Crypto Price Analysis 12-5 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CHAINLINK: LINK, UNISWAP: UNI, BITTENSOR: TAO, APECOIN: APE

As a seasoned market analyst with decades of experience under my belt, I have seen trends come and go, but none quite like the current one we are witnessing. The cryptocurrency market is a rollercoaster ride, and it seems that every day brings a new surprise.

Bitcoin (BTC) has reached a significant new high, breaking through the $100,000 barrier for the first time, thanks to increased optimism among investors over the past day. The digital currency managed to bypass analyst warnings about an unclimbable resistance at $100,000, instead powering past it and reaching its current price of $102,964. Experts had anticipated that BTC would reach $100,000 before the end of the year, but it has surpassed expectations with this recent achievement.

In a notable surge, Ethereum (ETH) climbed more than 6%, reaching approximately $3,800. If bullish trends continue, traders are targeting $4,000 for ETH, which is currently trading around $3,850. On the other hand, Ripple (XRP) experienced a substantial dip of nearly 7%, marking a cooldown in its impressive rally. As a result, XRP has slipped to fourth place among cryptocurrencies by market cap, with Tether (USDT) reclaiming third position. Solana (SOL) also saw its upward momentum pause, with a decrease of almost 2% and trading at $232. Despite these declines, the total crypto market capitalization rose by 0.61%, currently standing at $3.55 trillion.

Bitcoin (BTC) Dips Due To South Korea Crisis

As an analyst, I observed Bitcoin (BTC) regaining its footing following a momentary slide below $95,000, only to bounce back. This dip seemed to be instigated by the announcement of martial law in South Korea by President Yoon Suk Yeol on Tuesday, creating a temporary crisis. Fortunately, the situation improved once the opposition-led national assembly passed a resolution to lift the martial law after a few hours.

Investors affiliated with institutions perceived this moment as a chance to amass more Bitcoins, as suggested by Bitcoin spot ETF statistics. Moreover, figures from CryptoQuant indicate that approximately 19,500 Bitcoins were taken out of Coinbase, suggesting that investors are seizing the slightest drops in price to increase their holdings.

Trump Nominates Paul Atkins As SEC Chair

Donald Trump, the newly elected President, has put forward Paul Atkins as his choice for Chair of the Securities and Exchange Commission (SEC). Trump believes that Atkins, who was once an SEC commissioner and currently heads Patomak Partners, is a seasoned leader who champions sensible regulations. Additionally, Atkins is known for speaking out against the SEC’s enforcement strategy regarding regulatory compliance.

“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Currently, the Securities and Exchange Commission (SEC) is headed by Gary Gensler, who has expressed his intention to resign on Inauguration Day for President Trump. During his campaign, Trump had promised to dismiss Gensler and work towards making the U.S. a global leader in cryptocurrency. Additionally, he vowed to establish a strategic Bitcoin reserve.

Crypto Liquidations Hit $588 Million

In simple terms, a large amount of cryptocurrencies worth approximately $600 million were sold off or “liquidated” in the market recently. XRP was the top seller with over $69 million, followed closely by Bitcoin (BTC) at $60 million and Ethereum (ETH) with nearly $58 million. The drop in XRP prices after reaching a seven-year high led to many traders who were hoping for it to reach $3 losing their positions. Dogecoin (DOGE) also saw a decrease, resulting in additional liquidations.

In simpler terms, during a recent event, the cryptocurrency trading platform Binance experienced the highest number of liquidations, totaling approximately $222 million, with about 63% of those coming from long positions. Both OKX and Bybit also reported significant liquidations, amounting to $134 million and $124 million respectively.

Binance, WazriX Owe Significant Sums In Taxes To Indian Government

The Indian government has found significant amounts of unpaid Goods and Services Tax (GST) owed by cryptocurrency exchanges like Binance and WazirX. As reported by India’s Minister of State for Finance, Pankaj Chaudhary, it is estimated that these prominent digital exchange platforms owe approximately $97 million in unpaid GST fees within the country. The government has already collected around $14 million in taxes, penalties, and interest as part of its ongoing investigation.

Bitcoin (BTC) Price Analysis

Bitcoin, the leading cryptocurrency, surpassed the notable threshold of $100,000. This leap was supported by the news that Paul Atkins, a potential SEC Chair nominee under former President Trump, holds positive opinions about the crypto industry. The markets anticipate a more lenient and accommodating regulatory climate under Atkins’ leadership, given his background as a former SEC Commissioner. As Bitcoin set a new record high above $100,000, its value has seen an impressive increase this year, nearly doubling and rising approximately 45% in the weeks since Trump’s re-election. Mike Novogratz, CEO of Galaxy Digital, commented on this development.

