Bitcoin, Ethereum, XRP, Dogecoin Gain 2% Ahead of Weekend: 2 Scenarios to Watch

Bitcoin rebounded 2% over the past 24 hours as traders see two potential market scenarios ahead of the November midterm elections.

Notable Statistics:

• Coinglass data shows 83,856 traders were liquidated in the past 24 hours for $346.17 million.       
• SoSoValue data shows net outflows of $244.1 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $72.5 million.
• In the past 24 hours, top gainers include Cosmos Hub, Polkadot and Aptos.

Notable Developments:

• XRP Beats Bitcoin, Ethereum, Solana in ETF Flows: Can Price Follow?
• CFTC Chair Mike Selig Pushes New Crypto Platform Rules
• XRP Down 10% in a Week: What’s Going On?
• A Bitcoin Rally to $90,000 Would Be the ‘Ultimate Trap,’ Analyst Cautions
• Bitcoin Dips Below $83,000: The Line in the Sand Bulls Need to Watch
• Bitwise CEO Calls Dogecoin ETF Failure ‘Tragic’ as BWOW Set to Shut Down After Less Than a Year
• Ripple Takes On Wall Street Banks in Leveraged ETF Financing

Trader Notes:

Trader KillaXBT expects Bitcoin to form a higher low after the U.S. midterm elections, noting BTC declined following three of the past four elections.

Two scenarios are possible: either Bitcoin rallies before the midterms and corrects 10% or more afterward or it sells off ahead of the elections before recovering.

Either way, the analyst does not expect new bear market lows and anticipates another rally toward fresh highs.

Trader Jelle noted that Bitcoin historically staged sharp rallies when its 200-week moving average held as support.

Unlike the previous cycle, when BTC fell well below this level before a gradual recovery, Bitcoin has defended the moving average this cycle, potentially setting the stage for a stronger bull run.

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