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Cryptocurrency markets are trading relatively flat but clinging to the green zone.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $63,031 +0.5% Ethereum ETH/USD $2,432 -0.7% Solana SOL/USD $145.8 -0.02% Dogecoin DOGE/USD $0.11 -1.2% Shiba Inu SHIB/USD $0.00001778 -2.5%

Notable Statistics:

IntoTheBlock data shows large transaction volume increasing by 36% and daily active addresses inching higher by 0.3%. Transactions greater than $100,000 are down from 5,463 to 5,296 in a single day. Exchanges netflows are up by 361.6%.

Coinglass data reports 63,977 traders were liquidated in the past 24 hours with the total liquidations at $209.88 million. Crypto short liquidations stand at $103.3 million, the highest since Sep. 19.

Simply Bitcoin cited Coinglass data to show 51,300 BTC have been withdrawn from exchanges this month, including 5,270 BTC today.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- First Neiro On Ethereum NEIRO/USD $0.001737 +44.4% cat in a dogs world MEW/USD $0.007475 +22.8% Mog Coin MOG/USD $0.0 5 1746 +15.8%

Trader Notes: With Bitcoin prices trading relatively flat, crypto trader Michaёl van de Poppe sees Bitcoin holding the crucial support area around $60,000 and bouncing upwards. He expects "some lower timeframe retests at $62,000, through which we will test $65,000-$66,000 later this week."

#Bitcoin has held the crucial support area around $60K and bounced upwards.

I'm expecting some lower timeframe retests at $62K, through which we will test $65-66K later this week.

Breakout above there = new all-time high test. pic.twitter.com/BhiFhCPT9r — Michaël van de Poppe (@CryptoMichNL) October 7, 2024

Another trader Crypto Caesar analyzed Bitcoin's 7-year channel to mark the top and bottom of the channel. He stated, "top of this channel in a 4-year cycle timeframe is about $200,000 or so. Bottom of the channel Q4 26 is about $70,000."

Pro-crypto trader Justin Bennett sees the BTC long liquidations size at $57,000 which is significantly higher than the shorts liquidated at $63,000. He concluded,

"It would be a shame if Bitcoin took these out before the real rally begins."

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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