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Bitcoin, Ethereum, Dogecoin End The Week With Strong Gains: 'Summer Lull Seasonality Over, Q4 Bull Seasonality Is In,' Says Trader
المصدر: Buzz FX / 04 أكتوبر 2024 15:30:14 America/New_York
Cryptocurrency markets are trading higher on positive labor market data.
Cryptocurrency Price Gains +/- Bitcoin (CRYPTO: BTC) $62,356.18 +2.7% Ethereum (CRYPTO: ETH) $2,432.81 +3.8% Solana (CRYPTO: SOL) $143.92 +5.7% Dogecoin (CRYPTO: DOGE) $0.1094 +5% Shiba Inu (CRYPTO: SHIB) $0.00001751 +10.2% Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 10.9%. Daily active addresses grew by 2.7%. Transactions greater than $100,000 are down from 8,750 to 8,422 in a single day. Exchanges netflows are up by 124.5%.
- Coinglass data reports 41,515 traders liquidated in the past 24 hours for $116.77 million. Long liquidations are at their lowest since Sep 27.
- Crypto chart analyst Ali Martinez cited CryptoQuant data that over the past six days, Bitcoin miners have sold 2,364 BTC worth $143 million.
Notable Developments:
- US Labor Market Posts Strong Data—What It Means For Bitcoin
- Satoshi Nakamoto Being Pseudonymous ‘Is One Of The Coolest Things Ever,’ Human Rights Activist Said—Could The HBO Documentary Kill The Mystery?
- Bitcoin Miner TeraWulf Releases September Mining Update: Details
- Bitcoin Miner Iris Energy Releases September Update: What To Know
Top Gainers:
Cryptocurrency Price Gains +/- Popcat (SOL) (CRYPTO: POPCAT) $1.17 +21% FTX Token (CRYPTO: FTT) $2.31 +17% Bittensor (CRYPTO: TAO) $573.7 +15% Trader Notes: With Bitcoin prices hovering around $62,000 mark, Daan Crypto Trades sees this as another effort of breaking the $62,400 level. He added, "the longer it consolidates below here, the more likely a break higher will be."
However, he does not expect much from Bitcoin, as it is almost weekend and the U.S. markets remain closed.
Crypto trader Jelle predicts that a chop around these prices for the weekend will lead to a push higher in the next week. He added, "Summer lull seasonality over, Q4 bull seasonality is in." In another tweet, Jelle noted locking in a new higher low before the weekend.
CEO and Founder of Cryptoverse Benjamin Cowen pointed out that in April his prediction was a consolidation for 6-9 months after reaching its “mid-cycle top." Six months have now passed, meeting the minimum time for consolidation.
He warns that if there’s a labor market scare this quarter, Bitcoin could drop further, potentially to the 100-week SMA. This could extend the consolidation to nine months like the previous cycle. He advises to hedge for both outcomes.
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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