Bitcoin, Ethereum, Dogecoin Slightly Down, But Short Liquidations Peak And A Bullish Signal Is 'Within Reach,' Data Says

Cryptocurrency markets are slightly down after a volatile trading day impacted by the German government continuing to liquidate its Bitcoin.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$56,295.10	-1.4%
Ethereum ETH/USD	$2,995.75	+0.4%
Solana SOL/USD	$137.85	+0.2%
Dogecoin DOGE/USD	$0.1074	-0.4%
Shiba Inu SHIB/USD	$0.00001628	+1.8%

Notable Statistics:

• IntoTheBlock data notes that 82% of Bitcoin holders are currently in profit, down from almost 100% a few weeks ago.
• Coinglass data shows 95,923 traders liquidated for $425.06 million in the past 24 hours. Short liquidations of $206 million were the the highest since May 20 and Bitcoin short liquidations at $106.8 million the highest since March 4.

Notable Developments:

• Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown
• Bitcoin Mining Stock HIVE Digital Is Rising Monday: What’s Going On?
• Why Is Bitcoin Down On Monday? Experts Monitor 4 Key Factors

Top Gainers:

Cryptocurrency	Price	Gains +/–
Celestia TIA/USD	$6.1	+16.2%
Sei SEI/USD	$0.2947	+9.3%
Notcoin NOT/USD	$0.01646	+7.8%

The pico bottom entry zone #bitcoin playbook.

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Not sure when we get there, but that's where you back up the truck and load up on $BTC. pic.twitter.com/T6KaNDH8TG

— Jacob Canfield (@JacobCanfield) July 8, 2024

Market intelligence platform Santiment data pointed out that with Bitcoin's retrace to as low as $55,400, a very bullish signal is within reach. Active traders’ average returns in the past year stand at 1.8%, the lowest since Bitcoin bounced above $20,000 in March 2023.  

🤯 After Bitcoin's retrace to as low as $55.4K, a very bullish signal is within reach. Average returns of traders active in the past year are only +1.8%, the lowest level since BTC bounced above $20K for good back on March 11, 2023.

One of the top signals for all of crypto that… pic.twitter.com/Ve33dMgbeH

— Santiment (@santimentfeed) July 8, 2024

Crypto analyst Miles Deutscher admits that the current market feels like a massive opportunity. For the shorter term, he lists Mt. Gox and Germany selling. For the longer term, he points to Bitcoin and Ethereum ETFs, the 2024 election, a major political shift on crypto regulation and the $16 billion FTX payout to customers.

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:

• Bitcoin’s Performance For The Rest Of 2024 Hinges On This Historical Pattern

Image: Shutterstock