Dogecoin surged 5% after Elon Musk’s Twitter rebranded to “X,” part of the artificial intelligence-focused X.AI consortium. The Dogecoin logo was previously added to his bio earlier this week. Which has led many to speculate that this coin could be an important part of the new company change.
at the same time Bitcoin price dropped below $29,100 this afternoon.
With long futures openings that are personally accounted for and almost 96% of them are cleared today. And there were other sell-offs totaling $30 million, which may have caused the price to drop so quickly.
The clearing of this high-value portfolio can be a sign of price action. This may help traders to set their trading positions accordingly. however Bitcoin’s price drop also saw several cryptocurrencies drop, with Tron’s TRX and Polygon’s MATIC down 3.4%, while Solana’s SOL fell nearly 5%.
On the other hand, some analysts said that During non-bullish periods and during the quiet summer months, this could cause a further drop in the bitcoin price. And some targeted $27,000.
“If the previous negative pressure increases The next key level of support is $27,000, which is the channel’s lower boundary since November’s low and the 200-week moving average,” Alex Kuptsikevich, FxPro senior market analyst, said in an email to CoinDesk.
Source: CoinDesk
photo: cryptostars