Cryptocurrency markets were trading higher before entering the weekend with altcoins also being pushed up.

• IntoTheBlock data showed large transaction volume decreasing by 23.2% and daily active addresses up by 3.6%. Transactions greater than $100,000 were up from 7,555 to 8,264 in a single day. Exchanges netflows were down by 327.6%. Currently, 87% of Bitcoin holders made profits while 13% were at breakeven.
• Coinglass data reported 38,216 traders were liquidated in the past 24 hours with the total liquidations at $115.88 million.

Trader Notes: With Bitcoin prices trading higher beyond $62,000, crypto trader Javon Marks saw the crypto king still looking to reclaim its all-time highs of $73,700. Also, based on historical performance of a similar pattern, prices could also be set for a move much higher. He predicted the next target at $116,650.

Crypto analyst Miles Deutscher marked $59,000 as must hold level. He predicted not making any “major moves this weekend (apart from trading memes), as directionality is still a bit unclear.”

He added there needed to be a higher high to officially break downtrend structure.

Michael van de Poppe highlighted the trend switched and the next test is at $65,000.

Another crypto trader Seth advised to not make any mistakes as the bull market is going on. He noted whales were accumulating and grabbing liquidity from the retail traders. He predicted the liquidity will help “ascend.”

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.

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