Bitcoin, Ethereum, Dogecoin Consolidate: 'No Need To Add More Risk Here,' Trader Warns

Cryptocurrency markets are trading relatively flat despite positive macroeconomic data fueling hopes of a September interest rate cut.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$57,371.10	-0.09%
Ethereum ETH/USD	$3,107.17	-0.05%
Solana SOL/USD	$136.57	-3.3%
Dogecoin DOGE/USD	$0.1071	-0.8%
Shiba Inu SHIB/USD	$0.0000164	+0.35

Notable Statistics:

IntoTheBlock data notes a 79.8% increase in exchange netflows, while daily activity addresses rose by 4.2%. Transactions greater than $100,000 increased from 7,269 to 8,500 in a single day.
Coinglass data notes 38,109 traders liquidated for $104.46 million over the past 24 hours.
Sentiment data shows that during the current downtrend, Bitcoin whale and shark wallets are increasing while small traders sell off their bags. It highlighted a net increase of +261 wallets that now hold at least 10 BTC.
The German government's Bitcoin is running out as it sent another 5,000 BTC to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu.

Notable Developments:

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Top Gainers:

Cryptocurrency	Price	Gains +/–
MANTRA OM/USD	$1.07	+13%
Stacks STX/USD	$1.61	+6.4%
NEAR Protocol NEAR/USD	$4.94	+6.3%

Trader Notes: Crypto trader Poseidon noted that Bitcoin's daily chart is still bearish and price is below range low. He suggested two scenarios for traders:

Stockmoney Lizards predicted that current market cycle could peak around $250,000 to $300,000. He added that this is "NOT a short-term chart. Next weeks might be sideways / down 10 – 15%." Post the CPI data, the trader reiterated the same outlook but added an end-of-year prediction of $100,000.

Another crypto trader noted that if Bitcoin wants to rally to $60,600 going into the weekend, it will need a daily close "above the black resistance to invalidate the early-stage lower high and set price up for that rally."

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