Bitcoin, Ethereum, Dogecoin Trade Sideways: ‘$66,500 Support Needs To Hold,’ Says Trader Who Warns $61,000 Could Otherwise Be Next – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Cryptocurrency markets are trading sideways on Tuesday:

Notable Statistics:

• IntoTheBlock data shows large transaction volume increased by 78.9% and daily active addresses dropped by 4.6%. Transactions greater than $100,000 are up from 5,769 to 8,957 in a single day. Exchanges netflows are down by 151%.
• Coinglass data reports 57,215 traders were liquidated in the past 24 hours for $165.97 million.

Notable Developments:

Top Losers:

Trader Notes: With Bitcoin prices trading relatively flat, industry expert Justin Bennett views the $65,000-$66,000 range as support but is cautious about bidding after Monday’s price action.

He finds the monthly open appealing but advises not to rule out a drop to $60,000 before the pullback ends. The trader is holding a short position for now and is waiting to see how the market unfolds.

Castillo Trading outlined a clear setup for Bitcoin and emphasizes that $66,500 is a key support level, which needs to hold.

If it breaks, the next target for a long entry would be at $61,065, based on a naked Point of Control (nPOC) print. The trader is open to lower prices, seeing it as an opportunity for discounted long entries.

On the other hand, CrediBULL Crypto believes that Bitcoin’s current top is likely in and expects some sideways or choppy movement on lower timeframes before a continuation of the downward trend. They anticipate more market consolidation before the price heads lower.

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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