Bitcoin, Ethereum, Dogecoin Go Sideways, But 'Market Structure Back To Bullish,' Says Trader
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets are trading slightly down, with Bitcoin, Ethereum, and Dogecoin experiencing minor losses. Notable developments include Australia's approval of its first Spot Bitcoin ETF, Tether launching a new synthetic dollar backed by gold, and Deutsche Telekom's plans to mine Bitcoin. Additionally, a crypto roundtable with Biden administration officials and Mark Cuban is scheduled for July.
June 17, 2024 | 9:12 pm
News sentiment analysis
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NEGATIVE IMPACT
Injective is down 12.6% at $21.81, making it one of the top losers in the market.
Injective's significant price drop indicates negative sentiment or market reaction.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
zkSync is down 25.3% at $0.2144, the largest loser in the market.
zkSync's substantial price decline suggests strong negative sentiment or adverse market conditions.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
Dogecoin is down 3.4% at $0.1315. No major developments specific to Dogecoin were mentioned.
Dogecoin's price movement is in line with the broader market trend, with no specific news impacting it.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Bitcoin is trading slightly down at $66,286.62, but market structure is turning bullish according to traders. Key support and resistance levels are $65,000 and $70,000 respectively.
Traders see a higher high forming for Bitcoin, indicating a bullish market structure. Holding above $65,000 is crucial for further gains.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum is down 1.9% at $3,528.34. A Spot Ethereum ETF launch is possibly set for July 2, which could impact its price positively.
The potential launch of a Spot Ethereum ETF could drive positive sentiment and price appreciation.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80