Bitcoin, Ethereum, Dogecoin Decline Amid Tech Stock Bloodbath: Analyst Says King Crypto 'Not Quite Ready Just Yet' For This Price Level
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, saw declines as investors booked profits. Bitcoin's price fell to the mid-$64,000s after briefly breaching $66,000. Ethereum dipped below $3,500. Analysts suggest Bitcoin isn't ready to retest the $65,000 level as new support. The broader stock market also saw declines, with the Nasdaq Composite shedding 2.77%.
July 18, 2024 | 2:27 am
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NEUTRAL IMPACT
Ethereum's price dipped below $3,500 amid broader market declines. Despite this, the stage is set for the final approval of ETFs tracking Ethereum.
While Ethereum's price has declined, the potential approval of ETFs tracking its price could provide support, leading to a neutral short-term outlook.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Bitcoin's price fell to the mid-$64,000s after briefly breaching $66,000. Analysts suggest it isn't ready to retest the $65,000 level as new support.
Bitcoin's inability to sustain gains above $66,000 and analysts' predictions of further declines suggest a bearish short-term outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price fell by 2.88% to $0.1232 as part of the broader cryptocurrency market decline.
Dogecoin's decline is part of the broader market trend, suggesting a bearish short-term outlook.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70