Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: 'Above $67,000 We Fly Like A Bird,' Claims Trader

Zinger Key Points
  • Global crypto market cap is trading 3.6% higher to $2.3T; with total liquidations in past 24 hours at $139.4 million.
  • Analyst foresees price rally ahead of $67,000 and no stop before $88,000 while another notices a price reversal.

Cryptocurrency markets on Friday are trading in the green, with the crypto king bouncing well above the $60,000 mark.

What Happened: Major cryptocurrencies are trading higher at the time of writing:

Prices as of 4 p.m. Eastern Time:

CryptocurrencyGains +/-Price
Bitcoin BTC/USD+4.5%$61,753.69  
Ethereum ETH/USD+2.8%$3,069.03  
Solana SOL/USD+2.8%$141.64  
Dogecoin DOGE/USD+5.6%$0.1401
Shiba Inu SHIB/USD+4.4%$0.00002398

Notable Statistics:

  • In the past 24 hours, 46,494 traders were liquidated, with total crypto liquidations coming in at $139.22 million, $97.4 million of those in past 12 hours.
  • Total exchange inflows surged to $1.8 billion from $1.59 billion the day prior, while total exchange outflows dropped to $1.27 billion from $1.44 billion in the same timeframe.
  • Spot Bitcoin ETFs reported a net $34 million outflow, alongside Hong Kong’s Bitcoin and Ethereum spot ETFs combined trading volume of $6.3 million on May 3.
  • In the past 24 hours, Bitcoin whales have accumulated 47,000 Bitcoin, based on CryptoQuant data tweeted by a heavily followed trader.

Notable Developments:

Top Gainers:

CryptocurrencyGains +/-Price
Ordi ORDI/USD+16.1%$41.13
Hedera HBAR/USD+15.6%$0.1141
Pendle PENDLE/USD+12.1%$5.02

Also Read: Bitcoin Headed For A ‘W-Shaped Reversal,’ Says Crypto Expert, Who Sees Altseason ‘Around The Corner’

Analyst Notes: A heavily followed crypto trader, pseudonymously known as Poseidon, in his latest tweet claims that if Bitcoin breaks $67,000, there is nothing to stop it before $88,000.

Another on-chain trader and yield strategist, Wist, notes that Bitcoin was able to return to its previous price range. He adds that the price recovery left significant liquidity behind, signalling a likely price comeback. His analysis points to two zones of imbalances at $65,800 and $68,600.

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: If Bitcoin Reclaims $62K, Trader Sees ‘Green Light For More Madness’

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Posted In: CryptocurrencyNewsMarketsaltcoinsMemeCoins
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