As a seasoned cryptocurrency analyst with years of experience under my belt, I have seen the market ebb and flow like the tides. Today, let’s delve into the world of Ethereum-based tokens and explore their performance over the past week.
Bitcoin (BTC) has experienced a notable drop in value as its attempt to reach $100,000 encountered a substantial obstacle. The price fell below $95,000, causing BTC to lose nearly 4% over the last day and trade at $94,351. At this moment, sellers seem to be in charge. Bitcoin dipped as low as $92,868 before rebounding to its current level. One analyst has issued a warning about a possible significant drop that could push the price down to between $80,000 and $85,000 unless BTC manages to overcome the $100,000 barrier. The recent fluctuations in Bitcoin’s price have halted its strong surge following the election.
Currently, Ethereum surged past $3,500, peaking at $3,545 before dropping slightly to $3,434. This marks a nearly 2% increase over the last day as investors aim to hold the $3,500 mark. On the contrary, Solana (SOL) experienced a significant drop, falling almost 6% and dipping below $250. The total crypto market capitalization has decreased by 2.80%, now standing at approximately $3.25 trillion.
What’s Keeping Bitcoin (BTC) Below $100,000?
Despite a significant surge of over 40% in Bitcoin (BTC) following Donald Trump’s re-election on November 5, 2021, the digital currency has not been able to break through the $100,000 mark as its post-election rally faces obstacles. After reaching a new all-time high of $99,655 on November 23, BTC prices have dropped, and the asset is currently trading below $95,000. This decline comes as sellers gain control over the market’s direction.
Couldn’t Bitcoin’s remarkable surge halt at this point, and what could be holding it back from reaching $100,000? Some analysts attribute this to factors such as investors cashing out their gains and excessive leverage. According to Andre Dragosch, the head of research for Europe and Bitwise, he suspects that Bitcoin is being held below $100,000 due to investors realizing their profits following the post-election rally.
The price of Bitcoin hasn’t reached $100,000 yet due to a large number of long-term holders selling their Bitcoins during this latest surge.
In simpler terms, Dragosch anticipates a temporary pause in the rally because investor optimism is high and positions appear overextended at present.
“However, this could be a bull market correction rather than a change in trend. Bitcoin valuations are still very far away from being excessive.”
Meanwhile, Mark Novogratz, CEO of Galaxy Digital, predicted that Bitcoin would surpass $100,000 but also anticipated a temporary drop. He suggested investors to directly purchase Bitcoin instead of investing in companies like MicroStrategy that hold large amounts of Bitcoin. Furthermore, he mentioned there was an unknown entity selling large quantities of Bitcoin, potentially impacting the asset’s price.
For the past week, a massive Bitcoin seller emerged, with transactions ranging from approximately $92,000 to $94,000. This selling spree is estimated to be around $14-$15 billion in value.
As a market analyst at Trade Nation, I, David Morrison, perceive that the psychological barrier of $100,000 poses a significant hurdle for potential future growth.
Should Bitcoin’s current decline continue, this may represent its peak, particularly if long-term investors choose to sell prematurely. However, it’s also possible that the momentum will regain strength and power a breakthrough at this point, potentially sparking further growth.
Bitcoin (BTC) Facing Significant Correction
A financial expert has issued a cautionary statement about Bitcoin (BTC), suggesting that without reaching the $100,000 threshold, a substantial decrease might occur. This analyst detected a bearish trend in BTC’s 12-hour chart, predicting potential drops to around $85,000. He noted that if BTC manages to close above $100,000, it could nullify this sell signal. Currently, Bitcoin (BTC) is experiencing an extraordinary upward momentum, approaching the $100,000 milestone. However, investor activity seems to be tapering off as we get closer to this major level, suggesting a more reserved approach from investors. If BTC can surpass the $100,000 barrier, it could ignite a new phase of growth and increased demand, potentially propelling the price upward.
Donald Trump’s Crypto Portfolio Swells
Donald Trump is poised to be the first U.S. president known for openly endorsing the digital currency market and owning cryptocurrencies during his term in office. As of now, Trump’s crypto holdings are worth approximately $5.43 million, with a substantial part of this value linked to Ethereum (ETH). Data from Arkham Intelligence reveals that Trump’s portfolio consists of $1.7 million in ETH, $1.65 million in Wrapped Ether (WETH), and 579,289.81 TRUMP tokens, which are valued at about $1 million. Additionally, he owns 210 billion TROG tokens, with a value of around $403,860.
While Trump’s portfolio is significant, it was valued considerably higher at $14 million in June.
Bitcoin (BTC) Price Analysis
On Monday, Bitcoin (BTC) experienced a significant drop, leading some experts to forecast a potential correction if it doesn’t exceed $100,000. With BTC losing its momentum at this critical point, there might be increased selling pressure in the near future if a correction occurs. In the last 24 hours, Bitcoin has dropped nearly 4% and is currently trading around $94,700 after falling below the significant $95,000 mark.
