Dogecoin Rises After Twitter Rebranding, Bitcoin Slides to $29K
One analyst pointed out the $27,000 level could be a short-term target for bitcoin amid the lack of positive news.
Dogecoin (DOGE) jumped as much as 5% on the back of Twitter's rebranding on Monday. The memecoin bucked the broader market slide as bitcoin (BTC) slipped to under $29,100, during European morning hours.
Elon Musk-owned Twitter is in the process of , a part of his artificial intelligence-focused group of companies called . Musk added dogecoin’s ticker logo to his bio early on Monday, spurring speculation of dogecoin playing a bigger role in the rebranded company.
Meanwhile, some $30 million worth of longs – over – were liquidated in a single hour on bitcoin-tracked futures, which may have contributed to the sudden decline.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. This happens when a trader is unable to meet the margin requirements for a leveraged position or fails to have sufficient funds to keep the trade open.
Large liquidations can signal the local top or bottom of a price move, which may allow traders to position themselves accordingly.
Bitcoin's drop led to a fall in several major tokens, with Tron’s TRX and Polygon’s MATIC losing 3.4%, while Solana's SOL fell nearly 5%.
Meanwhile, analysts said the lack of bullish news and a generally quiet summer may further weigh into bitcoin prices, with some targeting the $27,000 level.
“If bearish pressure intensifies, the next significant support level would be $27,000, the lower boundary of the rising channel from the November lows and the 200-week moving average,” said Alex Kuptsikevich, FxPro senior market analyst, in an email to CoinDesk.
The sentiment was mirrored by Simons Peters, markets analyst at eToro. “Bitcoin is beating a slow retreat at the moment as the price continues to trend down from recent highs. Although market dynamic in summer months can tend toward volatility with lower trading flows, the recent period has been remarkably calm for top cryptoassets in the market,” Peters told CoinDesk in an emailed statement.
“The softening of the price we’re watching currently suggests investors are looking for positivity to cling to, but with little forthcoming for now it is very much wait and see,” Peters added.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin News Today: Bitcoin's 405k BTC Liquidation: Is the Market Finding Balance or Facing an Imminent Collapse?
- Bitcoin HODLers sold 405,000 BTC in 30 days, the largest drawdown since July 2025, as spot trading volume surged to $300B in October 2025. - Analysts debate if this reflects market stabilization or prelude to further capitulation, with Binance dominating 58% of spot trading volume. - Long-term holders offloaded 325,600 BTC while short-term holders face average losses, raising concerns about sustained distribution phases. - Miner reserves stabilized near $115,000 price level, but risks persist below $110,

Ethereum News Update: Ethereum’s Dominance in Stablecoins Sparks Infrastructure Battle with Stripe and Solana Competing for Payment Leadership
- Ethereum processed $2.82 trillion in stablecoin transfers in October 2025, a 45% monthly increase driven by USDC ($1.62T) and USDT ($895.5B). - Layer-2 networks like Arbitrum ($154B volume) enabled faster, cheaper transactions while maintaining Ethereum's security and decentralization. - Stablecoin markets are projected to grow from $300B to $2T by 2026, with Ethereum powering over half of issued stablecoins and expanding in Latin America and Europe. - Institutional adoption boosted Coinbase's Q3 profits

Dogecoin News Today: Large Holders Challenge Dogecoin’s $0.18 Level, Raising Concerns Over Market Fluctuations
- Dogecoin (DOGE) tests $0.18 support level amid analyst warnings of a potential 63% drop to $0.07 if bulls fail to defend the threshold. - Technical indicators show fragile balance between buying interest and whale-driven sell-offs, with RSI near oversold and MACD turning positive. - Institutional adoption like Grayscale's Dogecoin trust contrasts with its 75% decline from 2021 highs despite social media-driven brand visibility. - Market dynamics highlight DOGE's dependence on Bitcoin and macro sentiment,

Dogecoin News Today: Contrasting Paths in Crypto: ADA and DOGE Face Challenges While BlockDAG's Presale Gains Momentum
- Cardano (ADA) confirms a "death cross" on hourly charts, dropping below $0.60 after large holders sold 100M ADA, intensifying bearish pressure. - Dogecoin (DOGE) consolidates near $0.18 support, with DeFi growth (5.10% 24h TVL rise) and technical indicators suggesting potential for $0.25-$0.33 gains if support holds. - BlockDAG's $435M presale surges, attracting 312K holders and institutional backing, with a planned $0.05 Feb 2026 listing positioning it as a "Layer-1 breakout" candidate. - Divergent cryp

