Bitcoin Dogs (0DOG) Is Gearing Up for Its Much-Anticipated Exchange Listing

Bitcoin is exhibiting strong bullish signals attracting investor attention with key metrics indicating an upward trend.

Bitcoin price recently hit a local high of $60,100, attracting attention and sparking optimism among investors, particularly long-term holders.

Although the cryptocurrency is still within a consolidation period, its recent price action has generated a collective bullish sentiment across the market.

The daily trading volume saw a decrease of 42%, settling at around $14.7 billion, which is typically an indicator of cooling off and reduced volatility. However, this relative calm could be a precursor to a substantial price move.

Several key indicators are suggesting that Bitcoin could be poised for a bullish phase. The Ichimoku cloud indicator recently signalled a bullish crossover, which is often interpreted by traders as a sign of a pending price breakout.

Furthermore, the moving average convergence/divergence (MACD) indicator also crossed bullishly, adding to the evidence supporting the potential for a rally.

Many analysts are keeping a close eye on the $60,600 level, as a close above this mark could serve to confirm the beginning of a new bullish phase.

According to historical patterns, Bitcoin might be set to enter a parabolic phase, which could lead to significant price growth.

Bitcoin price to enter a parabolic phase?

A glance at the realized price (RP) indicator also reveals an interesting trend. After reaching a peak of $31,000 in December 2022, the RP has been steadily declining.

This drop in realized price often coincides with the final stages of a bear market, suggesting that Bitcoin may be preparing for a sustained bull phase.

Another factor contributing to the bullish sentiment around Bitcoin price is the declining dormant circulation.

According to recent data, the five-year dormant circulation has dropped to 104 BTC, which is among the lowest levels recorded this year.

Moreover, the one-year dormant circulation has also taken a significant plunge, dropping from 6,040 BTC to 1,412 BTC, indicating that long-term holders are either taking profits or maintaining their positions.

This decline in dormant circulation often signals a stabilization in the market, as it suggests that long-term holders are becoming less inclined to sell.

Additionally, whale transactions, defined as transactions involving at least $100,000 worth of BTC, have decreased over the past few days.

This reduction in whale activity typically leads to lower price volatility, as it minimizes the chances of large-scale price manipulations.

The recent net inflows of over $36 million into US spot Bitcoin exchange-traded funds have further bolstered the bullish sentiment, contributing to Bitcoin’s resilience near the $60,000 mark.

Bitcoin Dogs price prepares for exchange debut

While Bitcoin price continues to grab headlines, another cryptocurrency that has sparked interest is Bitcoin Dogs (0DOG).

Having raised over $13 million in a highly successful token sale, Bitcoin Dogs is now preparing for its exchange debut on August 21.

On August 21, 2024, the token will be listed on Gate.io, MEXC, and Uniswap, with more platforms expected to follow.

Bitcoin Dogs has garnered attention not just for its name but also for its solid fundamentals and ambitious roadmap.

The developers plan to launch an NFT collection comprising 10,000 unique tokens, which can be bought, held, and traded.

Furthermore, they aim to create a Bitcoin Dogs Club Marketplace with a 0.5% transaction fee, which will benefit token holders.

Despite potential short-term volatility following its listing, analysts believe that Bitcoin Dogs is well-positioned for long-term success, especially for its association with the Bitcoin blockchain.

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