Last week witnessed a substantial surge in Bitcoin (BTC) prices, starting with a 1.17% rise on Monday that pushed BTC beyond $90,000, peaking at $90,059. The upward trend continued on Tuesday with a 2.15% increase, taking BTC to $92,427. On Wednesday, the price went up by another 1.89%, crossing the $94,000 mark. With buyers holding the reins, BTC remained high throughout Wednesday, ending the day above $94,000. The optimistic outlook for BTC intensified on Thursday as it surged nearly 4%, reaching a new record high of $97,784. Volatility picked up on Friday as BTC approached the significant price level of $100,000. Although BTC reached an all-time high of $99,317, it could not maintain the momentum and fell back to settle at $98,355 by the end of the day.
On Saturday, Bitcoin (BTC) experienced a 1.26% decrease and closed at $97,113, as sellers were active at $100,000. The downward trend continued on Sunday, with the price reaching an intraday low of $94,838 due to increased selling pressure. However, BTC rebounded from this level and climbed back above $95,000 to close at $97,891. On Monday, BTC suffered a significant correction, dropping over 5% and settling at $92,485. Currently, during the ongoing session, the price of BTC has regained its positive momentum, with an increase of more than 2% and trading at $94,726.
As the momentum weakens near the $100,000 mark, experts have identified potential support zones ranging from $92,000 to $95,000. Pessimistic outlooks suggest a possible decline to $80,000-$85,000. However, should Bitcoin surpass the $100,000 barrier, it may rekindle buying enthusiasm, resume its upward trend, and contradict bearish assumptions of an upcoming price adjustment.
Ethereum (ETH) Price Analysis
On Monday, Ethereum (ETH) experienced a substantial rise, reaching an intraday peak of $3,547 before settling back down. This surge represented almost a 6% increase, marking a strong rebound following its exit from an eight-month downtrend. Over the past week, ETH has risen by nearly 10%, and over the last month, it has climbed an impressive 39%. As investors aim to establish positions above the critical $3,500 level, they are targeting further growth towards $4,000 and potentially a new record high. Some experts predict that ETH could surpass $4,800 during the current bull market.
Last week, my research as a cryptocurrency analyst began with Ethereum (ETH) showing a promising 4.37% increase. However, the momentum shifted on Tuesday, with ETH diving nearly 3% to $3,109 amidst growing bearish sentiment. This pessimism continued into Wednesday, as ETH plummeted by 1.25% following an unsuccessful recovery and closing at $3,070. With robust support at the $3,000 mark, ETH bounced back on Thursday, soaring by 9.44% to reach $3,360. Despite this significant rally, ETH experienced high volatility on Friday, slipping into the red once more and dropping by 0.96% to $3,328. Optimism returned among buyers on Saturday, pushing ETH up to an intraday high of $3,502 before it started losing momentum, eventually settling at $3,396. However, the price dipped again on Sunday, touching a low of $3,288 before recovering slightly to close at $3,362, marking a decline of over 1%.
Monday saw volatility return as ETH reached an intraday high of $3,547, and fell to an intraday low of $3,415 before settling at $3,415, breaking past the resistance at $3,400 and settling at $3,415. The current session sees ETH marginally up as buyers and sellers look to take control. The RSI and MACD indicate bullish sentiment. However, if sellers drive ETH back below $3,400, we could see a drop to $3,000. On the other hand, a break above $3,500 could see ETH surge to $4000.
Solana (SOL) Price Analysis
This week, Solana (SOL) experienced a significant drop, with sellers pushing it below the $250 mark, dampening the bullish trend that had been building up. For most of last week, SOL showed little activity, starting Monday with a 1.04% increase to reach $239. However, it began to slide into the negative territory on Tuesday, falling by 0.89% to $237. The decline continued on Wednesday, ending at $253 following a 0.87% drop. On Thursday, SOL saw a nearly 9% surge and surpassed $250, settling at $256. Yet, the upward momentum stalled due to selling pressure around the $260 mark, resulting in only minimal growth on Friday.
Over the weekend, negative market feelings resurfaced, causing Solana (SOL) to decrease following an unsuccessful effort to surpass $260. It fell by 0.78%, landing at $254. On Sunday, sellers maintained control, pushing the price down to a daily low of $241. However, SOL managed to bounce back above $250 and close at $252. By Monday, bearishness deepened as SOL tumbled 7%, dipping below $250 and settling at $234. Currently, buyers are trying to recover SOL, but if sellers regain control, it could continue to slide down towards $220. This level might serve as a support due to the proximity of the 20-day Simple Moving Average (SMA). If this holds, it could prevent any further declines.
