Bitcoin, Ethereum, Dogecoin A Mixed Bag As Trader Points Out The 'Key To A Future Price Reversal'

Zinger Key Points
  • Global crypto market cap is trading 0.4% lower to $2.3 trillion as exchanges' netflows plunge 4,927.9%.
  • While one trader points to this key trigger for a future price reversal, another highlights Bitcoin is close to its mark new highs.

Cryptocurrency markets are trying to push higher on Donald Trump embracing crypto donations for his election campaign, and Market Vector launching the Meme Coin Index.

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

Prices as of 4 p.m. Eastern Time:

CryptocurrencyGains +/-Price
Bitcoin BTC/USD$62,454.83+0.27%
Ethereum ETH/USD$3,020.16+0.75%
Solana SOL/USD$150.59+3.4%
Dogecoin DOGE/USD$0.1501+2.2%
Shiba Inu SHIB/USD$0.0000233+2.1%

Notable Statistics:

  • IntoTheBlock data highlights a significant 4,927.9% drop in exchange netflows, with total exchanges inflows and outflows dropping.
  • Lookonchain data noted nine ETFs seeing 195 bitcoin worth $12 million of outflows.
  • Bloomberg reported that Mastercard, JPMorgan, Visa, Citibank & other big U.S. banks are testing shared-ledger technology for tokenized asset settlements.
  • Harvest, a Hong Kong Bitcoin ETF issuer, announced it wants to put the ETF on Stock Connect, so mainland Chinese investors can buy it.

Notable Developments:

Top Gainers:

CryptocurrencyGains +/-Price
Akash Network AKT/USD$5.19+18.6%
Render RNDR/USD$10.81 +11.2%
Arweave AR/USD$41.19+10.8%

Also Read: Bitcoin Facing These ‘Compelling Mid-Term Bearish Cases,’ Warns Trader

Analyst Notes:  Notable crypto technical analyst Ali Martinez tweeted that Bitcoin is in consolidation mode.

Another crypto analyst, Rekt Capital, notes that "Long downside wicks to end a more than -20% correction have often been the key to a future price reversal." Macroeconomist Seth is curious to know if this time it will be different for Bitcoin. He adds that the "Daily RSI reached the level where we find all the local bottoms in 2023-2024."

Santiment data noted high uncertainty and small wallets dropping out of the sector as the ingredients needed for Bitcoin to enjoy steady recoveries leading up to the summer.

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: Analyst Warns Ethereum’s Fate Is Tied To Bitcoin: ‘If ETH Goes Up From Here, It Would Only Be Due To…’

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesaltcoinsExpert IdeasStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!