Bitcoin, Ethereum, Dogecoin Recover: ‘$60K Would Start Looking Interesting,’ Says Veteran Trader
By Benzinga
Cryptocurrency markets are trading higher after Monday’s strong correction.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $56,848 | +5.1% |
| Ethereum (CRYPTO: ETH) | $2,504 | +2.9% |
| Solana (CRYPTO: SOL) | $145.7 | +12% |
| Dogecoin (CRYPTO: DOGE) | $0.9684 | +1.9% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001358 | +2.7% |
Notable Developments
- Robinhood Q2 Earnings Preview: 24-Hour Trading, Crypto, Funded Accounts In Focus; Analyst Sees ‘Favorable’ Environment
- Anthony Scaramucci Warns Crypto Investors: ‘Be Very Worried’ About Courts, Fed Under Trump
- Bitcoin, Ethereum ETFs See Mixed Flows As Donald Trump Doubles Down On Crypto
- Nayib Bukele-Led El Salvador Sticks To ‘Buying One Bitcoin A Day’ Plan Amid Raging Market Sell-Offs
- Tim Walz Joins Kamala Harris On Democratic Ticket: 5 Things To Know About Minnesota Governor, VP Pick
Notable Statistics:
- IntoTheBlock data shows a 23.8% increase in large transaction volume. Daily active addresses were down 3.5%. Eexchange netflows widened by 149.2%.
- Coinglass data shows 61,333 traders liquidated in the past 24 hours for $211.29 million, the lowest since July 25.
- Crypto chart analyst Ali Martinez noted Bitcoin whales in the past 48 hours purchased more than 30,000 BTC, worth $1.6 billion.
- Watcher Guru revealed that BlackRock, Fidelity, Grayscale and MicroStrategy did not offload Bitcoin despite the market crash.
- IntoTheBlock data shows wallets holding between 1,000 and 10,000 BTC increased their holdings.
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Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| cat in a dogs world (CRYPTO: MEW) | $0.005707 | +38.4% |
| Notcoin (CRYPTO: NOT) | $0.0123 | +28.6% |
| Aioz Network (CRYPTO: AIOZ) | $0.5069 | +25% |
Trader Notes: Crypto trader DonAlt said a move above $60,000 will look interesting mainly due to markets witnessing a proper washout this time.
Another crypto trader highlighted that whales are waiting around $40,000-$44,000 with orders. He added, “you can call it a bear market and be bearish and short after September.”
Titan of Crypto states that the Bitcoin bull market is still on and the only metric to monitor is the 38.2% Fibonacci retracement level. He concluded, “As long as the price closes above it, the bull market is still on.”
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
