Bitcoin, Ethereum, Dogecoin On Shaky Ground, Crypto Veteran Sees ‘Bitcoin Still Stuck In Range’

Cryptocurrency markets fell on Friday, with total crypto short liquidation falling to its lowest level since February 2024. One week after the Bitcoin halving, Bitcoin exchange net flows plummeted by 227% to $114 million.

what happened: The cryptocurrency market was volatile late Friday night. Bitcoin (Crypto: BTC), Ethereum (Crypto: ETH), and dogecoin (CRYPTO: DOGE) is trading in the red. Global concerns weighed on stock and virtual currency markets, with the Japanese yen dropping to its lowest value in 34 years against the US dollar.

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Prices as of 4pm ET:

cryptocurrency Gain +/- price
Bitcoin (Crypto: BTC) -1.4% $63,876.32
Ethereum (Crypto: ETH) -1.1% $3,139.89
Dogecoin (Crypto: DOGE) -2.2% $0.1497

Development in the Asian market is look Chinese investors with Hong Kong residence permits are now allowed to buy shares in Hong Kong ETFs. Currently, the global cryptocurrency market capitalization is $2.36 trillion, down 1.07% in the past 24 hours. During the same period, 48,733 traders were liquidated, bringing the total liquidation amount to 119.34 million.

Notably, as of 3:30 pm ET on April 26, the short interest in virtual currencies was $24.96 million, the lowest level since February 2024. IntoTheBlock data highlights that Bitcoin exchanges’ net flows fell significantly by 226.6% to $114.4 million, while large trading volumes fell by 23.6% to $37.98 billion. .

top loser

cryptocurrency Gain +/- price
Wormhole (Crypto:W) -10.0% $0.5994
Pendle (cipher: Pendle) -9.9% $5.44
Arweave (Crypto: AR) -8.0% $8.22

Also read: Bitcoin price movement is ‘calm before the storm’, writes veteran trader Lark Davis

Analyst notes: Veteran cryptocurrency trader michael van de poppe He said Bitcoin is still range-bound. However, he expects altcoins to perform better.

Murad, a well-followed meme coin analyst and trader, shared potential price targets to determine whether the current range is an accumulation or a distribution.

My current basic thinking is $BTC

I hope Chop Suey continues in the purple box until summer.

Inside that box, we need to look for clues as to whether this is reaccumulation or redistribution.

Reaccumulate –> 100K

Redistribute –> 52K or 42K or 32K

Brush up your macros

— Murad (@MustStopMurad) April 26, 2024

virtual currency trader tim Estimate He holds his entire portfolio because he believes “the crypto market will go even higher.” He said, “If the ship goes down, I’ll be in on it, but I think we’ll go even higher after May. This is a consolidation phase for the next step.” He strongly reaffirms that in all scenarios, cryptocurrencies will continue to exist and grow.

what’s next: These topics will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.

Read next: Arthur Hayes: Bitcoin bull market isn’t over, urges investors to ‘curve left’

Image created using artificial intelligence in Midjourney.

© 2024 Benzinga does not provide investment advice. All rights reserved.

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