	$0.1257	-3.3%
Shiba Inu SHIB/USD	$0.00001618	-3.3%

Notable Statistics:

• IntoTheBlock data shows a 144.9% spike in large transaction volumes. Daily active addresses increased by 33.9%. Transactions greater than $100,000 surged from 5,369 to 9,609.  Exchanges netflows widened significantly by 903.7%.
• Coinglass data points to Bitcoin open interest increasing to $37.5 billion, the highest since June 7. In the past 24 hours, 44,891 traders were liquidated for $123.81 million.
• Crypto chart analyst Ali Martinez noted that Bitcoin holders are rapidly buying, with more than 110,000 BTC in their portfolios.

Notable Developments:

• Russia Greenlights Crypto For Cross-Border Payments, Tightens Mining Rules
• SEC Aims To Amend Binance Complaint, Focusing On Third Party Crypto Asset Securities
• New US Bitcoin Mining Hardware Creates $20B Opportunity, Could Disrupt China’s Mining Dominance: Bernstein
• Bitcoin As Store Of Value? Goldman Sachs CEO David Solomon Sees Such A Case

Top Losers:

Cryptocurrency	Price	Gains +/–
Popcat POPCAT/USD	$0.6994	-11.2%
Jupiter JUP/USD	$1.04	-9%
Starknet STRK/USD	$0.4858	-7.7%

Trader Notes: Crypto chart analyst Ali Martinez highlighted Bitcoin's hourly chart signaling a correction before the BTC dropped to $65,500. He added that the chart is now flashing a buy signa, suggesting a potential rebound if BTC can sustain an hourly close above $66,300.

Trader Rekt Capital foresees Bitcoin on track for a September breakout.

#BTC

Bitcoin is still on track for a September breakout

History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely$BTC #Crypto #Bitcoin https://t.co/WGJbTz43KC pic.twitter.com/Ll9BB3Dxxk

— Rekt Capital (@rektcapital) July 30, 2024

Crypto Patel stresses that Bitcoin breaking the $66,000 support level could mean a drop to $63,000. Mister Crypto shows a rare Bitcoin signal which is indicating a "new move…about to be initiated."

Altcoin Sherpa suggests a buying opportunity at this level.

$BTC: Cluster of 1d EMAs around 63.8k-65k. Lots of support coming up here with the EQ of the range + EMAs. You should be buying soon IMO. pic.twitter.com/CJKRR2MDxx

— Altcoin Sherpa (@AltcoinSherpa) July 30, 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:

• ‘Trump Trade’ Is ‘Long Bitcoin, Long Small Caps,’ Says Trader…But What Is The ‘Kamala Trade’?

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