Cryptocurrency markets are down on Wednesday, pushing crypto long liquidations to the highest since Oct. 15.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $66,169.96 | -2% |
| Ethereum ETH/USD | $2,503.20 | -4.8% |
| Solana SOL/USD | $170.11 | +0.99% |
| Dogecoin DOGE/USD | $0.1364 | -2.7% |
| Shiba Inu SHIB/USD | $0.00001738 | -4.9% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume inching higher by 0.7% and daily active addresses falling by 12.5%. Transactions greater than $100,000 are down from 8,957 to 7,886 in a single day. Exchanges netflows are down by 716.6%.
- Coinglass data reports 83,751 traders were liquidated in the past 24 hours for $228.61 million. Crypto long liquidations stood at $196.3 million, the highest since Oct. 15.
Notable Developments:
- Bitcoin Spot ETF Nets $79M Outflow After 7-Day Inflow Streak
- Bitcoin Advocates Fire Back At European Central Bank, Say ‘Vested Interest’ Motivated Criticism
- Gary Gensler Wishes ‘Happy Sweet Sixteen’ To Bitcoin Ahead Of Whitepaper Anniversary — SEC Chair Says Decentralized Tech Compatible With Securities Law, But…
- Nigeria Drops Money Laundering Charges Against Binance Executive Amid Diplomatic Pressure
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Mog Coin MOG/USD | $0.051844 | -8.9% |
| Chainlink LINK/USD | $11.19 | -7% |
| ApeCoin APE/USD | $1.21 | -7% |
Trader Notes: With Bitcoin prices touching $65,000, CryptoCon sees Bitcoin’s current sideways movement continuing. He noted that the longer the consolidation period lasts, the greater the potential upside and added that the price has been in one of the longest stretches within the low volatility zone of the weekly Bollinger Band Width. This suggests that Bitcoin is preparing for a bull market expansion.
CrediBULL Crypto predicts a bounce from this region:
Giving a bullish outlook on Bitcoin, crypto trader Moustache highlighted that the Golden Moment indicator for Bitcoin has recently crossed bullish. He also added that this situation has happened 4 times in the last 4 years. This led the prices to move significantly higher.
Rekt Capital tweeted that Bitcoin is currently retesting the channel top as support, which is around the $66,200 price level. While there may be temporary dips below this level, the key is for Bitcoin to close above the channel top on the weekly chart to confirm a successful retest and maintain its upward momentum.
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:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
