Bitcoin extended gains after Robinhood launched its blockchain, with the company touting it as ideal for both real-world assets and meme coins.
| Cryptocurrency | Ticker | Price |
| Bitcoin | (CRYPTO: BTC) | $63,183 |
| Ethereum | (CRYPTO: ETH) | $1,748.40 |
| Solana | (CRYPTO: SOL) | $77.99 |
| XRP | (CRYPTO: XRP) | $1.09 |
| Dogecoin | (CRYPTO: DOGE) | $0.07291 |
| Shiba Inu | (CRYPTO: SHIB) | $0.054285 |
Notable Statistics:
- Coinglass data shows 55,831 traders were liquidated in the past 24 hours for $148.86 million.
- SoSoValue data shows net outflows of $84.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $70.5 million.
- In the past 24 hours, top gainers include Arbitrum, Celestia and Canton.
Notable Developments:
- Bitcoin, Ethereum Exchange Supplies at Historic Lows: Is This Bullish?
- A Bitcoin Reserve? No Thanks, We’ll Pass After FTX, Says Singapore’s Temasek
- The Bitcoin Bottom Is Forming: Watch These 3 Signals to Know When It’s Complete, Glassnode Says
- Bitcoin’s Next Big Buyer Is Larger Than Michael Saylor, Bitwise Says: Who Is It?
- Robinhood Launches Blockchain, CEO Vlad Tenev Says It’s ‘Great For Memes Too’
- Michael Saylor Selling Bitcoin Is a ‘Tweak’, Strategy Will Be Fine, Industry Expert Argues
- Eric Trump Said ‘Just Hold On’ While Bitcoin Erased $600M From His Fortune
Trader Notes:
Trader Jelle noted Bitcoin is flashing a weekly death cross, a signal that has historically appeared late in bear markets rather than at the beginning.
The analyst argues that past occurrences have often coincided with the final stages of Bitcoin’s downturn, suggesting the bear market may be nearing its end. With multiple bullish indicators aligning, he believes starting a dollar-cost averaging strategy a few weeks ago was the right move.
Trader Titan said that regardless of whether Bitcoin has already bottomed or has further downside ahead, history suggests accumulating around a weekly death cross has typically been a favorable long-term strategy.
Trader AshCrypto explained Bitcoin has reclaimed its 200-week moving average, a key long-term bear market support, and is holding above $60,000 after bouncing from $57,000.
The analyst says maintaining this level could pave the way for a historically strong July-August rally.
Image: Shutterstock
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