As a researcher, I am observing a transformative change unfolding. After four years of political limbo, Bitcoin and the broader digital asset landscape are poised on the verge of integration into mainstream finance. This forward motion is propelled by institutional investment, innovations in tokenization and transaction systems, and a more defined regulatory framework.

After a 16-year journey, Bitcoin (BTC) is nearly breaking into mainstream recognition, even with notable critics and a past marked by debates. As reported by Justin D’Anethan, a cryptocurrency expert based in Hong Kong, this development is imminent.

Reaching $100,000 for Bitcoin isn’t merely an achievement; it signifies a significant shift in the realms of finance, technology, and global politics. What was once considered unrealistic is now solidifying into tangible reality.

Bitcoin dipped down to about $90,708 on Tuesday due to heavy selling pressure, but quickly rebounded, posting a gain of 4.32% to surpass $95,000 and end the day at $95,883. Bitcoin saw a slight dip on Thursday before picking up again, recording an almost 2% increase on Friday to reach $97,374. However, it experienced a drop of 1.14% on Saturday, falling to $96,263. But it regained some ground on Sunday, rising by 0.79% to finish at $97,026.

Bitcoin experienced a significant dip on Monday, reaching a low of about $94,404, but managed to rebound, ending the day at $95,812 – marking a decrease of around 1.25%. On Tuesday, sellers attempted to force BTC below its 20-day Simple Moving Average (SMA), yet their efforts proved futile as Bitcoin recovered from a low of $93,655 and closed at $95,751. The mood shifted on Wednesday as Bitcoin surged nearly 3%, ending the day at $98,581. During the current session, Bitcoin has broken past the $100,000 milestone, currently trading at $103,034, with buyers holding strong control over the market. As Bitcoin continues to climb, traders will aim to surpass the $105,000 mark during the ongoing session.

Ethereum (ETH) Price Analysis

Last week, Ethereum (ETH) bounced back from a low of $3,255 after facing significant volatility and selling pressure initially. ETH surged by nearly 10% on Wednesday, crossing the $3,500 mark and settling at $3,657. But momentum shifted towards sellers on Thursday, causing ETH to dip by 2.09% to $3,580. The price of ETH then rose slightly on Friday before experiencing a more substantial increase of over 3% on Saturday, reaching above $3,700 and ending at $3,705. However, sellers regained control at this level, preventing ETH from making significant gains on Sunday, with the price closing the weekend at $3,710.

As the trading week started on a downbeat note, buyers seemed to lose traction, causing Ethereum (ETH) to dip nearly 2% to hit a low of $3,559 before bouncing back and ending at $3,645. The bearish trend deepened on Tuesday when ETH hit an intra-day low of $3,504. However, the buyers managed to halt further losses as ETH regained its footing above $3,600 and closed at $3,618 for the day. On Wednesday, the buyers returned with a vengeance, pushing ETH beyond the resistance at $3,700 and ending the day at $3,844. Currently, the market is in a stalemate as both buyers and sellers battle it out, with Ethereum slightly up. If the buyers maintain control, Ethereum could potentially surge towards $4,000. Conversely, if the sellers regain control, Ethereum might drop back to around $3,500 or even lower, signaling a possible rejection of the breakout.

Solana (SOL) Price Analysis

Solana (SOL) has experienced some ups and downs in recent days. After dipping below its 20-day Simple Moving Average earlier this week, it dropped to a low of $222 last Thursday. However, SOL bounced back strongly on Wednesday, recording an almost 5% increase and reaching $242. The following day saw some volatility return, causing SOL to drop 2% to $237. It regained some ground on Friday with a 2.41% increase, taking its price up to $243. On Saturday, it experienced another 2.33% decline, dropping back down to $237. Despite a slight dip on Sunday, buyers managed to keep the price from falling below the 20-day SMA, with it remaining steady at $237.

On Monday, there was a significant increase in selling pressure, causing Solana (SOL) to drop nearly 5%, falling below its 20-day Simple Moving Average (SMA) to reach $225. This downward trend continued on Tuesday, with SOL hitting an intraday low of $215 due to persistent selling pressure. However, SOL managed to recover from this level, rising approximately 4% and ending the day at $234, although it still failed to surpass its 20-day SMA. This bearish trend continued on Wednesday as buyers were unable to push SOL past the 20-day SMA. SOL reached an intraday high of $241 but lost momentum and fell to a low of $224 before closing at $229. Today, SOL has risen by 1% as buyers attempt to push it above its 20-day SMA. If SOL manages to break above this level, it could potentially rise to $250. Conversely, if sellers regain control and drive SOL below $220, it may drop down to $200.

