Bitcoin is exhibiting strong bullish signals attracting investor attention with key metrics indicating an upward trend.
At the same time, Bitcoin Dogs, a promising new cryptocurrency, is gearing up for its much-anticipated exchange listing.
Key indicators show Bitcoin ready for a bullish rally
Bitcoin recently touched a local high of $60,100, sparking renewed optimism among investors and long-term holders.
Although the cryptocurrency is still in a consolidation phase, its recent price action has triggered bullish sentiment across the market.
The daily trading volume decreased by 42% to around $14.7 billion, typically a sign of cooling off and reduced volatility. However, this calm may be the precursor to a significant price move.
Key metrics suggest that Bitcoin could be on the brink of an upward phase. The Ichimoku cloud indicator has signalled a bullish crossover, a signal traders often interpret as the harbinger of an impending price breakout.
The moving average convergence/divergence (MACD) indicator also crossed bullishly, further supporting the case for a potential rally. Analysts are closely watching the $60,600 level, as a close above this mark could confirm the beginning of a new bullish phase.
Historical patterns suggest that Bitcoin might enter a parabolic phase soon, with substantial price growth expected.
Declining dormant circulation and whale activity
Another factor contributing to the bullish sentiment around Bitcoin is the declining dormant circulation.
According to recent data, the five-year dormant circulation has dropped to 104 BTC, one of the lowest levels recorded this year.
The one-year dormant circulation has also plunged significantly, from 6,040 BTC to 1,412 BTC, indicating that long-term holders are either taking profits or holding their positions. This decline in dormant circulation often signals a stabilization in the market, as long-term holders become less likely to sell.
Moreover, whale transactions, defined as transactions involving at least $100,000 worth of BTC, have decreased over the past few days. This reduction in whale activity typically leads to lower price volatility, as it minimizes the chances of large-scale price manipulations.
The recent net inflows of over $36 million into US spot Bitcoin exchange-traded funds have further bolstered the bullish sentiment, contributing to Bitcoin’s resilience near the $60,000 mark.
Bitcoin Dogs, a new player with strong fundamentals
While Bitcoin continues to capture headlines, Bitcoin Dogs (0DOG) is emerging as a cryptocurrency to watch.
Having raised over $13 million in a highly successful token sale, Bitcoin Dogs is poised for its exchange debut on August 21.
On August 21, 2024, the token will be listed on Gate.io, MEXC, and Unisat, with more platforms expected to follow.
Bitcoin Dogs has garnered attention not just for its name but also for its solid fundamentals and ambitious roadmap.
The developers plan to launch an NFT collection comprising 10,000 unique tokens, which can be bought, held, and traded.
Additionally, they aim to create a Bitcoin Dogs Club Marketplace with a 0.5% transaction fee, which will benefit token holders.
Despite potential short-term volatility following its listing, analysts believe that Bitcoin Dogs is well-positioned for long-term success, especially for its association with the Bitcoin blockchain.
Conclusion
Both Bitcoin and Bitcoin Dogs are at pivotal moments in their respective journeys. Bitcoin’s bullish indicators suggest a potential breakout, while Bitcoin Dogs’ upcoming exchange listing marks a significant milestone for the new cryptocurrency.
As these developments unfold, the crypto market remains abuzz with anticipation, watching closely to see how these two players will shape the future landscape.
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