Bitcoin, Ethereum, Dogecoin Trade Sideways: '$66,500 Support Needs To Hold,' Says Trader Who Warns $61,000 Could Otherwise Be Next
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets are trading sideways with Bitcoin hovering around $67,436.75. Traders emphasize the importance of the $66,500 support level, warning of a potential drop to $61,000 if it fails. Large transaction volumes have increased, while daily active addresses have decreased. Notable developments include investments in crypto channels and discussions on Bitcoin's role as an institutional asset.
October 22, 2024 | 7:55 pm
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NEUTRAL IMPACT
Bitcoin is trading sideways with a critical support level at $66,500. A break below could lead to a drop to $61,000. Large transaction volumes are up, but daily active addresses are down.
Bitcoin's price is currently stable, but traders are closely watching the $66,500 support level. If this level fails, a significant drop to $61,000 is possible. The increase in large transactions suggests institutional interest, but the decrease in active addresses indicates less retail activity.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin is trading at $0.1395, down 2.3%. The market is experiencing sideways movement, with no significant short-term catalysts mentioned.
Dogecoin's price movement is in line with the overall sideways trend in the crypto market. No specific developments or support levels were highlighted for Dogecoin, indicating a neutral short-term outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ethereum is trading at $2,626.50, down 1.7%. The market is experiencing sideways movement, with no significant short-term catalysts mentioned.
Ethereum's price movement is in line with the overall sideways trend in the crypto market. No specific developments or support levels were highlighted for Ethereum, indicating a neutral short-term outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50