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

Zinger Key Points
  • Global crypto market cap is trading 5.6% higher to $2.38 trillion; Bitcoin’s short liquidations peaked at their highest in two weeks.
  • While one trader sees holding $65K for a complete playoff later, another says Bitcoin should now look to test and break the resistance.

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:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$65,883.69+7%
Ethereum ETH/USD$3,020.12+4.4%
Solana SOL/USD$155.14  +8%
Dogecoin DOGE/USD$0.154+5.1%
Shiba Inu SHIB/USD$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:

CryptocurrencyPriceGains +/-
Sei SEI/USD$0.5428+18.9%
Immutable IMX/USD$2.42+18.5%
Beam BEAM/USD$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.

Read Next: Veteran Trader DonAlt Signals Potential ‘Cycle Top’, Says ‘It’s Over For Memes’

Image: Shutterstock

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