Bitcoin, Ethereum, Dogecoin Close September With A Down Day: ‘Nothing Goes Up Forever, Now Market Looks Much Healthier,’ Says Trader
By Benzinga
Cryptocurrency markets are trading lower to start the new week after record inflows into Bitcoin ETFs last week.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $63,431.9 | -3.6% |
| Ethereum (CRYPTO: ETH) | $2,589.2 | -2.8% |
| Solana (CRYPTO: SOL) | $154.6 | -2% |
| Dogecoin (CRYPTO: DOGE) | $0.118 | -7.2% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001779 | -8.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by 6.05% and daily active addresses spiked by 4.9%. Currently, 86% of Bitcoin holders are in profit and 5% are at breakeven.
- Coinglass data reports 69,000 traders liquidated in the past 24 hours for $201.46 million. Long liquidations of $156 million are the highest since Sep. 6.
- Arkham Intelligence marked Friday as the most bullish ETF day in more than two months. With total net inflows of $494.4 million, the biggest buyers were Ark Invest, Fidelity and Blackrock.
Notable Developments:
- Donald Trump’s World Liberty Financial Opens KYC Verification For Participation In ‘Historic Moment’
- China’s Ex-Finance Deputy Urges Xi Jinping Government To Study Cryptocurrencies In Light Of ‘Latest International Changes And Policy Adjustments
- What’s Going On With Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark?
- Changpeng ‘CZ’ Zhao’s New Chapter After Release From Prison: Will Continue Investing In Blockchain, But First, ‘Let Me Chill For A Bit’
- Nayib Bukele’s El Salvador Is Mainstreaming Bitcoin By Putting The Price Where Everyone Can See It: ‘Over The Next Year They’ll All Watch…’
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Worldcoin (CRYPTO: WLD) | $1.9 | -8.5% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001779 | -8.4% |
| Core (CRYPTO: CORE) | $1.04 | -7.5% |
Trader Notes: With Bitcoin prices dropping 4%, crypto trader Scient thinks panic is already hitting all-time highs. He outlined two scenarios for the upcoming price movement: Bearish and Bullish, clarifying the direction will be out in next 24 or 48 hours.
Another crypto trader, Ted Pillows, marks this as a Bitcoin bullish retest. He stated, “Nothing goes up forever, and corrections are needed to flush the overleveraged longs.” He expects a reversal soon.
Trader CJ also suggests two possible outcomes for Bitcoin’s price at the end of September. He stated that a close at $65,594 or higher signals a strong bullish trend, with Bitcoin expected to enter a “super cycle” that could push it to $100,000 in Q4. Positive momentum is driven by institutional and political factors.
On the other hand, a close at $65,592 or lower is a bearish scenario where institutions have been offloading their Bitcoin holdings. This could lead to a potential drop below $30,000. In this case, short positions are recommended as further declines are anticipated.
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
