Bitcoin, Ethereum, Dogecoin Turn Red, Trader Marks 'Ideal Support Level At $81,500'

Cryptocurrency markets are trading lower, with Bitcoin struggling to stay above the $90,000 mark.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$88,093.00	-3.3%
Ethereum ETH/USD	$3,108.09	-2.6%
Solana SOL/USD	$213.75	+0.2%
Dogecoin DOGE/USD	$0.3876	-1%
Shiba Inu SHIB/USD	$0.00002487	-1.7%

Notable Statistics:

IntoTheBlock data shows large transaction volume falling by 9.5% and daily active addresses dropping by 13.4%. Transactions greater than $100,000 are down from 17,408 to 19,527 in a single day. Exchanges netflows are down by 165.7%.
Coinglass data reports 174,278 traders were liquidated in the past 24 hours for $498.48 million.

Notable Developments:

MiCA Regulation Expected To Drive Institutional Interest In European Crypto Market
Bitcoin Miner Hut 8 Shares Dip Despite Strong Q3; Analysts Remain Bullish On AI, Crypto Potential
Ben Horowitz: ‘The Biden Regulators Lied About Crypto’
FBI Raids Polymarket CEO Over Crypto Betting Platform’s US Activities — He Fires Back: ‘In The Face Of Adversity, We Build’

Top Gainers:

Cryptocurrency	Price	Gains +/-
Pepe PEPE/USD	$0.00002209	16.5%
Brett BRETT/USD	$0.147	15.4%
Kaspa KAS/USD	$0.147	14.6%

Trader Notes: With Bitcoin prices dropping below the $90,000 mark, crypto chart analyst Ali Martinez sees $5.42 billion in Bitcoin profits having been realized, which pushed the sell-side risk ratio to 0.524%.

$5.42 billion in #Bitcoin $BTC profits have been realized, and the sell-side risk ratio has surged to 0.524%. Stay alert and proceed with caution! pic.twitter.com/wQiUzbXG4f
— Ali (@ali_charts) November 14, 2024

More Crypto Online stated that if Bitcoin price fails to hold at $88,050, it likely signals the start of wave 4, with expected support at $81,500. However, if Bitcoin breaks below $85,000, it will indicate that further upward movement in wave 3 is unlikely.

Crypto trader CrypNuevo sees a potential spike to the $95,000-$96,000 range for Bitcoin as a shorting opportunity. He anticipates a pullback when sentiment builds around reaching $100,000. For long positions, the trader plans to analyze BTC dominance (BTC.D) to decide whether to focus on Bitcoin or altcoins.

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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