Bitcoin Bounces; Ethereum, Dogecoin Disappoint: '$69K Must Break,' Technical Analyst Points Out

Zinger Key Points
  • Cryptocurrency markets traded slightly up on Thursday, with Bitcoin outperforming others.
  • One trader anticipates Bitcoin to make a new all-time high against the S&P 500 soon.

Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance.

Prices as of 4 p.m. ET:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$67,230+1.3%
Ethereum ETH/USD$3,730-0.5%
Solana SOL/USD$166.80-1.2%
Dogecoin DOGE/USD$0.159-3.5%
Shiba Inu SHIB/USD$0.0000258-6.1%

Notable Statistics:

  • Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations.
  • Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets.
  • Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations.

Notable Developments:

Top Gainers:

CryptocurrencyPriceGains +/
Notcoin NOT/USD$0.0012+38%
Ordi ORDI/USD$47.95+18%
Arweave AR/USD$43.30+11%

Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future:

Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip.

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.

Photo: Shutterstock

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