Bitcoin Plunges Below $60K, Ethereum, Dogecoin Follow Down, But...'July Is Historically Bullish,' Says Trader

Zinger Key Points
  • Global crypto market capitalization is down 4.7% down to $2.2 trillion with long liquidations at their highest in two months.
  • One trader noted that Bitcoin has reached the most oversold stage in a year, while another points to July being a historically strong month.

Cryptocurrency markets are down heavily in Monday trading, as Bitcoin plunged below $60,000 for the first time in weeks.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$59,931-6%
Ethereum ETH/USD$3,346-2.4%
Solana SOL/USD$130.20-0.2%
Dogecoin DOGE/USD$0.1177-6.2%
Shiba Inu SHIB/USD$0.00001685-5%

Notable Statistics:

  • Coinglass data shows 89,508 traders liquidated in the past 24 hours, with total liquidations at $347.76 million; BTC long liquidations ($132.4 million) marked a two-month high.
  • IntoThe Block data notes a 92.1% increase in exchange netflows; transactions greater than $100,000 dropped, as did Bitcoin holders in profit.
  • Crypto chart analyst Ali Martinez highlighted Bitcoin's daily RSI hitting oversold territory three times in the past two years leading to price surges of 60%, 63%, and 198%, respectively. He suggested a "prime opportunity to buy the dip."

Notable Developments:

Benzinga future of digital assets conference

Top Losers:

CryptocurrencyPriceGains +/
Ordi ORDI/USD$33.98-15%
Uniswap UNI/USD$8.82 -11%
Gnosis GNO/USD$286.55-10%

Trader Notes: Unipcs noted that "everyone feels so sure we’ll keep dipping because markets have been down only." He sees July has "historically been a bullish month for crypto." His table indicated that July's average return stands at around 8% while the median stands at 10% compared to -0.7% and -0.5%, respectively in June.

Crypto analyst Michaёl van de Poppe stated that Bitcoin has become the most oversold on the Mt. Gox news in a year. The last two times were the FTX crash and August 2023 correction.

Rekt Capital is monitoring the situation:

In a very detailed post, CrediBULL Crypto highlighted that "The orange zone below at $58,000-$60,000 is a “last chance” level to keep us from seeing much more downside."

He also predicted that things could get ugly ($53,000-$54,000) as the next major area of demand. However, he adds "Hold it and technically we still have a higher low above the $56,000 lows from last month."

The trader added, "Even if this level is held we now have to look to build a new impulsive structure to the upside since the prior impulse was invalidated."

What’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: Is Bitcoin’s New 5% Tumble Still A ‘Bull Market Correction’?

Image: Shutterstock

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