Cryptocurrency markets are trading sideways on Tuesday.
Cryptocurrency price rise +/-Bitcoin BTC/USD $67,436.75 -0.03%Ethereum ETH/USD $2,626.50-1.7%Solana SOL/USD $168.23+1.3%Dogecoin DOGE/USD $0.1395-2.3%Shiba Inu SHIB/USD $0.00001823 -1.3%
Notable statistics:
According to IntoTheBlock data, large transaction volume increased by 78.9% and daily active addresses decreased by 4.6%. Transactions over $100,000 increased from 5,769 to 8,957 in one day. Exchange net flows fell by 151%. According to Coinglass data, 57,215 traders liquidated for $165.97 million in the past 24 hours.
Notable developments:
Top losers:
Cryptocurrency price increase +/-ApeCoin APE/USD $1.26-18.2%dYdX (Native) DYDX/USD $1.11-11.6%Mog Coin MOG/USD $0.052012-5.3%
Trader Note: As Bitcoin prices remain relatively flat, industry expert Justin Bennett sees support in the $65,000 to $66,000 range, but after Monday’s price move Be cautious about bidding.
Although he finds the monthly open attractive, he advises against ruling out a drop to $60,000 before the pullback ends. Traders are holding short positions for now, waiting to see how the market develops.
Castillo Trading outlines a clear setup for Bitcoin, emphasizing that $66,500 is a key support level and should be held.
If this breaks, the next target for long entry is $61,065 based on naked point of control (nPOC) prints. The trader sees this as a discounted long entry opportunity and is open to lower prices.
Meanwhile, CrediBULL Crypto believes Bitcoin’s current highs are likely to arrive and expects sideways or choppy moves to occur on lower time frames before the downtrend continues. . They expect further market consolidation to occur before prices fall.
I think our top is likely for now $BTCHere I will explain what I think makes the most sense on a lower time frame.
Ideally chop a little more before you’re ready to continue your descent. pic.twitter.com/ToHChgi4Qv
— CrediBULL Crypto (@CredibleCrypto) October 22, 2024
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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