Zinger Key Points
- Global cryptocurrency market capitalization is trading 1.1% higher at $2.2 trillion pushing whale transactions higher.
- One trader predicts Bitcoin reaching $65,000 to $66,000 later this week, while another marks top and bottom of the channel.
Cryptocurrency markets are trading relatively flat but clinging to the green zone.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $63,031 | +0.5% |
| Ethereum ETH/USD | $2,432 | -0.7% |
| Solana SOL/USD | $145.8 | -0.02% |
| Dogecoin DOGE/USD | $0.11 | -1.2% |
| Shiba Inu SHIB/USD | $0.00001778 | -2.5% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 36% and daily active addresses inching higher by 0.3%. Transactions greater than $100,000 are down from 5,463 to 5,296 in a single day. Exchanges netflows are up by 361.6%.
- Coinglass data reports 63,977 traders were liquidated in the past 24 hours with the total liquidations at $209.88 million. Crypto short liquidations stand at $103.3 million, the highest since Sep. 19.
- Simply Bitcoin cited Coinglass data to show 51,300 BTC have been withdrawn from exchanges this month, including 5,270 BTC today.
Notable Developments:
- Riot Platforms Explores AI Opportunities While Staying Focused On Bitcoin Mining
- Bitcoin, Ethereum, And AI: A Conversation With The CEO Of Bit Digital
- Len Sassaman Is Bitcoin Creator Satoshi Nakamoto In HBO Documentary? Polymarket Punters See High Probability
- Trump Considers Robinhood Exec Dan Gallagher For SEC Chair If Re-Elected
- Michael Saylor’s Non-Profit Academy Launches Bitcoin Course Placing King Crypto At The Intersection Of Energy, Technology, And Anthropology
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| First Neiro On Ethereum NEIRO/USD | $0.001737 | +44.4% |
| cat in a dogs world MEW/USD | $0.007475 | +22.8% |
| Mog Coin MOG/USD | $0.051746 | +15.8% |
Trader Notes: With Bitcoin prices trading relatively flat, crypto trader Michaёl van de Poppe sees Bitcoin holding the crucial support area around $60,000 and bouncing upwards. He expects "some lower timeframe retests at $62,000, through which we will test $65,000-$66,000 later this week."
Another trader Crypto Caesar analyzed Bitcoin's 7-year channel to mark the top and bottom of the channel. He stated, "top of this channel in a 4-year cycle timeframe is about $200,000 or so. Bottom of the channel Q4 26 is about $70,000."
Pro-crypto trader Justin Bennett sees the BTC long liquidations size at $57,000 which is significantly higher than the shorts liquidated at $63,000. He concluded,
"It would be a shame if Bitcoin took these out before the real rally begins."
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:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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