Bitcoin, Ethereum, Dogecoin Have A Slow Start To The Week: 'Would Be Good To See Minor Red,' Trader Posits

by Khyathi Dalal, Benzinga Staff Writer
August 26, 2024 4:48 PM | 3 min read |
Zinger Key Points
  • Global cryptocurrency market capitalization is trading 1.5% lower to $2.2 trillion as crypto short liquidations drop.
  • One trader marked a key support level for bouncing ahead and another noted a Bitcoin cycle top for December 2025.

Cryptocurrency markets are trading lower as crypto liquidations dropped to their lowest since June 29.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$63,454.33-1.2%
Ethereum ETH/USD$2,688.82-2.8%
Solana SOL/USD $158.25-0.5%
Dogecoin DOGE/USD$0.1054-4.01%
Shiba Inu SHIB/USD$0.00001448-4.05%

Notable Statistics:

  • IntoTheBlock data shows an 11.5% decrease in large transaction volume, while daily active addresses dropped by 12%. Currently, 88% of Bitcoin holders are in profit and 6% are at breakeven.
  • Coinglass data shows 58,683 traders liquidated in the past 24 hours for $123.88 million. Crypto short liquidations ($15.21 million) and Bitcoin short liquidations ($3.24 million) dropped to the lowest levels since June 29.

Notable Developments:

Top Losers

CryptocurrencyPriceGains +/-
DOGS DOGS/USD$0.001245-22%
Toncoin TON/USD$5.36-9.5%
Worldcoin WLD/USD$1.67-9.3%

Trader Notes: Crypto trader Jelle predicts Bitcoin to see some minor red today/tomorrow before a "push higher."

Another trader is curious if the Bitcoin cycle top is coming in December 2025. He draws parallels to the past two cycles when the strategy was to buy 13 months after the top and sell 35 months after the bottom.

Crypto chart analyst Ali Martinez marks $63,500 as a support level for a bounce back to higher levels. If it breaks, a drop to $62,800 could be on the horizon.
Crypto trader Kevin spotlights Bitcoin’s current RSI at 53, with price at $63,500. He compared it to when Bitcoin was at $63,500 on March 18, with the weekly RSI at 87.

He stated, "Learn what relative strength means. It's all very simple. Sit back and wait don't listen to the engagement farmers posting every 4 minutes."

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: 

Image: Shutterstock

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