Bitcoin has surged to the $67,000 price level, with potential resistance ahead at the $70K-$79K range. The nearest support for BTC is currently at $50K-$59K. On the other hand, meme coin DOGE has experienced a notable decrease in holders.
As of now, Bitcoin is trading at $67,295.47 after hitting a daily high of $67,800. The cryptocurrency market is witnessing a battle for dominance among meme coins, with Dogecoin (DOGE) and Shiba Inu (SHIB) showing gains of 2.6% and 1.07% respectively. However, other meme coins are struggling to stay in the green.
According to a post by Santiment on X (formerly Twitter), there is speculation that Bitcoin could find a bottom between $50,000-$59,000 and a top around $70,000-$79,000. The Fear and Greed Index currently sits at 58, indicating neutral sentiment among investors.
To signal an uptrend, Bitcoin must surpass the resistance levels in the $70K-$79K range. The digital asset’s all-time high stands at $73,750, achieved in March.
Santiment also emphasized the inverse correlation between Bitcoin and the broader crypto market and the majority sentiment. Investors are advised to think independently and avoid falling into the trap of ‘crowd think,’ as this factor contributes to the unpredictable nature of the digital asset market.
In the realm of meme coins, DOGE and SHIB are trading at $0.00001828 and $0.1188 respectively. While DOGE has seen a 8.62% increase in the past week and SHIB has risen by 2.32%, investors are still seeking stronger performances from these cryptocurrencies compared to other meme coins like Pepe (PEPE).
Data from Santiment reveals a significant decline in the number of Dogecoin holders, with a net decrease of -106.6K non-empty DOGE wallets since October 8th. Traders have expressed dissatisfaction with DOGE’s performance and are exploring other options for quick gains.
On the other hand, PEPE has experienced a 2.77% drop in the last 24 hours and is currently trading at $0.00001031. The meme coin is trading at a 39.79% discount from its all-time high, indicating a decrease in demand for the altcoin.
In conclusion, the cryptocurrency market continues to experience fluctuations, with Bitcoin facing resistance at key price levels and meme coins navigating through varying levels of investor interest. Investors are advised to stay informed and exercise caution in their trading decisions.