As Bitcoin recovers to a crucial $57,000 level, dog-themed memecoins benefit the most from the uprising market sentiment.
TL;DR
- Bitcoin increased 5% in the last 24 hours after the 8-day streak of over $1 billion ETF outflows.
- Analyst Michaël van de Poppe sees $53,000 and $48,000 as the next crucial steps for Bitcoin despite today’s green chart.
- DOGS and DOGE are on top of the sentiment, adding over 10% to the price each.
Bitcoin Back to $57,000 Amid ETF Outflow Streak
Bitcoin (BTC) has been putting in a positive rebound, turning tables since September’s tough beginning for the asset. The first cryptocurrency is trading just above $57,000, up 5% over the past 24 hours.
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BTC/USDT 1D chart. Source: WhiteBIT TradingView
A positive rebound was followed by a stark ETF outflow streak. According to SoSoValue, Bitcoin exchange-traded funds indicated negative inflows since August 27. Bloomberg analysts noted that the 8-day stream resulted in ca. $1.2 billion in withdrawals from the 11 listed spot ETFs – the longest run of outflows since launching on January 10.
Total Bitcoin spot ETF net inflow. Source: SoSo Value
Positive netflow was recorded only on September 10. At the time of writing time, it was counting up to $28.72 million. While this may hint at the global positive rebound, some analysts remain concerned about Bitcoin’s future. While TraderXO believes that if Bitcoin manages to break through $58,000, it could signal a continuation of a bullish trend, market analyst Michaël van de Poppe points out $48,000 as the next significant support.
“If we look at the lower time frames for Bitcoin, then we can see that we are continuing to trend down,” van de Poppe explained. “We have a few crucial levels in this regard. As long as Bitcoin stays beneath $58,000, I technically believe we’re going to see $53,000 and perhaps even $48,000.”
Source: Michaël van de Poppe / TradingView
Read Also: Metaplanet Buys Additional Bitcoin to Increase its Balance
Dog-Themed Coins Take Over Altcoins
The market has mainly followed Bitcoin’s upswing. Ether (ETH), Solana (SOL), and Ripple’s XRP added 1.1%, 3.7%, and 2.6% in the last 24 hours respectively. Ultimately, the total cryptocurrency market capitalization went 1.4% north, as per data from CoinGecko.
Cryptocurrency market total capitalization. Source: CoinGecko
Remarkably, dog-themed memecoins has recorded the most gains today. DOGS (DOGS), a buzzing TON-based project, secured over a 14% increase in price, trading for $0.0010792 at the writing time.
DOGS/USDT 1h chart. Source: WhiteBIT TradingView
Meanwhile, another memecoin, Dogecoin (DOGE), indicated nearly 10% growth in the last 24 hours.
DOGE/USDT 1h chart. Source: WhiteBIT TradingView
While dog dominance in memecoins prevails and Bitcoin shows signs of a long-term retest, investors remain concerned about the September Fed meeting, set to take place on September 17 and determine market sentiment for the next month.
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Paul Osadchuk
I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.