Bitcoin, Ethereum, Dogecoin Stay Bullish On Friday: Watch This Key Catalyst Till November

Benzinga · 10/18 19:27

Cryptocurrency markets are trading higher as BlackRock’s Bitcoin ETF accumulated $1 billion in BTC this week.

Cryptocurrency Price     Gains +/-
Bitcoin (CRYPTO: BTC)  $68,954.45 +2.9%
Ethereum (CRYPTO: ETH)  $2,665.94 +2.9%
Solana (CRYPTO: SOL)  $156.04 +5%
Dogecoin (CRYPTO: DOGE)  $0.1388 +14.2%
Shiba Inu (CRYPTO: SHIB)  $0.00001889  +6.6%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume decreasing by 16.4% and daily active addresses growing by 19.9%. Transactions greater than $100,000 are up from 9,147 to 8,458 in a single day. Exchanges netflows are down by 231.4%. Around 98% Bitcoin holders are currently making a profit, 3% are at breakeven.
  • Coinglass data reports 37,689 traders were liquidated in the past 24 hours, the total liquidations stand at $113.04 million.
  • Simply Bitcoin reported Bitcoin exchange reserves are at all-time lows, predicting a "Supply shock incoming."
  • IntoTheBlock data shows Bitcoin dominance has crossed 65% (marking a 3-year high) for the first time since early 2021.

Notable Developments:

Top Gainers:

Cryptocurrency Price     Gains +/-
Dogecoin (CRYPTO: DOGE)  $0.1388 +14.2%
Worldcoin (CRYPTO: WLD)  $2.40 +13.6%
Beam (CRYPTO: BEAM)  $0.01774 +12.8%

Trader Notes: With Bitcoin prices crossing $68,000 mark, Rekt Capital noted that the crypto king is pushing against a key resistance level, and a daily close above this area is crucial for confirming a breakout.  

He predicts a close beyond the resistance would indicate a potential sustained upward move, while a failure to do so could suggest limited upward momentum.

Crypto trader Daan Crypto Trades pointed out that Bitcoin is approaching the $70,000 mark, just about 7% away from its all-time high.

With the U.S. election in roughly two weeks, market movements could be significantly influenced by election-related developments in the short to mid-term. Any major polling shifts or news updates may have a growing impact on Bitcoin's price trajectory.

Crypto trader Miles Deutscher pointed out that gold has surged above its yearly highs, while Bitcoin has been lagging behind. If it follows the same pattern as gold, this suggests a potential move to $96,000 for Bitcoin (an all-time high plus 30%).

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: 

Image: Shutterstock