Cryptocurrency markets are holding on to the green zone with Bitcoin and Dogecoin relatively flat, while Ethereum is trading higher.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $63,449.64 +0.6% Ethereum ETH/USD $2,685.90 +4% Solana SOL/USD $144.14 -0.3% Dogecoin DOGE/USD $0.1073 +0.7% Shiba Inu SHIB/USD $0.00001456 +0.2%

Notable Statistics:

IntoTheBlock data shows a decrease of 0.8% in large transaction volume and a drop of 11% in daily active addresses. Transactions greater than $100,000 are down from 5,957 to 5,516 in a single day. Exchanges netflows decreased by 100%.

Coinglass data reports 61,844 traders liquidated in the past 24 hours for $172.46 million. Bitcoin's open interest stands at $34.6 billion, the highest level since Aug. 26.

Crypto chart analyst Ali Martinez compares Bitcoin's performance to history and is curious if it will repeat. "Bitcoin gained +61% in Q4 of 2016 and +171% in 2020."

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- Bittensor TAO/USD $542.67 +17.5% Arweave AR/USD $22.54 +16.2% Popcat (SOL) POPCAT/USD $0.9648 +15.9%

Trader Notes: With Bitcoin prices trading relatively flat, Rekt Capital sees “breakout time” on the horizon. He added that historically, Bitcoin has broken out from its re-accumulation range 154-161 days after the halving (157 days currenlty).

Martinez highlighted the double-bottom pattern formed on Bitcoin's chart.

From this angle, it seems like #Bitcoin has formed a double-bottom pattern! pic.twitter.com/xTs8SumI5k — Ali (@ali_charts) September 23, 2024

Crypto trader Mayne explains that Bitcoin reached the previous lower high in previous price rallies before fully retracing. The main difference is that it’s coming off a potentially higher low, signaling a possible trend reversal. He added, "bears have limited time to push the price back down."

He concluded, "Uptober looming, should be exciting."

Another trader marked "how important the reclaim of key horizontal $63,905 will be" and he predicts another throwback before BTC actually reclaims this level.

He stressed that a primed throwback target would be $60,200 horizontal.

$BTC Bitcoin LTF Update

I told you many times how important the reclaim of key horizontal $63905 will be.

As you can see textbook resistance once again. Expecting another throwback before BTC actually reclaims this level.

Primed throwback target would be $60,2k horizontal.… pic.twitter.com/LffkzZeIyJ — ANBESSA (@Anbessa100) September 23, 2024

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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