Chainlink (LINK) Price Analysis
As a researcher observing the crypto market, I noticed that Chainlink (LINK) experienced a significant surge towards the end of the previous week, breaching key resistance levels as buyers sought to push the price above $20. Reaching an intraday peak of $16.01 on Monday, LINK subsequently dipped on Tuesday, falling by 4.24% to $14.63 after a downward trend. Buyers made an effort to recuperate on Wednesday as LINK climbed to $15.33, but momentum waned, allowing sellers to regain control and cause a nearly 3% drop, leaving the price at $14.23. However, Thursday saw a recovery, with LINK rising by 4.74% despite volatile conditions, closing at $14.91. Bullish feelings grew stronger on Friday as LINK rallied by 11.13%, surpassing the resistance at $16 and ending the day at $16.57.
Bullish sentiment persisted over the weekend as LINK rallied to an intraday high of $18.39 on Saturday. However, buyers lost momentum at this level, and LINK fell back to settle at $17.39, registering an increase of almost 5%. Selling pressure increased substantially on Sunday as LINK fell to an intraday low of $16.15. However, it recovered from this level to register an increase of 2.96% and settled at $17.90. Buyers attempted to build on Sunday’s bullish momentum as LINK surged to an intraday high of $19.05. However, LINK lost momentum at this level, allowing sellers to take control. As a result, LINK fell over 3% and settled at $17.34. LINK has continued to drop during the current session, with the price down almost 3% and trading near the $16.88 price level.
Aptos (APT) Price Analysis
Currently, Aptos (APT) is fluctuating between approximately $11 and $14. It’s been trying to gather speed following a strong rally on November 11, which saw it jump nearly 26%. However, the price action has been quite erratic as sellers aim to push it below its support levels, while buyers are finding it challenging to gain traction. APT began the previous week on an upward trajectory, climbing more than 2%. But it took a dip on Tuesday, dropping by 1.90% to $11.81. On Wednesday, Aptos showed considerable price volatility, reaching a high of $13.45 during the day and then dipping to a low of $11.12 before ending at $11.79, marking a minimal decrease.
On Thursday, efforts were made by some sellers to decrease the value of APT, causing it to reach a low of $11.23. However, buyers stepped in and countered this selling pressure, enabling APT to regain its footing. This resulted in a 2.40% increase for APT, ending the day at $12.07. On Thursday as well, buyers maintained control, resulting in a 3.55% rise for APT and closing the day at $12.50. The weekend was a mix of gains and losses; APT peaked at an intraday high of $13.24 on Saturday but closed at $12.75. Volatility reappeared on Sunday, with buyers making an effort to surpass $13, causing APT to reach $13.35. However, this momentum faded, and sellers took over, pushing the price down to a new intraday low of $11.57. With the 20-day Simple Moving Average (SMA) acting as a support level, APT eventually settled at $12.54. The selling pressure intensified on Monday, causing APT to plummet nearly 6%, falling below $12 and ending the day at $11.82. Currently, sellers are in control, with APT trading at $11.61, dipping below the 20-day SMA.
Injective (INJ) Price Analysis
Following last Tuesday’s bearish turn, INJ experienced a significant surge since then. Last Tuesday, sellers caused INJ to decline by approximately 4.99%, with further selling pressure on Wednesday that led to a drop of nearly 5% to $23.24. However, Thursday saw a strong rebound for INJ, recovering from its low of $22.47 and increasing by 7.75% to reach $25.04. On Friday, sellers attempted to push INJ down again, causing it to drop to $23.97, but buyers stepped in to prevent further decline, resulting in a rise of more than 6% that settled the price at $26.57.
Over the weekend, INJ exceeded its resistance at $27 on a Saturday spike, reaching a peak of $29.44 before ending the day at $27.83. On Sunday, sellers pushed INJ down to a low of $25.57, but it rebounded by more than 2% and ended the day at $28.42. The following week started with sellers regaining control, causing a drop of over 5% that ended at $26.90. However, during the current trading session, INJ has recovered and is up by 2.32%, currently trading at $27.55.
Optimism (OP) Price Analysis
On Wednesday, optimism (OP) experienced a significant drop, falling to $1.64 after a nearly 7% decrease. Despite intense selling pressure, OP rebounded on Thursday, soaring beyond its 200-day Simple Moving Average (SMA) and $2, reaching an intraday peak of $2.21 before ending the day at $2.08. Bullish feelings remained strong on Friday, even amid high volatility, causing OP to climb almost 6% to finish at $2.20. Volatility continued throughout the weekend, pushing OP up to a new intraday high of $2.33. However, the momentum of buyers began to wane, causing OP to fall back slightly and end at its original level of $2.20. On the other hand, INJ also experienced fluctuations; it reached an intraday high of $2.33 on Sunday, but later lost momentum, dropping back down to $2.20. Optimism (OP) dipped to a low of $2.04 on Monday before rebounding to a high of $2.34, yet the buyers’ momentum wasn’t sustained, causing INJ to fall back once more.
The current week began with buyers returning to the market as OP rose by 4.59% and settled at $2.30. However, the price is back in the red during the current session, down almost 4% and trading at $2.21.
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2024-11-26 17:06