Bitcoin, Ethereum, Dogecoin Trade Sideways, Trader Predicts Rally Soon But Worried About 'Recent Weak Candles'

Author: Khyathi Dalal | October 09, 2024 02:19pm

Cryptocurrency markets are trading sideways despite key Bitcoin metrics rising.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$61,248	-1.2%
Ethereum (CRYPTO: ETH)	$2,412	-0.9%
Solana (CRYPTO: SOL)	$140.6	-1.5%
Dogecoin (CRYPTO: DOGE)	$0.1087	+1.98%
Shiba Inu (CRYPTO: SHIB)	$0.00001697	-0.9%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 5.6% and daily active addresses growing by 16.5%. Transactions greater than $100,000 are up from 8,143 to 9,459 in a single day. Exchanges netflows are up by 222%.
• Coinglass data reports 47,550 traders were liquidated in the past 24 hours, with total liquidations at $102.54 million. Crypto short liquidations stand at $23.5 million, the lowest since Sep. 15.

Notable Developments:

• Bitget Predicts Solana To Hit Up To $180 In October, Meme Coin Boom To Continue
• VanEck Launches $30M Early-Stage Fund For Digital Assets, AI Startups
• Peter Todd Says ‘I’m Not Satoshi’ But Not Everyone’s Buying That: ‘Just As Plausible’ As The Other Theories, Says Financial Journalist
• Maxine Waters Fuels Optimism For Stablecoin Legislation Deal With Chairman McHenry Before 2024 Ends
• Caroline Ellison Settles FTX Lawsuit, Agrees To Forfeit Majority Of Assets

Top Gainers:

Cryptocurrency	Price	Gains +/-
Chiliz (CRYPTO: CHZ)	$0.07538	+14.96%
Helium (CRYPTO: HNT)	$6.80	+2.5%
First Neiro On Ethereum (CRYPTO: NEIRO)	$0.001768	+2.2%

Trader Notes: With Bitcoin prices trading down, crypto trader Justin Bennett stated that it would be typical for Bitcoin to run both sides and then continue sideways when everyone is expecting $70,000.

Crypto trader Degen Hardy charted out Bitcoin's behaviour after every U.S. election.

#Bitcoin behavior after every US elections!

Patience fam, PUMP is soon! pic.twitter.com/1RkEkZDFzz

— Hardy (@Degen_Hardy) October 9, 2024

Another trader, CryptosBatman, drew parallels between Bitcoin's current and October 2023 performance. He marked that this was where it formed a local top in the first week before rallying. While he sees the same setup currently, he is concerned about the recent weak candles. He concluded, "Let's hope BTC holds its current level and pushes higher in the coming weeks."

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: 

• The Best Way To Trade Bitcoin After The FOMC Minutes

Image: Shutterstock

Posted In: $BTC $CHZ $DOGE $ETH $HNT $SHIB $SOL