Bitcoin, Ethereum, Dogecoin Under Pressure From Macro Data: ‘Healthy Corrections Are Part Of The Game,’ Says Trader

Cryptocurrency markets are trading lower amid a spike in PPI and consumer inflation data on Wednesday.

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

Prices as of 4 p.m. Eastern Time:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $61,603.29 -2.4%
Ethereum (CRYPTO: ETH) $2,896.85  -1.9%
Solana (CRYPTO: SOL) $143.61   -3.2%
Dogecoin (CRYPTO: DOGE) $0.1471 -2.2%
Shiba Inu (CRYPTO: SHIB) $0.00002346 -0.2%

Notable Statistics:

  • Lark Davis notes, in his recent tweet, an 11-year dormant account moving 500 bitcoin that were purchased in 2013.
  • Ali Martinez cites Santiment data indicating that Bitcoin network activity continues to decline. Bitcoin whales seem to be taking a breather, with the number of large transactions also decreasing.
  • IntoTheBlock data shows a 28.5% surge in daily active addresses, while transactions greater than $100,000 spiked to 8,395 transactions from 4,729 transactions. Total exchange inflows and outflows also moved higher.
  • In the past 24 hours, 59,665 traders were liquidated, the total liquidations come in at $141.78 million. Long liquidations remained higher at $111.4 million.

Notable Developments:

Top Losers:

Cryptocurrency Price Gains +/-
Worldcoin (CRYPTO: WLD) $4.67 -15.7%
Render (CRYPTO: RNDR) $9.99 -10.5%
Ethena (CRYPTO: ENA) $0.692   -9.9%

Also Read: Ethereum’s Underperformance Against Bitcoin, Solana Means It ‘Will Need More Demand Sources,’ Says Trader

Analyst Notes: CryptoCon expressed optimism despite the price drop, noting that Bitcoin is continuing to hold “the 20-week EMA as support while visiting the almost absolute bottom of the Cycle 4 DMI support zone.”

He highlights that “Healthy corrections are part of the game, and for now it appears to be just that.”

Crypto trader Jelle states that the “biggest moves happen in extreme overbought territory” and also adds that the “biggest opportunity is found when the RSI falls back into neutral territory.”

He suggests that the current conditions are yet again an opportunity.

Roman Trading, in their latest tweet, calmed traders that Bitcoin had the same three months of boring choppy price action after the last halving in 2020 before more upside, adding, “This is never a very exciting period historically.”

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: Did Producer Price Inflation Data Cause Bitcoin To Slide 2%?

Image: Shutterstock


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