Bitcoin, Ethereum, Dogecoin Witness 'Friday Bitcoin Blues' — Trader Says 'This Short-Term Mess Will Be Over Soon'

Zinger Key Points
  • Global cryptocurrency market capitalization is trading 4.9% lower at $1.89 trillion as total crypto long liquidations spiked to the highes
  • One trader predicts that this short-term mess will be over soon, while another predicts a potential double-digit October upside.

Cryptocurrency markets are trading lower as Bitcoin and Ethereum ETFs continue to witness significant outflows.

In his latest live session on X, Fred Krueger titled his discussion "The thrill is gone. Friday Bitcoin Blues" as Bitcoin retreated below the $53,000 mark.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$53,604.97 -4.6%
Ethereum ETH/USD$2,222.84-6.2%
Solana SOL/USD$125.02-2.9%
Dogecoin DOGE/USD$0.09088-6.7%
Shiba Inu SHIB/USD$0.00001269-3.4%

Notable Statistics:

  • IntoTheBlock data shows a 10.5% drop in large transaction volume and transactions greater than $100,000 narrowed from 8,371 to 7,820. Daily active addresses increased by 3.3%. Exchanges netflows dropped by 60.5%.
  • Coinglass data noted 60,197 traders were liquidated in the past 24 hours as the total liquidations stood at $196.67 million. The crypto and Bitcoin long liquidations stood at $147 million and $63.6 million, the highest since Aug. 27.  
  • Crypto chart analyst Ali Martinez noted the accumulation trend score is almost zero implying market participants are either distributing or not accumulating Bitcoin at the moment.

Notable Developments:

Top Losers:

CryptocurrencyPriceGains +/-
Dogecoin DOGE/USD$0.09088-6.7%
Ethereum ETH/USD$2,221.60-6.1%
Lido DAO DAO/USD$0.9061-6%

Trader Notes: IntoTheBlock tweeted that Bitcoin holders who purchased between $47,000-$64,000 are feeling the squeeze, with only 27.6% of them currently in profit. The data pointed out that these investors are short-term holders, and this could increase selling pressure if the market experiences further declines.

CryptoCon noted that for six months the market is waiting for new Bitcoin highs but there is just sideways and decline movement. However, in 2019 the wait was almost three times longer. He concluded that this “short-term mess will be over soon.”

Rekt Capital noted Bitcoin is currently in a halving year. In comparison to prior years, 2016 saw a 6% upside in September followed by 14% October upside; and in 2020 there was a downfall of 7.5% in September followed by 14% October upside. The September downside is at 9% currently with “potential double-digit October upside” awaiting.

IncomeSharks noticed the Bitcoin chart is still showing local top signals.

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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Photo: Shutterstock

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