Bitcoin, Ethereum, Dogecoin Slip Into Red Zone, But Bitcoin's Struggle To Break Out Is 'Beneficial,' Claims Trader

Zinger Key Points
  • Global crypto market capitalization down 2.8% to $2.4 trillion, 60,999 traders liquidated in the past 24 hours.
  • One trader noted that the struggle to breakout is beneficial, while another sees a breakout to $85K - $90K as imminent.

Cryptocurrency markets are trading in the red following Wednesday’s FOMC meeting.

Priced as of 3:30 PM Eastern Time:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$66,595.42  -1.6%
Ethereum ETH/USD$3,478.54-1.8%
Solana SOL/USD$147.73-4.3%
Dogecoin DOGE/USD$0.1419-1.9%
Shiba Inu SHIB/USD$0.00002135-3.7%

Notable Statistics:

  • Bitgrow founder Vivek noted in a tweet that whales purchased $1.3 billion worth of Bitcoin.
  • Bitcoin Archive reported that Australia's largest bank, Commonwealth Bank of Australia, listed a Bitcoin ETF on its trading platform.
  • Coinglass reported 60,999 traders liquidated in the past 24 hours, with total liquidations at $171.29 million.
  • IntoTheBlock reported a drop in major metrics like whale transactions, exchange inflows/outflows and daily active addresses.

Notable Developments:

Top Losers:

CryptocurrencyPriceGains +/
Arweave AR/USD$29.68-13.4%
Brett (Based) BRETT/USD$0.1422-10%
Stacks STAX/USD$2.13-10%

Trader Notes: Sistine Research noted in the latest tweet, "Lot of people calling for chop short-term but personally in the camp that a breakout to $85,000 – $90,000 BTC is more imminent than people think.."

Heavily followed crypto trader CJ is concerned regarding Bitcoin's weekly chart,

Santiment data shows that Bitcoin's supply on exchanges has now dropped to its lowest level since December 202, indicating less drop-off risk for all of crypto.

Rekt Capital's optimistic tweet stated that Bitcoin's struggle to breakout is beneficial for the overall cycle.

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: ‘Rich Dad Poor Dad’ Kiyosaki’s Bitcoin Projection: A Bold Forecast For 2024

Image: Shutterstock

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