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- Analysts are split on the current market, with some saying that a 20% dip is usually necessary for the market to reverse momentum, while others point to a local bottom for top cryptos.
- Bitcoin has been in a consolidation phase for over two months, with one analyst saying that despite BTC’s surge from $57,000, it’s still in a “prime buy zone.”
Major cryptocurrencies are trading marginally higher as we head into the weekend, with meme coins slightly edging the gains as Bitcoin struggles to break past $63,000.
The overall market cap increased by 3.36% to $2.33 trillion in the past day, reflecting the market’s sideways trading. Most cryptos gained between 2% and 4%, with TRON and LEO the only ones in the red in the top 100 cryptos.
Meme coins recorded higher gains overall, with Book of Meme’s BOME the highest climber in this category, with 12.7% to trade at $0.01157 and sneak into the top 100. Dogwifhat gained 11.5%, while Floki and Bonk each gained 6%. Shiba Inu and Dogecoin, the two largest meme coins in the industry, gained just below 4%.
Dogwifhat, in particular, seems revitalized, hitting $3 for the first time since its midweek collapse from $3.6. The Solana-based meme coin is attracting whales’ attention, with Lookonchain revealing that one such address splashed $4.2 million in USDC to purchase 1.4 million WIF just below $3. The address was one of the early WIF traders, making $8 million from some early trades.
Bitcoin’s 70-day Consolidation and Trump’s Newfound Crypto Affection
The crypto market’s slight resurgence comes on the heels of an endorsement by former president and Republican flag bearer Donald Trump. As Crypto News Flash reported, Trump recently held an event in which he reassured the industry that he’ll champion its interests if he beats Joe Biden in November.
“If you’re in favour of crypto, you better vote for Trump,” the charismatic and controversial billionaire told crypto enthusiasts at his Florida home.
Analysts at Standard Chartered believe that the Trump administration, coupled with ongoing fiscal challenges, could push Bitcoin past $150,000.
However, for now, BTC is struggling to recapture the $65,000 level, which it has hit only once this month. At press time, BTC is trading at around $63,000.
As one analyst pointed out on X, the top crypto has been consolidating for over two months now. Earlier this year, Bitcoin consolidated for 64 days before breaking out in February to set a new all-time high. Last year, it consolidated for 220 days before the breakout, as shown in the chart below.
(Chart courtesy of Ali Charts on X).
For another analyst, the key to BTC’s bounceback lies in its daily relative strength index (RSI).
Data from IntoTheBlock shows that the exchange netflows have been negative over the past 30 days, indicating low selling pressure. Of the major currencies, only MATIC and DOGE stand out with high exchange inflows.
