Bitcoin, Ethereum, Dogecoin Go Sideways, But 'Market Structure Back To Bullish,' Says Trader

Zinger Key Points
  • Global crypto market capitalization is down 0.7% to $2.4 trillion as Bitcoin dominance inches higher to 54.4%.
  • One trader noted that Bitcoin is making a higher high going for the reclaim, another trader highlighted the support and resistance levels.

Cryptocurrency markets are trading slightly down, as members of the Biden administration will reportedly attend a crypto roundtable.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$66,286.62-0.3%
Ethereum ETH/USD$3,528.34  -1.9%
Solana SOL/USD$143.05-3.8%
Dogecoin DOGE/USD$0.1315  -3.4%
Shiba Inu SHIB/USD$0.00001952 -6.6%

Notable Statistics:

  • Australia's largest stock exchange approved its first Spot Bitcoin ETF.
  • Tether, the world’s largest stablecoin, launches a new synthetic dollar backed by gold.
  • IntoTheBlock data notes an increase in total exchange inflows and outflows. 90% of Bitcoin holders are in profit at current prices.
  • According to Coinglass data, 111,242 traders were liquidated for $265.50 million in the past 24 hours.

Notable Developments:

Top Losers:

CryptocurrencyPriceGains +/
zkSync ZK/USD$0.2144-25.3%
Notcoin NOT/USD$0.01728-14.4%
Injective INJ/USD$21.81 -12.6%

Trader Notes: Crypto trader Jelle sees a higher high forming for Bitcoin.

Crypto trader DonAlt highlighted that $60,000 is bad support and $70,000 is bad resistance. He suggested that if you are bullish then $65,000 is the spot to hold, adding "If you’re bearish you’d want it to fail first."

CrypNuevo highlighted a potential W pattern for Bitcoin,

Notable crypto trader TheFlowHorse tweeted that a bear trap is potentially building, saying, "if you prefer more volume and liquidity just log back in after Labor Day."

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: Dogecoin, Shiba Inu, Floki Are ‘Dino Coins,’ Says Trader: He Likes These 3 Other Meme Coins As ‘Blue Chips’

Image: Shutterstock

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