Bitcoin, Ethereum, Dogecoin Double Down On Losses But One Indicator Gives Bulls Hope

Cryptocurrency markets are trading lower in Tuesday as markets continue their correction.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$96,035.77	-0.97%
Ethereum ETH/USD	$3,639.93	-3.9%
Solana SOL/USD	$212.60	-4%
Dogecoin DOGE/USD	$0.3882	-9.6%
Shiba Inu SHIB/USD	$0.00002583	-11.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 116% and daily active addresses growing by 6.8%. Transactions greater than $100,000 are up from 9,044 to 13,121 in a single day. Exchanges netflows are down by 152.3%.
• Coinglass data reports 583,986 traders were liquidated in the past 24 hours for $1.76 billion.

Notable Developments:

• US Strategic Bitcoin Reserve Would Cause Tectonic Shifts In Personal Finance, Researcher Predicts
• Microsoft, Amazon Investors Eye Bitcoin Investments Amid MicroStrategy’s Success
• Riot Platforms To Raise $525 Million Via Private Convertible Debt To Purchase Bitcoins
• Michael Saylor Urges US To Ditch Gold For Bitcoin: ‘Sell The Past, Own The Future’
• Bitcoin Miners CleanSpark, Cipher Mining Win JPMorgan Support For Growth, Efficiency Edge

Top Losers:

Cryptocurrency	Price	Gains +/-
IOTA IOTA/USD	$0.3548	-19.4%
Floki Inu FLOKI/USD	$0.0002162	-18.6%
Movement MOVE/USD	$0.647	-18.2%

Trader Notes: With Bitcoin prices dropping, crypto trader Jelle stated that whether there is volatility or not, "Tuesdays are for taking profit." He revealed reducing his crypto exposure by 1.4% today and predicts higher prices and "simply continue to scale out on the way up."

In another tweet, he compared the current price action below $100,000 to the one below $20,000 in 2020.

He believes that currently the market is in the second half of that structure and is curious "if it plays out the same."

Providing a optimistic outlook, crypto trader Ali Martinez predicts Bitcoin to reach $275,000 based on a technical pattern.

Buy the dip, and don't overleverage! #Bitcoin $BTC will reach $275,000, based on this cup and handle pattern! pic.twitter.com/cqf99cBtmB

— Ali (@ali_charts) December 10, 2024

Analytics firm Santiment noted that Bitcoin dropped to as low as $94,200 on Tuesday, sparking fear and uncertainty among traders, with some predicting a further decline to $80,000-$89,000.

This widespread pessimism may be a bullish signal, as market prices often move contrary to crowd expectations, suggesting fear could precede a rebound.

📉 Bitcoin has sunk as low as $94.2K Tuesday, and FUD is beginning to appear amongst traders. With some calls for $80K-$89K appearing across social media from the crowd once again, take this as a positive sign that retail capitulation is returning. Prices move the opposite… pic.twitter.com/DDw9fTGbk2

— Santiment (@santimentfeed) December 10, 2024

Read Next: 

• Peter Schiff Advises Biden To Do One ‘Good Thing’ Before His Term Ends: ‘Sell All The Bitcoin’ Held By The US

Image: Shutterstock