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

Cryptocurrency markets are trading down on Friday, alongside a drop in total short crypto liquidations to the lowest levels since February 2024. One week after the Bitcoin Halving, exchange net flows for Bitcoin witnessed a major drop of 227% to $114 million.  

What Happened: Crypto markets experienced a shaky Friday late evening, with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) trading in the red. Global concerns, such as the Japanese yen’s tumble to a fresh 34-year low against the U.S. dollar, weighed on the stock and crypto markets.

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin  (CRYPTO: BTC)	-1.4%	$63,876.32
Ethereum (CRYPTO: ETH)	-1.1%	$3,139.89
Dogecoin (CRYPTO: DOGE)	-2.2%	$0.1497

A development on the Asian market will see Chinese investors with a Hong Kong residence permit allowed to buy shares in the Hong Kong ETFs. The global cryptocurrency market cap now stands at 2.36 trillion, down 1.07% in the past 24 hours. In the same period, 48,733 traders were liquidated, with total liquidations reaching 119.34 million.

Notably, crypto short liquidations as of April 26 at 3:30 pm ET stood at the lowest since February 2024, at $24.96 million. IntoTheBlock data highlights that Bitcoin exchange’s net flows dropped significantly by 226.6% to 114.4 million, while large transaction volumes narrowed by 23.6% to $37.98 billion.

Top Losers

Cryptocurrency	Gains +/-	Price
Wormhole (CRYPTO: W)	-10.0%	$0.5994
Pendle (CRYPTO: PENDLE)	-9.9%	$5.44
Arweave (CRYPTO: AR)	-8.0%	$8.22

Also Read: Bitcoin’s Consolidation Is The ‘Calm Before The Storm,’ Veteran Trader Lark Davis Writes

Analyst Notes: Crypto veteran trader Michaël van de Poppe states that Bitcoin is still stuck in a range. However, he expects altcoins to perform better.

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

My current base thinking on $BTC

Expecting continued chop suey in the purple box into the Summer

In that box, you have to look for clues whether this is re-accumulation or re-distribution

Re-accumulation –> 100K

Re-distribution –> 52K or 42K or 32K

Brush up on Macro pic.twitter.com/6YHvPoaG47

— Murad (@MustStopMurad) April 26, 2024

Crypto trader Tim estimates that the “crypto market will be much higher” and is holding his entire portfolio. He states, “If the ship goes down, I’ll join you, but I think we’ll go higher after May, and this is a consolidation phase before the next leg up.” He strongly reaffirms that in all scenarios, crypto is here to stay and will grow.

What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Arthur Hayes: Bitcoin Bull Market Not Over, Urges Investors To ‘Left Curve It’

Image created using artificial intelligence with Midjourney.