Bitcoin, Ethereum, Dogecoin With A Meek Close To A Strong Week: 'Test Zones Coming Up For BTC,' Says Trader
Cryptocurrency markets are trading sideways, with Ethereum outperforming Bitcoin to end the week strong.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $62,907.07 | -0.9% |
| Ethereum ETH/USD | $2,544.07 | +3% |
| Solana SOL/USD | $146.17 | +1.9% |
| Dogecoin DOGE/USD | $0.1048 | -1.4% |
| Shiba Inu SHIBA/USD | $0.00001414 | -1.1% |
Notable Statistics:
- IntoTheBlock data shows an increase of 10.5% in large transaction volume and a 4.8% surge in daily active addresses. Transactions greater than $100,000 increased from 8,206 to 9,567 in a single day. Exchanges netflows decreased by 147.2%.
- Coinglass data shows 62,203 traders liquidated in the past 24 hours for $149.39 million.
- Crypto chart analyst Ali Martinez stated that almost $2 billion in Bitcoin futures contracts were opened in just 48 hours. He added that this could be a potential long squeeze.
Notable Developments:
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Sui SUI/USD | $1.49 | +11.6% |
| Bittensor TAO/USD | $408.02 | +9.3% |
| Aptos APT/USD | $7.26 | +6.4% |
Trader Notes: With Bitcoin prices dropping below $63,000, crypto trader Cold Blooded Shiller noted that test zones are coming up for Bitcoin. He said that the response is important whether the demand is bounced or swept.
Rekt Capital sees falling Bitcoin dominance (currently at 57.68%) entirely in line with the historical tendencies around these levels. He compared the situation to five years ago in mid-April 2019.
The trader posits that dominance is now dipping for a retest of this level into new support to confirm a breakout across the macro range.
Bitcoin is the same price range as it has been moving in since March, according to More Crypto Online, saying, “Should the price indeed move higher towards $67,000, then the trend line could offer additional resistance.”
Steve Courtney thinks Bitcoin’s RSI has broken out of its downtrend.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Leave a Reply