Bitcoin, Ethereum, Dogecoin Spike On Good Macro News: 'So Far, So Good,' Says Bullish Trader

Cryptocurrency markets are trading higher following positive news from the latest consumer price inflation data.

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

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$65,883.69	+7%
Ethereum (CRYPTO: ETH)	$3,020.12	+4.4%
Solana (CRYPTO: SOL)	$155.14	+8%
Dogecoin (CRYPTO: DOGE)	$0.154	+5.1%
Shiba Inu (CRYPTO: SHIB)	$0.00002428	+3.8%

Notable Statistics:

Despite Bitcoin spiking, IntoTheBlock data shows a fall of 10.4% and 6% in large transaction volume and daily active addresses. Holders making a profit at current levels rose to 92% from 90% in a single day.
Coinglass data notes Bitcoin’s total short liquidations increasing to $38.9 million, the highest since March 3. Open interest surged 8.6% to $32.1 billion.
Andrew Tate claimed putting $100 million in Bitcoin and exiting fiat completely.

Notable Developments:

Top Gainers:

Cryptocurrency	Price	Gains +/-
Sei (CRYPTO: SEI)	$0.5428	+18.9%
Immutable (CRYPTO: IMX)	$2.42	+18.5%
Beam (CRYPTO: BEAM)	$0.02478	+16%

Also Read: This Trader Sees A ‘Barbell Portfolio Of BTC And Memes’ As Most Profitable Trading Strategy

Analyst Notes: Crypto and stock trader Jelle noted that Bitcoin should hold $65,000 for support and "I could see this playing out completely."

Part-time researcher Bitcoin Ape tweeted an inverse head and shoulders pattern on Bitcoin's four-hour chart, saying this points to "imminent bullish price action."

Another full-time trader, Scient, is optimisticabout Bitcoin, noting the consolidation above $65,500 as a key level and for fresh entries. He awaits price action to develop some support above the $65,500 zone and "not FOMO here."

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.

Image: Shutterstock