Cryptocurrencies Price Prediction: Bitcoin, Dogecoin & Crypto – European Wrap 10 July
Bitcoin price struggles around $58,000 despite investors quietly accumulating
Bitcoin (BTC) has encountered resistance near the $58,375 weekly level during the past few days, trying to break and hovering just above it at $58,865 at the time of writing on Wednesday. Concurrently, on-chain data reveals quiet BTC accumulation, alongside a notable outflow of 35,486 BTC from exchanges on June 5 and 6, marking BitMEX's second-largest outflow in history. In addition, Bitcoin spot ETFs received $216.4 million in inflows on Tuesday, marking the second consecutive day of positive netflows this week. Technical analysis also indicates a bullish divergence on a momentum indicator, suggesting a potential rally ahead.
Dogecoin, Shiba Inu could extend gains as selling pressure declines, investors accumulate DOGE and SHIB
Dogecoin (DOGE), and Shiba Inu (SHIB) extend their gains on Wednesday as the selling pressure on the meme coins reduced. Data from the on-chain intelligence tracker IntoTheBlock shows that less than 50% of wallet addresses holding these meme coins are currently profitable.
Crypto market looks to return to growth
According to the sentiment index, the cryptocurrency market remains in a state of fear at 28. Still, market capitalisation rose for the second day in a row as lower prices attracted buyers. Capitalisation rose 1.9% to $2.16 trillion, surpassing previous local highs, which is promising.
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