Bitcoin, Ethereum, Dogecoin Consolidate With A Down Day, But: 'Second Leg Of The Bull Cycle Is Underway,' Says Trader

Cryptocurrency markets are trading lower on Thursday, consolidating gains from earlier in the week.

Notable Statistics:

• IntoTheBlock data shows Bitcoin large transaction volume decreasing by 14.8% and daily active addresses falling by 20.1%. Transactions greater than $100,000 are down from 9,654 to 9,147 in a single day. Exchanges netflows are down by 267%.
• Coinglass data reports 55,803 traders were liquidated in the past 24 hours, with total liquidations at $155.31 million.
• Arkham Intelligence reported ETFs have purchased $1.38 billion of BTC in three days this week. This is already the biggest ETF week in four months.

Notable Developments:

Top Losers:

Trader Notes: Despite Bitcoin prices dropping, crypto trader Jelle sees Bitcoin having broken out from a 7-month long channel / flag structure. He concluded, “The second leg of the bull cycle is underway.”

Rekt Capital stated that Bitcoin is approaching a crucial retest of the Channel Top, a resistance level it has failed to break through in several previous attempts over the past few months.

A successful retest is needed for BTC to continue moving higher, but if it fails again, the price could struggle to rise.

Michaёl van de Poppe explained Bitcoin is still consolidating implying some weakness for the markets. The crypto king is only a few weeks away from elections and a potential renewed rate cut from the Federal Reserve. He concludes, “The ATH for Bitcoin is close.”

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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