Cryptocurrency markets are trading lower as Bitcoin supply from exchanges dropped significantly over the past two days.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $58,842.68 -1.05% Ethereum ETH/USD $2,507.25 -1.1% Solana SOL/USD $136.27 -3.1% Dogecoin DOGE/USD $0.1005 +0.7% Shiba Inu SHIB/USD $0.00001386 -1.7%

Notable Statistics:

IntoTheBlock data shows a 21.4% drop in large transaction volume and a 1.06% fall in daily active addresses. Transactions greater than $100,000 increased from 8,450 to 8,797 in a single day.

Coinglass data noted 55,285 traders were liquidated in the past 24 hours, with total liquidations at $150.06 million.

Notable Developments:

Top Losers:

Cryptocurrency Price Gains +/- Popcat (SOL) POPCAT/USD $0.5833 -15.7% Floki FLOKI/USD $0.0001265 -12.1% DOGS DOGS/USD $0.001267 -6.7%

Trader Notes: As Bitcoin prices retreated below $60,000, crypto trader Jelle sees Bitcoin battling the mid-level of this channel. He added that the crypto king is struggling to get back above the level. The trader concluded, "$60,000 is the level to reclaim. Until then, choppy waters."

#Bitcoin is still battling the mid-level of this channel – and having a hard time getting back above it.

$60,000 is the level to reclaim.

Until then, choppy waters. pic.twitter.com/fyRm79UYF7 — Jelle (@CryptoJelleNL) August 30, 2024

While most of the traders voice similar opinions, CrediBULL Crypto believes that Bitcoin could technically still push lower to his ultimate target of $53,000 to $54,000. He adds that he is not sure if it gets above prior highs or falls short of them. However, he is looking for one of the two scenarios to play out before continuing back down to his target.

Crypto trader CJ set a loose plan for Bitcoin only if Bitcoin does not fall to $56,000 immediately. With a daily imbalance level, he sees the first lows at $57,787.

Predicting two scenarios, the trader noted, for longs: "reclaim local range low at $58,000, targeting $61,000-$62,000." Whereas for shorts, he noted that if the longs scenario proves right and there is no further downside liquidity, he will short in the $61,000-$62,000 region targeting $56,000 and possibly $54,000.

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.

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