Chainlink (LINK) Price Analysis

On Monday, Chainlink (LINK) experienced a notable surge but has since dipped due to selling pressure trying to drive down the price. Since the US elections, LINK has seen substantial growth, with its recent rally commencing last week following a low of $16.19, reaching a significant height of $18.68 on Wednesday. However, as LINK encountered strong resistance at higher levels, it dipped on Thursday, falling nearly 4% and slipping below $18 to settle at $17.94. On Friday, LINK recovered slightly, increasing by almost 2% to reach $18.25. Buyers remained in control on Saturday as LINK registered an increase of over 4%, settling at $19.01. With sellers present at this level, LINK experienced a minor decrease and settled at $18.94.

On Monday, LINK surpassed its resistance level, experiencing an astounding 33.16% increase that took it above $20 and peaked at an intraday high of $26.87 before finishing at $25.22. The upward trend waned on Tuesday, causing a significant decrease, with LINK reaching a low of $22.59 before ending the day at $24.12, having dropped by 4.35%. Buyers made an effort to recover on Wednesday as LINK climbed to an intraday high of $26.51. However, the momentum was not maintained, resulting in a minimal drop and a closing price of $24.10. At present, the session shows LINK down by more than 1% as sellers aim to reduce its value and push it back towards $20.

Uniswap (UNI) Price Analysis

Towards the latter part of last week, Uniswap (UNI) experienced a decline following a significant surge of approximately 25% on Wednesday. This downward trend continued on Thursday as buying momentum waned, leading to a nearly 6% drop in price to $12.78. On Friday, sellers maintained control, causing the price to fall by about 1.51% to $12.58. However, over the weekend, buyers re-entered the market, pushing UNI up by 1.53% on Saturday and an additional 2.23% on Sunday, ending the weekend at $13.06.

On Monday, there was a significant rise in optimistic market feelings as UNI surged more than 7%, reaching $13.98, despite experiencing significant fluctuations. Unfortunately, UNI encountered heavy selling pressure on Tuesday, dipping to a low of $13.15. However, it bounced back from this point and rose by over 8% to exceed $15 and close at $15.12. On Wednesday, buyers attempted to push the price above $16, reaching an intraday high of $16.52. But UNI lost its momentum after reaching this level and fell below $16 to end the day at $15.69. Currently, UNI is experiencing a decrease of 3.19% and trading at $15.18 in the ongoing session.

Bittensor (TAO) Price Analysis

Bittensor (TAO) has been finding it tough to gather pace and surpass $700, as selling pressure keeps the price low. In a strong push on November 22, TAO bounced back from its 20-day Simple Moving Average (SMA). By the start of the last week, it managed to go over both its 20 and 50-day SMAs due to buyers taking control. Reaching a peak intraday high of $721 on last Wednesday, TAO momentarily lost steam, giving sellers an opportunity to lower the price to $561. However, regaining momentum, it climbed up to $678 over the weekend as optimistic traders took charge.

On Sunday, TAO experienced a decline of about 6%, dropping from $636 to $605, due to waning buyer momentum. Sellers maintained control on Tuesday, causing TAO to reach an intraday low of $567, dipping below its support levels. However, the stock managed to recover from this low and climb back above $600, ending the day at $605. Sellers tried to push TAO below its support level again on Tuesday, causing it to dip to a low of $570 before rallying for an almost 3% increase and closing at $621. On Wednesday, TAO reached an intraday high of $726 as buyers re-entered the market. Despite this, it couldn’t stay above $700 and ended the day at $656, marking a nearly 6% increase. Currently, in the ongoing session, TAO is up over 2%, with buyers aiming to push the price above $700 while sellers are trying to pull it below its support level.

Apecoin (APE) Price Analysis

Since the second half of last week, Apecoin (APE) has been experiencing an upward trend, recovering from a low of $1.21. The price surpassed the barrier at $1.40 on Friday following a 2% increase that pushed it to $1.41. On Saturday, APE saw a further surge of approximately 6%, closing at $1.50. However, it only managed a 1.24% gain on Sunday due to significant market fluctuations. Buyers remained in control on Monday as APE continued its upward momentum, recording a rise of 4.55% and finishing the day at $1.59.

On Tuesday, optimism around APE increased significantly as it surged nearly 20%, peaking at $2.07 before closing at $1.90. On Wednesday, buyers aimed to push past $2, with the price reaching an intraday high of $2.16. However, this advance was halted by increasing selling activity, causing APE to close at $1.95, marking a nearly 3% gain. Currently, the session shows APE trading slightly higher as both buyers and sellers vie for control. If bulls regain momentum, APE might challenge the $2 threshold. Conversely, if bears reassert control, they could potentially push APE below $1.50.

2024-12-05 12:21