Bitcoin, Ethereum, XRP, Dogecoin Struggle As Post-FOMC Blues Hits Markets

Benzinga
08-01

Cryptocurrency markets are down after Bitcoin failed to consolidate above the $119,00 mark.

CryptocurrencyTickerPrice
BitcoinBTC/USD$116,606
EthereumETH/USD$3,726
SolanaSOL/USD$174.74
XRPXRP/USD$3.05
DogecoinDOGE/USD$0.2129
Shiba InuSHIB/USD$0.00001265

Notable Statistics:

  • IntoTheBlock data shows Bitcoin's large transaction volume and daily active addresses increased by 7.2% and 0.4%, respectively. Exchanges netflows narrowed by 118.3%.
  • Coinglass data shows 121,983 traders were liquidated in the past 24 hours for $395.41 million.
  • The top gainers in the past 24 hours include Pump.fun PUMP/USD, Sonic (CRYPTO: S) and Toncoin TON/USD.

Notable Developments:

  • Robinhood Crypto Trading Volumes Surge In July, But: ‘Still Early In The Bull Cycle,’ Bernstein Says
  • Happy 10th Birthday Ethereum! Why Its Strongest July Ever Could Be Just The Beginning
  • Ethereum ETFs, Treasury Companies Now Hold Over $32B In ETH: Here’s What’s Driving The Frenzy
  • Tether Posts $4.9B Profit, Surpasses $127B In U.S. Treasuries In Q2
  • Coinbase CEO Brian Armstrong Recalls How US Immigration Woes Helped Spark Ethereum’s Creation
  • 97% Of Bitcoin Wallets Are Now In Profit — What Does It Mean For Your Portfolio?

Trader Notes: Crypto trader GalaxyBTC noted this kind of consolidation on Bitcoin is familiar, saying it has happened before Bitcoin surged from $50,000 to $70,000.

Byzantine General observes Bitcoin being in a choppy, indecisive range, a “no man’s land.”

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With the FOMC out of the way, price action might stay stuck here.

A trade setup only looks appealing if it takes out the local high or low, offering a potential scalp in the opposite direction.

Daan Crypto Trades sees Bitcoin retesteing near its range low after the FOMC but held a higher low, a sign of underlying strength.

Price is still ranging, but several marginally lower highs above hint at short stop and liquidation liquidity stacking up.

Once one of those levels breaks, a cascade could follow. For now, though, strong supply above $118,000 is capping upside and may take time to absorb.

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Read Next:

  • Bitcoin Consolidates After FOMC Meeting: What Does Powell's Decision Mean For ETH, XRP, Dogecoin?

Image: Shutterstock

$BTCBitcoin - United States dollar
$116640.00-1.01%

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Edge Rankings
Momentum
92.89
Price Trend
Short
Medium
Long
Overview
$DOGEDogecoin - United States dollar
$0.2132-3.02%
$ETHEthereum - United States dollar
$3731.71-2.04%
$SHIBShiba Inu - United States dollar
$0.000013-1.55%
$SOLSolana - United States dollar
$174.84-1.65%
$TONToncoin - United States dollar
$3.574.81%
$XRPRipple - United States dollar
$3.06-1.27%
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