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Bitcoin, Ethereum, Dogecoin Turn Red, Trader Marks 'Ideal Support Level At $81,500'
Source: Buzz FX / 14 Nov 2024 17:30:24 America/Chicago
Cryptocurrency markets are trading lower, with Bitcoin struggling to stay above the $90,000 mark.
Cryptocurrency Price Gains +/- Bitcoin (CRYPTO: BTC) $88,093.00 -3.3% Ethereum (CRYPTO: ETH) $3,108.09 -2.6% Solana (CRYPTO: SOL) $213.75 +0.2% Dogecoin (CRYPTO: DOGE) $0.3876 -1% Shiba Inu (CRYPTO: SHIB) $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 (CRYPTO: PEPE) $0.00002209 16.5% Brett (CRYPTO: BRETT) $0.147 15.4% Kaspa (CRYPTO: KAS) $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%.
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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