Bitcoin Bounces; Ethereum, Dogecoin Disappoint: '$69K Must Break,' Technical Analyst Points Out
Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance. Prices as of 4 p.m. ET: CryptocurrencyPriceGains +/-Bitcoin BTC/USD$67,230+1.3%Ethereum ETH/USD$3,730-0.5%Solana SOL/USD$166.80-1.2%Dogecoin DOGE/USD$0.159-3.5%Shiba Inu SHIB/USD$0.0000258-6.1%Notable Statistics: Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations. Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets. Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations. Notable Developments: Elon Musk Reportedly Advising Donald Trump On Crypto Policy Turning $15K Into $14M In 6 Years: Crypto Trader Shares Keys To Success IBIT Overtakes GBTC As The Biggest Bitcoin ETF: Here’s How They Compare Babylon Raises $70M To Bridge Bitcoin And Ethereum Robinhood Unveils Crypto Trading API For Advanced US Users Top Gainers: CryptocurrencyPriceGains +/–Notcoin NOT/USD$0.0012+38%Ordi ORDI/USD$47.95+18%Arweave AR/USD$43.30+11%Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future: $BTC vs. $SPXWhile Bitcoin has made a new ATH vs USD this year, it's yet to make a new one vs. the S&P 500.Looking at this chart, it's clear that there's a high likelihood this ratio enters price discovery in the near future.That's where the real fun begins. pic.twitter.com/HCvZYJlkTS— K A L E O (@CryptoKaleo) May 30, 2024Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip. compression resolution it was indeedfrom here– 67.5-68.2k must flip support, lose it again = give proper D1 trend retest 65.0-66.5k – ~69k must break, = break it, give retest of range high/ATH regionstating the obvious but it never hurts pic.twitter.com/4nluCAMz0s— Pierre (@pierre_crypt0) May 30, 2024What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Photo: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.