Markets
Bitcoin, Ethereum, Dogecoin remain unstable, analyst predicts 2-10x increase for King Crypto in this bull cycle
Major cryptocurrencies traded roughly flat on Monday as bulls’ efforts for a bullish breakout stalled once again.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: Bitcoin) | -0.02% | US$69,473.14 |
| Ethereum (CRYPTO: ETH) | -0.79% | US$3,666.35 |
| Dogecoin (CRYPTO: DOGE) | -0.75% | $0.1449 |
What happened: Bitcoin it reached $70,000 during trading hours but faced rejection soon after, dropping to the $69,500 zone. Similarly, Ethereum it briefly broke $3,700, only to be downgraded to $3,660.
In the last 24 hours, 51,865 traders were liquidated, with total liquidations reaching $95 million. Long settlements represented 78% of the total.
Bitcoin liquidation heatmap observations showed significant leverage concentrations around $70,826 and $70,320, suggesting a high number of potential liquidations at these levels.
The number of traders opening long positions in Bitcoin has increased sharply over the past 24 hours compared to those who have shorted the asset, reflecting optimism regarding rising prices.
This was also evident in the strengthening of “greed” sentiment in the Cryptocurrency Fear & Greed Index, paving the way for a potential increase in buying pressure.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Oasis (PINK) | +9.35% | $0.1271 |
| Gnosis (GNO) | +8.79% | US$354.64 |
| Injective (INJ) | +7.10% | US$29.50 |
The global cryptocurrency market cap is $2.53 trillion, shrinking 0.67% in the last 24 hours.
The stock market rose on Monday. O Dow Jones Industrial Average added 69.05 points, or 0.18%, to close at 38,868.04. O S&P 500 gained 0.26 to finish at a record 5,360.79, while the technology-focused sector Nasdaq 100 it advanced 0.35% to reach 17,192.53, the highest ever.
The rally comes ahead of the Federal Reserve’s latest rate decision and May consumer price index data, both due Wednesday. The CPI is the Fed’s preferred inflation gauge, and investors closely watch the data to determine the likelihood of rate cuts from the central bank.
View more: Best Cryptocurrency Scanners
Analyst Notes: Widely Followed Cryptocurrency Analyst Timothy Peterson noted that Bitcoin’s 200-day moving average has reached an all-time high, a sign he believes marks the end of the recovery phase.
“Historically, this is followed by 1-2 years of upward trends and frequent new highs, with price increases of 2x to 10x,” Peterson noted.
On the other hand, another prominent analyst, Michael van de Poppe, signaled a buying opportunity for altcoins that have remained stagnant this year.
“It’s been a strange bull market. Solana has done very well, Bitcoin has been rising to a higher level before the halving and after the launch of the Spot ETF, but altcoins have been silent since then. It’s a reversal on the horizon for Altcoins “It’s very likely so,” predicted Van de Poppe.
Photo via Shutterstock
Read next: Crypto Adoption Is Being “Slow and Steady”, Research Report Says
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