Cryptocurrency markets are trading higher on positive labor market data.
Cryptocurrency Price Gains +/- Bitcoin BTC/USD $62,356.18 +2.7% Ethereum ETH/USD $2,432.81 +3.8% Solana SOL/USD $143.92 +5.7% Dogecoin DOGE/USD $0.1094 +5% Shiba Inu SHIB/USD $0.00001751 +10.2%
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 10.9%. Daily active addresses grew by 2.7%. Transactions greater than $100,000 are down from 8,750 to 8,422 in a single day. Exchanges netflows are up by 124.5%.
Coinglass data reports 41,515 traders liquidated in the past 24 hours for $116.77 million. Long liquidations are at their lowest since Sep 27.
Crypto chart analyst Ali Martinez cited CryptoQuant data that over the past six days, Bitcoin miners have sold 2,364 BTC worth $143 million.
Notable Developments:
Top Gainers:
Cryptocurrency Price Gains +/- Popcat (SOL) POPCAT/USD $1.17 +21% FTX Token FTT/USD $2.31 +17% Bittensor TAO/USD $573.7 +15%
Trader Notes: With Bitcoin prices hovering around $62,000 mark, Daan Crypto Trades sees this as another effort of breaking the $62,400 level. He added, "the longer it consolidates below here, the more likely a break higher will be."
However, he does not expect much from Bitcoin, as it is almost weekend and the U.S. markets remain closed.
Crypto trader Jelle predicts that a chop around these prices for the weekend will lead to a push higher in the next week. He added, "Summer lull seasonality over, Q4 bull seasonality is in." In another tweet, Jelle noted locking in a new higher low before the weekend.
There we go, new higher low locking in right before the weekend.
Rest of the year should be fun.#Bitcoin pic.twitter.com/yB5OK64qFk — Jelle (@CryptoJelleNL) October 4, 2024
CEO and Founder of Cryptoverse Benjamin Cowen pointed out that in April his prediction was a consolidation for 6-9 months after reaching its “mid-cycle top." Six months have now passed, meeting the minimum time for consolidation.
He warns that if there’s a labor market scare this quarter, Bitcoin could drop further, potentially to the 100-week SMA. This could extend the consolidation to nine months like the previous cycle. He advises to hedge for both outcomes.
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.