Cryptocurrency markets fell on Wednesday, with long crypto liquidations at their highest level since October 15th.
| cryptocurrency | price | Gain +/- |
| Bitcoin BTC/USD | $66,169.96 | -2% |
| Ethereum ETH/USD | $2,503.20 | -4.8% |
| Solana Sol/USD | $170.11 | +0.99% |
| dogecoin doge/usd | $0.1364 | -2.7% |
| Shiba Inu SHIB/USD | $0.00001738 | -4.9% |
Notable statistics:
- According to IntoTheBlock data, large transaction volume increased by 0.7% and daily active addresses decreased by 12.5%. Transactions over $100,000 fell from 8,957 to 7,886 in one day. Exchange net flows decreased by 716.6%.
- According to Coinglass data, 83,751 traders liquidated for $228.61 million in the past 24 hours. Long liquidations in cryptocurrencies totaled $196.3 million, the highest level since October 15th.
Notable developments:
Top losers:
| cryptocurrency | price | Gain +/- |
| mogcoin MOG/USD | $0.051844 | -8.9% |
| wire mesh link/usd | $11.19 | -7% |
| ape coin Ape/USD | $1.21 | -7% |
Trader notes: With Bitcoin price reaching $65,000, CryptoCon expects Bitcoin's current sideways movement to continue. The longer the period of consolidation, the greater the potential upside, he said, adding that the price is in one of the longest periods of time within the low volatility zone of the weekly Bollinger Band width. This suggests that Bitcoin is poised for an expanding bull market.
CrediBULL Crypto predicts bounces from this region.
Cryptocurrency trader Mustache has a bullish outlook on Bitcoin, highlighting that the Bitcoin Golden Moment indicator has recently crossed bullish. He also added that such a situation has occurred four times in the past four years. This caused prices to rise significantly.
Rekt Capital tweeted that Bitcoin is currently retesting the top of the channel, the $66,200 price level, as support. There may be a temporary decline below this level, but the key is for Bitcoin to close above the channel top on the weekly chart, confirming a successful retest and maintaining upward momentum. That's true.
what's next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.
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