Zinger Key Points
- Global crypto market capitalization is down 4.7% down to $2.2 trillion with long liquidations at their highest in two months.
- One trader noted that Bitcoin has reached the most oversold stage in a year, while another points to July being a historically strong month.
- Get New Picks of the Market's Top Stocks
Cryptocurrency markets are down heavily in Monday trading, as Bitcoin plunged below $60,000 for the first time in weeks.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $59,931 | -6% |
| Ethereum ETH/USD | $3,346 | -2.4% |
| Solana SOL/USD | $130.20 | -0.2% |
| Dogecoin DOGE/USD | $0.1177 | -6.2% |
| Shiba Inu SHIB/USD | $0.00001685 | -5% |
Notable Statistics:
- Coinglass data shows 89,508 traders liquidated in the past 24 hours, with total liquidations at $347.76 million; BTC long liquidations ($132.4 million) marked a two-month high.
- IntoThe Block data notes a 92.1% increase in exchange netflows; transactions greater than $100,000 dropped, as did Bitcoin holders in profit.
- Crypto chart analyst Ali Martinez highlighted Bitcoin's daily RSI hitting oversold territory three times in the past two years leading to price surges of 60%, 63%, and 198%, respectively. He suggested a "prime opportunity to buy the dip."
Notable Developments:
- White House Rehires Former Crypto Adviser To National Security Council
- Japanese Investment Firm Adopts MicroStrategy-Like Bitcoin Strategy, Set To Purchase $6M Worth BTC Using Funds From Bonds Sale
- Mt. Gox To Start Repaying Bitcoin In July: $9B In Sell Pressure Coming?
- Crypto Billionaire Justin Sun Doubles Down On Ethereum, Reportedly Buys $49M Worth Of Assets In 3 Days — Excitement Over Spot ETFs Launch?
- Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Ordi ORDI/USD | $33.98 | -15% |
| Uniswap UNI/USD | $8.82 | -11% |
| Gnosis GNO/USD | $286.55 | -10% |
Trader Notes: Unipcs noted that "everyone feels so sure we’ll keep dipping because markets have been down only." He sees July has "historically been a bullish month for crypto." His table indicated that July's average return stands at around 8% while the median stands at 10% compared to -0.7% and -0.5%, respectively in June.
Crypto analyst Michaёl van de Poppe stated that Bitcoin has become the most oversold on the Mt. Gox news in a year. The last two times were the FTX crash and August 2023 correction.
Rekt Capital is monitoring the situation:
In a very detailed post, CrediBULL Crypto highlighted that "The orange zone below at $58,000-$60,000 is a “last chance” level to keep us from seeing much more downside."
He also predicted that things could get ugly ($53,000-$54,000) as the next major area of demand. However, he adds "Hold it and technically we still have a higher low above the $56,000 lows from last month."
The trader added, "Even if this level is held we now have to look to build a new impulsive structure to the upside since the prior impulse was invalidated."
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: Is Bitcoin’s New 5% Tumble Still A ‘Bull Market Correction’?
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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