Cryptocurrency markets were up heading into the weekend, with altcoins also rising.
Cryptocurrency price rise +/- Bitcoin BTC/USD $63,000.44+5.8%Ethereum ETH/USD $2,459.54+4.3%Solana SOL/USD $145.88+6.2%Dogecoin DOGE/USD $0.111+6.2%Shiba Inu SHIB/USD $0.00001775+8.2%Block Data Shows Big Transaction volume decreased by 23.2% and daily active addresses increased by 3.6%. Transactions over $100,000 increased from 7,555 to 8,264 in one day. Exchange net flows decreased by 327.6%. Currently, 87% of Bitcoin holders are profitable, and 13% have reached break-even. According to data from Coinglass, 38,216 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $115.88 million. Cryptocurrency price increase +/-Ethena ENA/USD $0.3366+25.2%Mog Coin MOG/USD $0.051709 +24.2%Worldcoin WLD/USD $1.93+14.9%
Trader Note: As Bitcoin price rises above $62,000, crypto trader Javon Marks sees the crypto king still trying to regain its all-time high of $73,700 . The price may also be set higher based on past performance of similar patterns. He predicted his next target to be $116,650.
Crypto analyst Miles Deutscher marked $59,000 as the level to sustain. “There won’t be much activity this weekend (apart from meme trading) as the direction is still a bit unclear,” he predicted.
He added that more new highs are needed to formally break out of the downtrend structure.
Michael van de Poppe emphasized that the trend has switched and the next test is at $65,000.
The trend has changed!
Contrary to current sentiment, the market is already trending up, and I think the market as a whole is on the verge of accelerating.#bitcoin The price rose, made lower lows, and found support at $60,000.
The next test is $65,000. That’s it. pic.twitter.com/CaU3jrFeSW
— Michael van de Poppe (@CryptoMichNL) October 11, 2024
Seth, another crypto trader, advised against making the same mistake as the bull market continues. He pointed out that whales are accumulating and stealing liquidity from retail traders. He predicted liquidity would lead to an “uptick.”
What’s next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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