Bitcoin, Ethereum, Dogecoin Playing Seesaw: ‘Read Past Bitcoin Cycles…We’re Perfectly On The Path To The Moon,’ Trader Says

Cryptocurrency markets are trading lower as the U.S. government moved 10,000 BTC to an unknown wallet and the latest CPI data release.

Notable Developments:

Notable Statistics:

• IntoTheBlock data shows Bitcoin’s large transaction volume increased by 9.2%, while exchange netflows dropped 102%. Transactions greater than $100,000 increased marginally from 7,557 on Aug. 12 to 7,957 on Aug.13.
• Coinglass data reported 36,241 traders liquidated in the past 24 hours for $122.49 million.
• Glassnode data highlighted that Bitcoin’s largest wallets, mostly connected to ETFs, are now returning to accumulation. It added that since Bitcoin’s all-time high in March, the market has seen widespread supply distribution across all wallet sizes.
• Bitcoin Archive noted that Morgan Stanley purchased $187 million BTC for its fund through BlackRock’s ETF IBIT.

Top Losers:

Trader Notes: Investor and entrepreneur Ted Pillows noted that his timeline has turned bearish, and people are calling for a Bitcoin price of $38,000-$40,000. He drew parallels that Bitcoin has always consolidated below all-time highs for a prolonged period and said, “read past Bitcoin cycles, and you’ll realize that we’re perfectly on the path to the moon.”

Daan Crypto Trades sees Bitcoin remaining rangebound and in the middle of nowhere at the moment. He predicted that the biggest cluster is at $70,000.

Crypto Chase predicts a deviation/sweep of either side and potential reversal play. He had expected that CPI would prompt a move, but nothing happened.

Rekt Capital noted that Bitcoin’s local highs are at $61,700 and acting as resistance.

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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