Price: $0.38548 -8.722%
Market Cap: 56.58B 1.9422%
Volume (24h): 18.84B 0.4%
Dominance: 1.9422%
Price: $0.38548 -8.722%
Market Cap: 56.58B 1.9422%
Volume (24h): 18.84B 0.4%
Dominance: 1.9422% 1.9422%
  • Price: $0.38548 -8.722%
  • Market Cap: 56.58B 1.9422%
  • Volume (24h): 18.84B 0.4%
  • Dominance: 1.9422% 1.9422%
  • Price: $0.38548 -8.722%
Home > Information news > Bitcoin Prices Respond to US Market

Bitcoin Prices Respond to US Market

Release: 2024/08/16 22:46 Reading: 339

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/66bf60001745e077ecb6cd69

Bitcoin Prices Respond to US Market

Bitcoin Prices React to US Market Opening

Following the US market opening, Bitcoin prices exhibited notable fluctuations exceeding $500. Binance's high-volume short positions were met with significant buying pressure, leading to their suspension. Such trading disputes often yield significant news events. Furthermore, the DOGE market is displaying signs of increased volatility.

Dogecoin Whales Signal Caution

DOGE prices have fallen to the $0.10 mark, mirroring trends seen in other altcoins. As prices reach lows, the potential for further selling increases. IntoTheBlock data reveals a 6% decline in large DOGE transactions over the last 30 days, indicating whales are adopting a cautious stance. Transactions ranging from $1 million to $10 million have also witnessed similar decreases, suggesting negative sentiment among large investors.

Moreover, transactions exceeding $10 million have plummeted by 67%, further reinforcing a bearish outlook. This trend suggests a potential double-digit loss for DOGE, as large investors appear to lack confidence. Diminishing interest and heightened uncertainty among major players often accompany declining large transaction volumes, exerting downward pressure on prices.

Influences on Large Transactions

The recent dip in activity is corroborated by the decrease in Large Holder Net Flow relative to Exchange Net Flow. This metric, tracked by IntoTheBlock, has significantly declined over the past month. Large investors, who hold more than 0.1% of an asset's circulating supply, play a crucial role in driving prices. Their reduced activity and negative net flow indicate their contribution to the downward price trend.

Investor Insights

  • Declining large transactions signal caution among Dogecoin whales.
  • Reduced whale activity can trigger substantial price drops.
  • Monitoring whale interest can provide early warnings of price movements.
  • A drop to the $0.08 support level is possible, representing a 20% decrease.

Outlook

Due to the lack of whale interest and weak buying pressure, DOGE is likely to fall to the $0.08 support level, potentially marking a 20% decline from current levels. The last significant drop to this region occurred during the August 5 crash, which saw over $1 billion in liquidations.

Conversely, renewed whale interest could propel prices towards the $0.12 mark. Bitcoin's volatility remains high, and a clear direction for BTC could provide support for a DOGE price increase. However, current news flow offers no significant indications of a directional shift.

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