Bitcoin, Ethereum, Dogecoin Facing Wednesday Woes: ‘Correction To $54,500 If BTC Breaks $56,800 Support’
By Benzinga
Cryptocurrency markets are down on Wednesday, mirroring broader economic concerns amid geopolitical tensions.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $54,933 | -2.7% |
| Ethereum (CRYPTO: ETH) | $2,350.7 | -5.2% |
| Solana (CRYPTO: SOL) | $143.1 | -1.3% |
| Dogecoin (CRYPTO: DOGE) | $0.0961 | -0.8% |
| Shiba Inu (CRYPTO: SHIB) | $0.000013 | -4% |
Notable Developments:
- Bitcoin Could Dip to $40,000 Amid Market Turbulence: 10x Research
- Trump’s Son Eric Posts Crypto Cliffhanger, Says ‘Big Announcement’ Incoming — Are We Getting A Memecoin For ‘Real’ This Time?
- Bitcoin Defies Bearish Signals As Bank Of Japan’s Stance Reshapes Market Dynamics
- Bitcoin Whales Reportedly Accumulate Nearly $23B Worth Of BTC In A Month: ‘Something Is Happening Behind The Scenes’
Notable Statistics:
- IntoTheBlock data shows a 26.3% decrease in large transaction volume and a 9.5% drop in daily active addresses. Despite price fluctuations, 79% of Bitcoin holders are currently making a profit.
- Coinglass data shows open interest dropped to its lowest level, $26.7 billion, since February 2024.
- Watcher Guru reported that asset manager Morgan Stanley advisors will offer Spot Bitcoin ETFs to clients starting today.
- Santiment data noted that between Aug. 5 and Aug. 6, the highest level of Bitcoin whale transactions was recorded since the first week of April.
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Popcat (CRYPTO: POPCAT) | $0.5172 | +16.7% |
| Dogwifhat (CRYPTO: WIF) | $1.57 | +10.9% |
| Sui (CRYPTO: SUI) | $0.6253 | +4.2% |
Trader Notes: Crypto chart analyst Ali Martinez highlighted a classic rising wedge for Bitcoin. He predicted a correction to $54,500 if the crypto king breaks the $56,800 support. However, if there is a close above $58,000 this pattern and prediction will be invalidated.
Glassnode data points out that August is an “exceptional eventful month” for equity and digital asset markets. A “correlation-1” event sparked a major market sell-off and BTC was no exception. This led to a capitulation amongst short-term holders.
Rekt Capital predicts that BTC will need to fall 3.5% from current prices to fill the most recent but much smaller CME Gap ($53,700-$54,600). The trader added that if the CME gap needs to be filled it should be now.
Crypto trader Kevin sees Bitcoin in a bullish pattern. He added that there are four touches on each end of the falling broadening wedge, which makes this look more defined.
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
