Crypto Market Decline: ‘Range Deviation or Bearish Retest?’

The ongoing uncertainties in the geopolitical landscape continue to impact the cryptocurrency market significantly, prompting important questions among traders. With Bitcoin, Ethereum, and Dogecoin experiencing a downward trend, technical traders are curious: is this merely a range deviation or indicative of a bearish retest?

Key Cryptocurrency Statistics

• Data from IntoTheBlock illustrates a 12% reduction in large transaction volume, paired with a 17.6% rise in daily active addresses. Furthermore, transactions exceeding $100,000 have increased from 9,193 to 9,410 within a day. Exchange netflows exhibit a significant decrease of 55.7%.
• According to Coinglass, about 77,587 traders faced liquidations amounting to $255 million over the last 24 hours.
• CoinMarketCap indicates a drop in the crypto Fear and Greed Index to 39, signaling fear, a steep decline from last Friday’s 56.6.
• Crypto chart analyst Ali Martinez predicts the liquidation of $112 million in short positions if Bitcoin ascends to $63,000.

Recent Market Developments

In the realm of top losers, we observe noteworthy declines:

Insights from Traders: Daan Crypto Trades, a technical trader, ponders whether Bitcoin’s current level near $60,000 represents a range deviation or a bearish retest. Should this outlook materialize, it might trigger a rally beyond $64,500. Similarly, trader Rekt Capital underscores the importance of certain key levels to maintain support.

From another perspective, trader Seth notes a significant spike in Coinbase’s spot buy orders on Tuesday, indicating potential accumulation.

The Road Ahead: Bitcoin’s Institutional Influence

The potential impact of Bitcoin as an asset class will be a key focus at Benzinga’s upcoming Future of Digital Assets event on November 19.

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