Bitcoin, Ethereum, XRP, Recover Losses, Dogecoin Lags: Trader Expects Consolidation Until Friday's Crypto Summit

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Zinger Key Points

Cryptocurrency markets have bounced back into the green on Tuesday, recovering from earlier losses as excitement builds ahead of the crypto summit on Friday.

CryptocurrencyPrice   Gains +/-
Bitcoin BTC/USD $87,881.40+2.5%
Ethereum ETH/USD $2,167.42+2.3%
Solana SOL/USD $143.26+0.6%
XRP XRP/USD $2.49+5%
Dogecoin DOGE/USD $0.2003+0.09%
Shiba Inu SHIB/USD $0.00001308+1.1%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 32.8% and daily active addresses growing by 20.4%. Transactions greater than $100,000 are up from 10,965 to 13,388 in a single day. Exchanges netflows are up by 223.2%.
  • Coinglass data reports 295,242 traders were liquidated in the past 24 hours for $947.63 million.
  • IntoTheBlock data shows Bitcoin's last week price drop caused a surge in active addresses, pushing the daily average to its highest level since December when Bitcoin surpassed $100,000. This uptick also coincided with an increase in zero-balance addresses, indicating capitulation.

Notable Developments:

Top Gainers:

CryptocurrencyPrice   Gains +/-
Aave AAVE/USD $210.82+16%
Cardano ADA/USD $0.9317+10.8%
Hedera HBAR/USD $0.2458+8.4%

Trader Notes: Sistine Research suggests Bitcoin is set for its final dominance pump before altseason.

More Crypto Online notes BTC has hit resistance, with micro support between $83,102 and $85,877. The key breakout level is $95,170.

Michael van de Poppe highlights Bitcoin's rejection at $95,000, now chopping after clearing liquidity on both sides. He expects consolidation this week due to macro events and the summit on Friday.

CryptoAmsterdam sees BTC looking heavy on mid-time frames after breaking down without a quick reclaim. He notes trends can shift fast but says BTC must reclaim the range low and break the trendline for momentum to improve.

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Image: Shutterstock

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