Bitcoin, Ethereum, Dogecoin Trade Sideways After BTC Spike To $68K: Is The Same Pattern Playing Out For A Fourth Straight Time?

Cryptocurrency markets are trading relatively flat after a mid-day spike amid Donald Trump's rising election odds.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$66,756.23	+1.2%
Ethereum ETH/USD	$2,584.21	-1.4%
Solana SOL/USD	$154.66	-0.6%
Dogecoin DOGE/USD	$0.1146	-0.7%
Shiba Inu SHIB/USD	$0.00001806	-0.8%

Notable Statistics:

IntoTheBlock data shows large transaction volume increasing by 73.8% and daily active addresses growing by 17.4%. Transactions greater than $100,000 are up from 5,104 to 9,217 in a single day. Exchanges netflows are down by 2,523%.
Coinglass data reports 97,280 traders were liquidated in the past 24 hours for $312.03 million. Crypto long liquidations of $169.4 million are the highest since Oct.2.

Notable Developments:

Top Gainers:

Cryptocurrency	Price	Gains +/-
cat in a dogs world MEW/USD	$0.008708	+8.4%
Fantom FTM/USD	$0.7717	+6.4%
Beam BEAM/USD	$0.01748	+6.3%

Trader Notes: With Bitcoin prices crossing the $66,000 mark, Smiley Capital said its time for "more bullish propaganda." The trader pointed out a pattern that has held for the last three Bitcoin bull runs.

good afternoon it's time for more bullish propaganda

you might not subscribe to 4 year cycles, but until they're invalidated, I'm going to use them as confluence and there's nothing you can do about it

for over a decade we have had an exact yearly pattern

what happens next? pic.twitter.com/TTravUqzwh
— 🙂 (@smileycapital) October 15, 2024

Crypto trader Ali Martinez noted that Bitcoin open interest across all exchanges peaked to a new all-time high of $19.75 billion. He added that this surge implies "big price moves ahead, with more capital on the line." Coinglass data reported Bitcoin open interest of $37.3 billion, the highest since July 29.

Cold Blooded Shiller suggests that Bitcoin is approaching a critical battle zone on the weekly chart. Indicators on the Daily chart, such as the RSI at 67 show stalling momentum. If Bitcoin breaks above this level, it will confirm a shift in market momentum, signaling that bulls are in control.

The analyst predicts that if the market enters the “overbought” zone for the first time in 7 months, it could stay there for a while, potentially pushing Bitcoin to $100,000 and beyond. This shift would mark a significant technical breakout.

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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