Bitcoin Briefly Tastes $70K, ETH, DOGE Continue In The Red: 'Liquidity Zone Around $73,000' Might Be Tapped, Says Trader

Zinger Key Points
  • Global crypto market capitalization is trading flat, with open interest at its highest levels since mid-April.
  • One trader noted that current levels are pointing to $73,000.

Cryptocurrency markets have been trading mostly flat ahead of major economic data releases on Wednesday.

Prices as of 3.30 p.m. ET:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$69,698.02-0.14%
Ethereum ETH/USD$3,679.30-0.7%
Solana SOL/USD$160.75-1.2%
Dogecoin DOGE/USD$0.1449-2.6%
Shiba Inu SHIB/USD$0.00002306  -2.4%

Notable Statistics:

  • Coinglass data shows open interest1.4% higher at $37.3 billion, the highest since mid-April.
  • IntoTheBlock data shows transactions greater than $100,000 trending down in the past seven days, from 8,887 transactions on June 3. to 5,027 transactions on Jun 9.
  • Bitcoin news revealed that around 98,000 bitcoin have been taken off exchanges in the last 30 days.
  • Bitcoin Archive reported that Paraguay will sell its excess hydro-energy to Bitcoin miners as part of its new economic development strategy.

Notable Developments:

Benzinga future of digital assets conference

Top Losers:

CryptocurrencyPriceGains +/
Wormhole (CRYPTO: W)$0.5829-13.5%
ORDI ORDI/USD$57.52-6.2%
Notcoin NOT/USD$0.01814-6%

Trader Notes: Santiment data notes that Bitcoin and Cardano are showing the strongest social interest. The tweet added, "BTC: Bulls and bears battling at $70,000 level, and Bitcoin’s market cap ($1.377 trillion) being compared to Apple’s ($2.998 trillion)."

Adrian Zduńczyk thinks resistance will become the new support once it is flipped:

Another crypto trader predicted that Bitcoin is looking good to aim for the liquidity zone around $73,000. He added, "Market usually moves to prices at which liquidity is stacked – this can be a fakeout to take liquidity and then move down."

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: Arthur Hayes: Bitcoin ‘Trend Is Clear, Central Banks Are Starting Easing Cycles’

Image: Shutterstock

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