As a seasoned cryptocurrency enthusiast who has navigated through countless market cycles and trends, I must say that this analysis presents a mixed bag of opportunities and challenges for investors. The crypto market is notoriously volatile and unpredictable, making it an exciting yet daunting landscape for those daring enough to venture into its depths.
Bitcoin (BTC) temporarily surpassed $96,760 and touched a peak before dropping back to its current price of $96,300. Investors are keeping an optimistic watch for the $100,000 threshold as the Thanksgiving holiday approaches. The dominant cryptocurrency is attempting to recover from a recent correction that brought the value down to around $90,600. In the last 24 hours, BTC has seen minimal growth but has experienced nearly a 3% decrease over the past week.
Ethereum (ETH) also registered a marginal decline as buyers fought to keep the price above $3,500, with the price down by 0.55%. However, Solana (SOL) registered a marginal increase, rebounding from a low of $233 on Thursday to its current level. Dogecoin (DOGE) is also down by almost 1%, but Ripple (XRP) has defied trends to register a significant jump of nearly 6% to go above $1.50. The crypto market cap is up by 0.62% and currently sits at $3.34 trillion.
Bitcoin (BTC) Back Above $96,000
After a substantial drop following record prices, pushing Bitcoin (BTC) below $91,000, it has now surpassed $96,000 again. Since the US elections, BTC has been consistently reaching new peaks, touching $99,655 before dipping below $91,000 and facing resistance at the $90,000 support zone. Alex Thorn, who leads research at Galaxy Digital, commented on this.
The Bitcoin market is expected to continue its growth trajectory, experiencing occasional setbacks such as corrections and temporary issues. These are typical occurrences in any market. However, there might be some late-night regulatory or enforcement actions from the departing Biden administration that could unsettle the markets. Nevertheless, a mix of rising institutional, corporate, and possibly national adoption, a new U.S. administration leaning strongly towards Bitcoin, and robust fundamental data all hint at a bullish trend in the near and medium term.
According to Katie Stockton from Fairlead Strategies, Bitcoin (BTC) investors find themselves navigating through unknown territories when it comes to identifying areas with resistance and those without.
Bitcoin often experiences sudden surges followed by periods of stability, both on the way up and down. Given its volatile nature and promising future prospects, it’s advisable for people to be patient with Bitcoin and cryptocurrencies in general.
Optimism On The Rise Again
The resurgence of Bitcoin (BTC) and Ethereum (ETH) has brought stability to the crypto market. Notably, BTC has secured a position at a significant support point. As per QCP Capital, this recovery is due to enhanced macroeconomic conditions. However, BTC’s market control has weakened from 61.5%, suggesting investors are exploring other options. One such choice is ETH, which experienced a nearly 12% increase. Over the past week, the BTC/ETH growth has exceeded 17%. This trend, coupled with continued investments into ETH-centric spot exchange-traded funds (ETFs), points towards renewed enthusiasm in the market. On Wednesday alone, Ethereum ETFs saw inflows worth $90.1 million, marking the fourth consecutive day of positive net flows.
Swiss Lawmakers Studying Bitcoin For Power Grid Upgrade
Policy analyst Samuel Kullmann has successfully garnered support for a vote to research Bitcoin mining, with the aim of improving local power systems efficiency. This study seeks to determine ways that the Bitcoin blockchain could reinforce the Swiss electrical grid and utilize surplus energy that would otherwise go unused. The Bitcoin-related policy in Switzerland follows an increasing curiosity among citizens about this digital currency.
By a decisive margin of 85 to 46 votes, the legislature of Kanton Bern has called for a study exploring whether Bitcoin mining could help balance our energy grid and make use of excess energy.
Bitcoin (BTC) Price Analysis
After experiencing a notable decline at the start of the week, causing Bitcoin (BTC) to dip to around $90,700, it’s now attempting to bounce back. Analysts remain optimistic that BTC will surpass $100,000 by year-end. Pantera Capital has gone a step further, predicting BTC could reach an astounding $740,000 by 2028 due to increased institutional adoption, regulatory changes, and historical growth patterns. This year alone, Bitcoin has seen a rise of 120%, with bullish sentiments continuing to escalate. Despite initial skepticism about its longevity, Pantera Capital’s Bitcoin Fund has managed returns exceeding 131,000%. When the fund was launched, each BTC was priced at $74. Speaking on the matter, Dan Morehead, CEO of Pantera Capital, commented on this impressive performance.
