Bitcoin, Ethereum, and XRP are making waves in the crypto market today. Bitcoin hovers around $70,000, with a potential $4 billion in short liquidations if it crosses $73,000. Meanwhile, Ethereum struggles to hit $3,500 resistance, and Ripple’s XRP sees a rally, gaining nearly 5%. Solana’s performance is also noteworthy, surpassing Ethereum in total transaction fees and trading around $180.
Bitcoin Nears Key Resistance – $4 Billion Short Liquidations on the Horizon
Bitcoin’s price is flirting with $70,000 as of early Tuesday, and the sentiment among traders is notably bullish. According to IntoTheBlock data, over 80% of Bitcoin wallet addresses are currently profitable. This creates a looming risk of selling pressure if Bitcoin’s price exceeds $73,000.
- $4 Billion Short Liquidations: Analyst Quinten Francois highlights that nearly $4 billion in short positions could face liquidation if Bitcoin crosses the $73,000 mark. This could create significant volatility in the market.
Ethereum’s Struggle to Break Resistance
Ethereum continues to grapple with resistance around $3,500. Despite strong market interest, it’s currently stuck around the $3,100 mark. Traders are watching closely for a potential breakout, but Ethereum’s progress has been sluggish.
- Resistance at $3,500: Ethereum’s inability to push past this level suggests ongoing challenges. Traders should keep an eye on potential breakout points for future trading opportunities.
Ripple’s XRP Rally and Legal Battle
Ripple’s XRP has seen a notable rally, gaining nearly 5% and holding steady above the key psychological resistance of $0.60. The crypto community is also eagerly awaiting the outcome of Ripple’s ongoing lawsuit with the US Securities & Exchange Commission (SEC).
- XRP Gains: Ripple’s gains are a positive sign for investors as they anticipate a favourable resolution in the legal battle. The final ruling in the lawsuit is expected soon, which could impact XRP’s price further.
Dogecoin Analysis – Potential for a 24% Rally
Dogecoin (DOGE) is trading at $0.1294 and could be poised for a significant move. Currently, it’s facing support at $0.1169, marking a nearly 9% decline from recent highs.
- Potential Rally: DOGE could potentially rally by 24%, targeting $0.1601. This projection is based on the 50% Fibonacci retracement level of its recent price decline.
- Resistance and Support: The meme coin faces resistance at the Fair Value Gaps (FVG) between $0.1358 to $0.1348 and $0.1583 to $0.1621. Conversely, support may be found at the July 5 low of $0.0913.
Solana Surpasses Ethereum in Transaction Fees
Solana has surpassed Ethereum in total transaction fees on a weekly basis, according to Blockworks data. Solana’s performance is notable as it trades around $180, showcasing its growing influence in the crypto space.
- Solana vs. Ethereum: This shift highlights Solana’s increasing dominance in transaction efficiency compared to Ethereum.
Market Updates and Industry News
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Binance Launchpool: Binance’s latest update supports DeFi BNB assets in their Web3 wallet. Eligible decentralised BNB assets now count towards user holdings for rewards. Binance Launchpool continues to innovate in the DeFi space.
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Bitcoin Supply Inactivity: Glassnode reports that over 65.8% of Bitcoin’s supply has been inactive for over a year, with more than half inactive for over two years. This could influence Bitcoin’s market dynamics.
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One Trading’s Greenlight: One Trading, a regulated crypto exchange in Europe, has received approval from the Dutch financial regulator. They’ve been granted an Organised Trading Facility (OTF) License for their crypto derivatives platform.
Conclusion
Bitcoin, Ethereum, and XRP are at critical junctures in the market. Bitcoin’s potential $4 billion short liquidations, Ethereum’s struggle with resistance, and Ripple’s ongoing legal battle all create significant trading opportunities. Meanwhile, Dogecoin’s potential rally and Solana’s growing prominence add further layers of interest to the crypto landscape. As the market evolves, staying informed about these developments is key to navigating the dynamic world of cryptocurrency.
