Bitcoin, Ethereum, Dogecoin Stay Rangebound On Mt. Gox Anxiety: King Crypto Must Reclaim $64K For Sentiment To Flip Bullish, Says Analyst

Leading cryptocurrencies remained rangebound on Monday as investors braced for a week in which defunct exchange Mt.Gox will begin unloading a massive amount of coins onto the market.

What Happened: Bitcoin made a sharp move past $63,000, its highest in a week. However, bulls faced strong resistance soon after, causing the price to bend to $62,000s.

Ethereum also failed to sustain its gains made early in the morning, retreating to the $3,400 region.

About $99.83 million locked in futures positions was wiped out in the last 24 hours, with an almost equal number of bullish and bearish bets getting liquidated. 

Bitcoin's Open Interest dropped 1.16% in the last 24 hours. A price drop, coming alongside a drop in OI, is typically interpreted as a potential trend reversal, i.e., a bullish sentiment.

This was further exemplified by an increase in bullish leveraged bets in the last 24 hours vis à vis bearish leveraged bets. More than 53% of all traders were long on Bitcoin.

The market is bracing for the impact, as bankrupt cryptocurrency firm Mt. Gox is set to begin distribution of coins worth $9 billion this week.

Top Gainer (24-Hours)

The global cryptocurrency market cap stands at $2.31 trillion, following a contraction of 0.04% in the last 24 hours.

Stocks began the second half of 2024 on a high. The tech-heavy Nasdaq Composite bounced 0.83% to end the session at a record high of 17,879.30. The broader market index, the S&P 500, gained 0.27% to close at 5,475.09, while the Dow Jones Industrial Average finished 0.13% higher at 39,169.52.

The S&P 500 and the tech-heavy Nasdaq Composite have been turbocharged lately due to the buzz surrounding artificial intelligence stocks, especially the AI giant NVIDIA Corp. NVDA.

Meanwhile, U.S. Treasury Yields inched lower, with the rate on the benchmark 10-year note falling 2.6 basis points to 4.454%.

This week, investors have their eyes fixed on the June jobs report, slated to be released on Friday. 

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency trader Blockchainedbb stated that Bitcoin's rangebound movement could last up to weeks or even months. 

"There is liquidity above and below the yellow zone. Every time BTC touches the top, it rejects, and every time we feel the support, it bounces," the trader highlighted. 

For sentiment to turn back to bullish, the trader said that King Crypto must hit a daily close of $64,000. 

On the other hand, another renowned trader Rekt Capital presented a bullish prophesy, saying, "The June downtrend is over, the July uptrend begins." 

Photo by Igor Faun on Shutterstock

Read Next: Bitcoin Miners Done Selling, $63K Could Cause Miner Stocks To ‘Explode Higher,’ Says Investor