Altcoins to Buy: The Bitcoin price trajectory has been sluggish since last weekend trying to stabilize above $50000

The daily chart projecting a long-wick neutral candle suggests no clear indication from buyers to sellers to drive this asset.

Bitcoin price showed no clear direction from last weekend as it tried to stabilize above $50000. A daily chart projection of a long-wick neutral candle indicated no strong signals from buyers to sellers to drive the asset.

However, data from Coinglass showed that 96,521 crypto traders were liquidated, leading to total liquidations amounting to $425.37 million. Bitcoin (BTC) faced $190 million in liquidations, while Ethereum (ETH) saw $94 million in liquidations.

Meanwhile, WuBlockchain reported that the German government transferred 16,038.7 BTC, valued at approximately $915.3 million, to exchanges and market makers. This substantial movement is part of a larger sell-off that began on June 19, during which the government has transferred a total of 26,071 BTC, equivalent to $1.527.9 million.

The German government has transferred 16,038.7 BTC ($915.3M) to exchanges and market makers today. They have transferred a total of 26,071 BTC ($1527.9M) since they started selling coins on June 19, and there are currently 23,788 BTC ($1.32B) in the address.

— Wu Blockchain (@WuBlockchain) July 8, 2024

Currently, the address associated with these transactions holds 23,788 BTC, worth around $1.32 billion.

Moreover, the U.S. government and the now-defunct Mt. Gox exchanges are set to further liquidate their BTC holdings. This coordinated sell-off could put additional pressure on Bitcoin price to slide below the immediate support level at $50000.

Amid the potential downfall, sidelined traders can consider cryptocurrencies like Solana (SOL), Pepe Coin (PEPE), and Chainlink (LINK) for better returns.

Solana (SOL)

Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It aims to provide fast, secure, and scalable blockchain solutions.

After Ethereum, the Solana coin is the next best asset for the potential launch of Exchange-Traded Funds (ETFs). With the recent S-1 filing from large asset management companies for Solana-based ETFs, SOL price is showing active demand pressure at $122.

The horizontal level is close to the support trendline of the triangle pattern formation. Solana price is currently trading at $137.5 with the market cap at $63.6 Billion.

A potential breakout from the triangle resistance trendline could drive a bullish rally to $210, followed by $326.

Solana Outperforms Ethereum Amid $441M Money Inflow Into CryptoPepe Coin (PEPE)

Pepe Coin (PEPE) is an Ethereum-based meme coin inspired by the popular internet meme character, Pepe the Frog.

The ongoing correction in PEPE price is strictly resonating within two trendlines of flag pattern formation. The pattern is known to drive a short counter-trend move for buyers to regain strength.

Today, PEPE price rebounded 12.2% from the lower trendline to trade at $0.0000095 with the market cap uplifting to $3.88 Billion. If the pattern holds true, PEPE price must breach the overhead trendline to signal uptrend continuation.

The post-breakout rally could bolster PEPE buyers to surpass the last high of $0.00001745 and enter a price discovery mode.

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