In 2013, some people found our views on Bitcoin quite unusual, yet we observed that the persistent criticism indicated untapped potential. To this day, there’s still a lot of skepticism, but it’s evident that Bitcoin is far from being a speculative bubble.
Morehead cited several factors behind BTC’s incredible rise, including access to investors and growing regulatory support. He also pointed out that only 5% of the global financial wealth is tied to digital assets, indicating significant scope for expansion. Pantera predicts BTC’s annual growth rate of 88% could drive its market cap to $15 trillion by 2028.
On Friday, Bitcoin reached its peak during its recent surge, going over $99,000. Despite this, it failed to reach $100,000 and dropped by 1.26% to $97,113 on Saturday. Selling pressure caused Bitcoin to drop even lower to $94,838 on Sunday. However, it recovered slightly from that level, increasing by 0.80% to end the day at $97,891. The start of this week saw a significant correction as Bitcoin fell by over 5%, settling at $92,439. Attempts at recovery were made on Tuesday, with Bitcoin rising to an intraday high of $95,013 before losing steam. As a result, selling pressure took over again, pushing the price down to $90,708 and eventually settling at $91,913.
Yesterday, I witnessed a robust rebound in BTC, pushing it back above $95,000, closing at an impressive $95,883, up by 4.32%. However, on Thursday, the momentum waned slightly as buyers seemed to falter. Currently, we’re seeing a slight uptick as investors aim to test the $100,000 mark again. Analysts are optimistic that BTC will breach this threshold by year-end. If sellers manage to flip sentiment, though, we might see a dip to $90,000 – a level with solid backing. A fall below this point could potentially drive the price down to $85,000.
Ethereum (ETH) Price Analysis
Over the last two days, Ethereum (ETH) has seen a steep drop in value, failing to surpass $3,700. A notable surge of 9.42% on Thursday propelled ETH to $3,360, but it quickly slid into negative territory on Friday as buying momentum waned, resulting in a 0.96% decline to $3,328. On Saturday, buying activity picked up, pushing ETH to an intraday high of $3,522, but it ended the day at $3,396. The downtrend continued on Sunday as ETH dropped by 1.01%, finishing the day at $3,362. A positive start to Monday saw ETH reach an intraday high of $3,547, but with sellers active around $3,500, it closed the day at $3,415, registering a 1.60% increase.
Initially, Ether (ETH) showed promise at the beginning of the week, but it slipped into negative territory on Tuesday, dropping nearly 3% to $3,325. However, optimism returned and ETH soared almost 10%, surpassing $3,500 and settling at $3,657, with investors aiming for $3,700. Despite this Wednesday surge, ETH dipped back into the red on Thursday as buying momentum waned, falling by around 2% to dip below $3,600 and settle at $3,564. The current trading session shows Ether slightly down, with sellers aiming to push the price beneath $3,500. If this happens, we might see a drop to $3,300, where the 20-day Simple Moving Average (SMA) could potentially provide support. A fall below this level could pull Ether down to $3,000. Conversely, if buyers regain control and push ETH above $3,700, we could witness a rise towards $4,000.
Solana (SOL) Price Analysis
As I analyze Solana (SOL), it appears to be attempting a recovery after diving from its peak of $264. The sellers seem to have taken control, pushing it beneath $250 during this period. Towards the end of last week, SOL exhibited bullish tendencies, surging above $260 on Friday. However, with sellers active at this level, it dipped into the red over the weekend, dropping by 0.78% to $254 on Saturday. The decline continued on Sunday, reaching a low of $241 before recovering to climb back above $250 and settle at $252 following a minor dip. Selling pressure escalated on Monday as SOL plummeted by 7.37%, falling below $250 and settling at $234. Tuesday saw significant volatility in SOL as both buyers and sellers vied for control, resulting in an intraday high of $239 and a brief dip to an intraday low of $222, just under the 20-day Simple Moving Average (SMA), before settling at $230.
