Bitcoin, Ethereum, XRP, Dogecoin Bounce Back To Green: 'Ready For A Squeeze,' Trader Says

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Zinger Key Points

Crypto markets are in a holding pattern ahead of Wednesday's Federal Reserve meeting and other crucial macroeconomic data.

CryptocurrencyPrice   Gains +/-
Bitcoin BTC/USD $84,316.40+1.1%
Ethereum ETH/USD $1,938.92+2.5%
Solana SOL/USD $129.46+1.6%
XRP XRP/USD $2.36+2.2%
Dogecoin DOGE/USD $0.1747+3.3%
Shiba Inu SHIB/USD $0.00001304-1.4%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 5.3% and daily active addresses up by 2.6%. Transactions greater than $100,000 are down from 6,992 to 6,332 in a single day. Exchanges netflows are down by 45.9%.
  • Coinglass data reports 83,995 traders were liquidated in the past 24 hours for $172.67 million.
  • Crypto chart analyst Ali Martinez stated that long term holders added 179,000 BTC over the past month.
  • Martinez also shows capital inflows peaked to $4.16 billion, a level last seen in October 2023.

Notable Developments:

Top Gainers:

CryptocurrencyPrice   Gains +/-
PancakeSwap CAKE/USD $2.48+39.6%
Pepe PEPE/USD $0.057415+12.7%
BinaryX BNX/USD $1.60+11.9%

Trader Notes: With Bitcoin prices trading relatively flat, More Crypto Online notes that Bitcoin is holding micro support, but a solid low isn’t confirmed unless it breaks above $85,474.

If that happens, the next target is $87,204—until then, any bounce is just noise.

Another trader, JJcycles, believes Bitcoin is ready for a squeeze.

Altcoin Sherpa expects BTC to break $84,000 but sees $89,000 as a tougher challenge.

Extended consolidation strengthens confidence that this is the bottom.

Rekt Capital compares the current Bitcoin consolidation to June 2021.

Notably, Bitcoin broke out from a similar pattern in July 2021, hitting new all-time highs in November 2021.

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Image: Shutterstock

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