Bitcoin Retraces, Ethereum, Dogecoin Continue Their Rallies: BTC 'Needs Some Time To Rest Before It Can Firmly Stay Above $70K,' Says Trader
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets remain buoyant with Ethereum futures peaking at an all-time high of $15.1 billion, driven by speculation of an imminent spot Ethereum ETF approval. Bitcoin retraces slightly, while Ethereum and Dogecoin continue their rallies.
May 21, 2024 | 8:15 pm
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NEUTRAL IMPACT
Bitcoin retraced slightly to $69,331.92, down 1.2%. Analysts suggest this pullback is normal and healthy, with expectations of Bitcoin reaching $80,000 in the near future.
Bitcoin's slight retracement is seen as a normal correction. Analysts remain bullish, targeting $80,000, suggesting a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Dogecoin rose 4.1% to $0.1643, continuing its rally amid the overall positive sentiment in the cryptocurrency market.
Dogecoin's price increase is part of the broader positive sentiment in the cryptocurrency market, suggesting a positive short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ethereum surged 7.8% to $3,715.73, driven by speculation of an imminent spot Ethereum ETF approval. Futures open interest hit a record $15.1 billion.
Ethereum's significant price increase is driven by strong speculation of a spot ETF approval, indicating a positive short-term impact.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90