Bitcoin, Ethereum, Dogecoin Pick Up Steam As BTC Whale Transactions Spike: ‘The Real Parabola Is Loading…,’ Says Trader

Cryptocurrency markets are trading higher amid a spike in BTC whale transactions and possible renewed Mt.Gox distributions.

Notable Developments:

Notable Statistics:

• IntoTheBlock data shows a 40.9% increase in large transaction volume, while daily active addresses grew by 12%. Exchanges netflows narrowed by 69.2%. Transactions greater than $100,000 spiked from 4,929 as of August 11 to 7,557 as of August 12.
• Coinglass data shows 33,766 traders liquidated in the past 24 hours for $106.01 million.

Top Gainers:

Trader Notes: Michaёl van de Poppe wondered where Bitcoin is headed next. The first resistance above $56,000 is $60,000-$61,000 and if that is broken “we’ll be next to the ATH and you can buy the dip if you’re a trader.”

However, he noted that in case of poor CPI data, the next target is $48,000 if $56,000 breaks.

More Crypto Online highlighted that now that the price has broken out of the sideways range to the upside, it is at resistance at previous swing highs. The trader predicts a “rally to $66,800 to confirm a viable third wave in the white diagonal pattern.”

Rekt Capital noted that the Bitcoin buy-side volume has come in, but more volume needs to come in for BTC to “eclipse its local highs from a few days ago.” The trader believes a daily close above $61,700 would be even better.

CryptoCon predicts the real parabola is still loading and the August 2024 support is made.

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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