Regardless of intense selling activity and market fluctuations, Solana (SOL) experienced a resurgence on Wednesday, surging past its 20-day Simple Moving Average (SMA) to record a 4.99% increase, ending at $242. However, SOL dipped again on Thursday, losing nearly 2%, settling at $237. As of now, the market session indicates a slight uptick for SOL as buyers aim to retake $240 and potentially push towards $250. If SOL were to fall below its 20-day SMA, it might slide down to $200. Conversely, a recovery and break above $260 could propel SOL towards $280.
Chainlink (LINK) Price Analysis
After initially surging past 5% on Thursday, reaching a peak of $14.91, Chainlink (LINK) saw its upward trend halt when it failed to break through the resistance at $19. This setback led to a significant decline in the following days. On Friday, LINK climbed over 11%, rising above $15 and reaching $16.57. The price soared even higher on Saturday, reaching an intraday high of $18.39, but momentum waned, causing it to drop and settle at $17.39 after a nearly 5% increase. On Sunday, LINK faced intense selling pressure, hitting a low of $16.15 before recovering slightly to close the day at $17.90, showing an almost 3% growth. The new week started with a high of $19.05 for LINK, but momentum faded after this point, causing it to fall by 3.15%, settling at $17.34.
On Tuesday, LINK underwent significant fluctuations due to a battle between buyers and sellers for dominance. It dipped to a bottom of $16.19 before rebounding to end the day at $17.35 following a slight uptick. In contrast, LINK surged by around 8% on Thursday, peaking at $18.68. Yet, it failed to break through this ceiling and retreated on the same day, losing almost 4% to reach $17.94. At present, the ongoing session shows a decrease of 1.53% as sellers aim to push the price down further.
Aptos (APT) Price Analysis
Currently, Aptos (APT) trades between $11 and $14, with buyers finding it challenging to push past crucial resistance points. The token had a notable rebound towards the end of last week, peaking at $13.24 on Saturday before dipping to $12.75 after a 1.75% increase. However, bearish trends and market volatility resurfaced on Sunday, causing APT to plummet to an intraday low of $11.55. It then recovered and went back above $12, settling at $12.54. Subsequently, APT experienced a significant drop of nearly 7% on Monday, falling below $12 and closing at $11.82.
On Tuesday, selling activity intensified, causing the price of APT to dip below its 20-day Simple Moving Average (SMA) to a low of $10.93. However, it bounced back from this point and rose by 1.49%, moving above the SMA to close at $12. After this, APT continued to climb on Wednesday, rising nearly 6% to reach $12.66. The price experienced fluctuations on Thursday as both buyers and sellers fought for control. In the end, buyers managed to take charge, pushing APT up by 0.85% to $12.77. Currently, in this session, APT is up by 1.21% and trading at $12.97 as buyers aim to push the price above the resistance level of $13.50.
Filecoin (FIL) Price Analysis
filecoin (FIL) experienced a halt in its upward momentum on Sunday, reaching a peak of $6.13 before sliding to close at $5.71. Despite a robust finish on Sunday, FIL slipped by more than 4% to $5.46 on Monday. The digital currency showed high volatility on Tuesday, touching an intraday high of $5.76 and a low of $5.16 before settling at $5.43. The price climbed nearly 7% on Wednesday to hit $5.81. However, with selling pressure persisting at higher levels, FIL dropped back slightly on Thursday, registering a small decline, but not without touching a low of $5.50. In the current trading session, sellers have remained dominant, causing FIL to fall by nearly 2% and currently trading at $5.71.
Apecoin (APE) Price Analysis
Apecoin (APE) was bullish over the weekend, registering a substantial increase of over 7% on Saturday to settle at $1.30. Despite facing considerable volatility and selling pressure on Sunday, APE continued to push higher, rising by 5.34% and settling at $1.37. However, it fell back in the red on Monday, dropping by 4.57% to $1.31. Buyers attempted a recovery on Tuesday as APE rose to $1.38. However, it lost momentum, allowing sellers to take control. As a result, APE fell by 2.55% to $1.28.
On Wednesday, APE bucked the general pessimism, climbing more than 3% to reach $1.32. Optimism continued on Thursday as APE surged by 5.15%, reaching $1.38. Currently in this session, APE is experiencing a dip of around 3.13%, trading at $1.34.
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2024-11-29 16:10