Bitcoin, Ethereum, Dogecoin Trade Sideways After BTC Spike To $68K: Is The Same Pattern Playing Out For A Fourth Straight Time?

Benzinga · 10/15 20:53

Cryptocurrency markets are trading relatively flat after a mid-day spike amid Donald Trump's rising election odds.

Cryptocurrency Price    Gains +/-
Bitcoin (CRYPTO: BTC)  $66,756.23  +1.2%
Ethereum (CRYPTO: ETH)  $2,584.21 -1.4%
Solana (CRYPTO: SOL)  $154.66 -0.6%
Dogecoin (CRYPTO: DOGE)  $0.1146 -0.7%
Shiba Inu (CRYPTO: SHIB)  $0.00001806 -0.8%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 73.8% and daily active addresses growing by 17.4%. Transactions greater than $100,000 are up from 5,104 to 9,217 in a single day. Exchanges netflows are down by 2,523%.
  • Coinglass data reports 97,280 traders were liquidated in the past 24 hours for $312.03 million. Crypto long liquidations of $169.4 million are the highest since Oct.2.

Notable Developments:

Top Gainers:

Cryptocurrency Price     Gains +/-
cat in a dogs world (CRYPTO: MEW)  $0.008708 +8.4%
Fantom (CRYPTO: FTM)  $0.7717 +6.4%
Beam (CRYPTO: BEAM)  $0.01748 +6.3%

Trader Notes: With Bitcoin prices crossing the $66,000 mark, Smiley Capital said its time for "more bullish propaganda." The trader pointed out a pattern that has held for the last three Bitcoin bull runs.

Crypto trader Ali Martinez noted that Bitcoin open interest across all exchanges peaked to a new all-time high of $19.75 billion. He added that this surge implies "big price moves ahead, with more capital on the line." Coinglass data reported Bitcoin open interest of $37.3 billion, the highest since July 29.

Cold Blooded Shiller suggests that Bitcoin is approaching a critical battle zone on the weekly chart. Indicators on the Daily chart, such as the RSI at 67 show stalling momentum. If Bitcoin breaks above this level, it will confirm a shift in market momentum, signaling that bulls are in control.

The analyst predicts that if the market enters the “overbought” zone for the first time in 7 months, it could stay there for a while, potentially pushing Bitcoin to $100,000 and beyond. This shift would mark a significant technical breakout.

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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Image: Shutterstock