Bitcoin, Ethereum, Dogecoin Continue The ‘Infinite Chop,’ But: ‘These Prices Won’t Last Forever,’ Trader States
By Benzinga
Cryptocurrency markets are slightly down as markets anticipate jerome Powell’s Friday guidance on potential September rate cuts.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $60,350 | -1.2% |
| Ethereum (CRYPTO: ETH) | $2,609 | -1.4% |
| Solana (CRYPTO: SOL) | $143 | -0.0% |
| Dogecoin (CRYPTO: DOGE) | $0.1052 | -0.7% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001405 | +0.5% |
Notable Statistics:
- IntoTheBlock data shows an 5.5% decrease in large transaction volumes and a 1.91% increase in daily active addressees.
- Coinglass data noted 31,362 traders were liquidated in the past 24 hours for $95.1 million, with $59 million being liquidated long positions.
Notable Developments:
- Donald Trump Launches Crypto Platform ‘The DeFiant Ones’ To Challenge Traditional Banking Systems
- If Jerome Powell Signals Rate Cuts On Friday, What Does That Mean For Crypto?
- Will RFK Jr. Endorse Donald Trump On Friday? 86% Chance, Crypto Bettors Say, But Landing A Cabinet Position Looks Less Likely
- Bitcoin Is Transformative Technology Because It Is Closing ‘The Gap Between Fast Transactions And Slow Settlements,’ Analyst Highlights
- MicroStrategy’s Bitcoin ‘Strategy Playbook’ Explained: Will Others Follow This ‘Radical Step’?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Immutable X (CRYPTO: IMX) | $1.32 | +9.8% |
| Render (CRYPTO: RNDR) | $4.97 | +6.5% |
| Floki (CRYPTO: FLOKI) | $0.0001357 | +6.4% |
Trader Notes: Crypto trader Jelle remains adamant that Bitcoin is in an accumulation zone, saying “these prices won’t last forever.”
A ChimpZoo poll among his followers shows that over 40% expect “infinite chop,” meaning sideways price action, in the short term, with roughly 20% expecting a breakout or a breakdown, respectively. The remaining 20% voted just to see the results.
Crypto trader Scient noted Bitcoin is getting rejected from the fourth supply zone at $61,500 – $62,000. The trader is more bullish than bearish and plans to take a long position if we get a strong close above $62,000.
More Crypto Online noted that Bitcoin has yet another day of sideways trading, as it fails to break through recent highs. It marked the range boundaries are approximately $56,290 to $61,900.
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
