Actionable Stock Market Trading Newswire. Built for Traders, by Traders.
All news is property of their respective owners.

Bitcoin Bounces, Ethereum, Dogecoin Disappoint: ‘$69K Must Break,’ Technical Analyst Points Out

Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance. Prices as of 4 p.m. ET:
byIvan Crnogatić
May 30, 2024
2 minute read
Total
0
Shares
0
0
0
0
0
0

Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance.

Prices as of 4 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: SHIB) $0.0000258 -6.1%

Notable Statistics:

  • Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations.
  • Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets.
  • Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/–
Notcoin (CRYPTO: NOT) $0.0012 +38%
Ordi (CRYPTO: AR) $43.30 +11%

Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future:

Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip.

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.

Photo: Shutterstock

 
Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Share 0
Share 0
Related Posts
Read More

CBD-Focused Avicanna Taps Into European Market Via Exclusive Pharma Supply Deal

By Jelena Martinovic
February 5, 10:41 AM
Canadian cannabinoid-based biopharmaceutical firm Avicanna will supply two proprietary topical products to an unnamed multinational pharmaceutical firm in six European countries in 2024. The deal will commercialise Avicanna's RHO Phyto brand in Europe for the first time. The company praised its own proprietary patent-protected technologies being entered into "the European market without competition" as testament to its "scientific and technical leadership in the cannabinoid clinical and commercialisation field", highlighting the deal's strategic nature and geographic position, as well as the expected rapid expansion into other European countries. The unnamed pharmaceutical company manufactures and markets a wide range of pharmaceuticals across four continents and has established a commercial infrastructure in Europe. These manufacturing plants will produce Avicanna's Ultra-CBD cream and CBG Transdermal Gel in 2024.

AVCNF