2024-05-15 20:24:54 by Benzinga

Cryptocurrency markets are trading higher following positive news from the latest consumer price inflation data. What Happened: Major cryptocurrencies are trading higher at the time of writing: Prices as of 4 p.m. Eastern Time: CryptocurrencyPriceGains +/-Bitcoin BTC/USD$65,883.69+7%Ethereum ETH/USD$3,020.12+4.4%Solana SOL/USD$155.14  +8%Dogecoin DOGE/USD$0.154+5.1%Shiba Inu SHIB/USD$0.00002428+3.8%Notable Statistics: Despite Bitcoin spiking, IntoTheBlock data shows a fall of 10.4% and 6% in large transaction volume and daily active addresses. Holders making a profit at current levels rose to 92% from 90% in a single day.   Coinglass data notes Bitcoin’s total short liquidations increasing to $38.9 million, the highest since March 3. Open interest surged 8.6% to $32.1 billion. Andrew Tate claimed putting $100 million in Bitcoin and exiting fiat completely.   Notable Developments: Vanguard Appoints Former BlackRock Executive Salim Ramji As New CEO Bitcoin Boom Sparks Surge In Crypto Wallet Recovery Services: ‘It’s Just Pure Economics’ Crypto Stablecoin Issuer Circle To Relocate To US Amid Market Rebound Top Gainers: CryptocurrencyPriceGains +/-Sei SEI/USD$0.5428+18.9%Immutable IMX/USD$2.42+18.5%Beam BEAM/USD$0.02478+16%Also Read: This Trader Sees A ‘Barbell Portfolio Of BTC And Memes’ As Most Profitable Trading Strategy Analyst Notes: Crypto and stock trader Jelle noted that Bitcoin should hold $65,000 for support and "I could see this playing out completely." Part-time researcher Bitcoin Ape tweeted an inverse head and shoulders pattern on Bitcoin's four-hour chart, saying this points to "imminent bullish price action." Another full-time trader, Scient, is optimisticabout Bitcoin, noting the consolidation above $65,500 as a key level and for fresh entries. He awaits price action to develop some support above the $65,500 zone and "not FOMO here." $BTC, So far so good. Now, my ideal scenario would be;– 1D close above $65.5k– Take supply from the OB at $67k– Retest the $64.5-65.5k zone and successfully flip it to support for a continuation higher.A clean break of the local 4H downtrend is a good start. Consolidation… https://t.co/lSHFQ1Ngv8 pic.twitter.com/36CwVjEAG2— Scient (@Crypto_Scient) May 15, 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. Read Next: Veteran Trader DonAlt Signals Potential ‘Cycle Top’, Says ‘It’s Over For Memes’ Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.