Crypto Price Analysis 11-27 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, RIPPLE: XRP, SEI: SEI, FANTOM: FTM

As a seasoned investor with over two decades of experience in the crypto market, I must say that the current state of the digital assets industry is nothing short of exhilarating. The recent performances of various cryptocurrencies such as SEI, FTM, XRP, and others have been nothing short of captivating.

In simpler terms, the value of cryptocurrencies is experiencing a severe drop, with Bitcoin approaching a potential $90,000 price point. This decline is due to a continuous adjustment in prices, accompanied by increasing instances of sell-offs and investors cashing out their profits.

Bitcoin (BTC) dropped approximately 2% within the last 24 hours, reaching a low of $90,796 before bouncing back. At present, it’s being traded around the $92,600 mark. Negative feelings about BTC are growing, and the market is experiencing an increased bearish sentiment. The overall crypto market capitalization has also decreased by 2.30%, now standing at $3.19 trillion. This recent drop left many Bitcoin traders shaken, as it erased millions of long positions. Additionally, trading volume has significantly dropped by nearly 9%.

Nearly all cryptocurrencies experienced significant drops as a major correction occurred, causing the market to dip into negative territory. Ethereum (ETH) fell below $3400 and has decreased by 1% over the last day. Similarly, Solana (SOL) is facing difficulties as buyers strive to keep its price above $230. Ripple (XRP) experienced a notable decline of nearly 4% and is currently trading at $1.39. Dogecoin (DOGE), which saw a remarkable surge following the elections, is also in the red with a drop of almost 3%. Other altcoins like Stellar (XLM), Polkadot (DOT), Internet Computer (ICP), and Cronos (CRO) have also registered substantial decreases.

Crypto Market Correction Deepens

During the post-election period, there was a surge in the crypto market. However, over the past few days, prices have dramatically decreased, causing considerable stress in the market. The markets reached a five-day low as Bitcoin (BTC) dropped to $90,796 due to a selloff in safe-haven assets, possibly triggered by hopes of de-escalating tensions between Israel and Lebanon. Moreover, Trump’s tariff threats have been affecting stock indices and putting pressure on equities. Despite the crypto market being in an extreme greed phase, as indicated by the Crypto Fear and Greed Index, this is currently its lowest level in two weeks.

The dramatic fall of Bitcoin to $90,786 intensified the correction, marking the fourth consecutive day of price decrease. Despite an attempt by BTC to recover and reach $99,000 on Monday evening, sellers stepped in, causing further decline. If Bitcoin continues its downward trend and falls below $90,000, it’s likely we’ll see a drop reaching $85,000 or even dipping as low as $80,000.

From my perspective as an analyst, it’s fascinating to note that global crypto fund investments hit a record high of $3.12 billion, building upon inflows worth $2.193 billion the previous week. The investment in Bitcoin saw a significant surge of approximately $3.07 billion, while Ethereum investments grew slightly by $3 million. Solana and XRP also experienced growth, with Solana attracting additional investments of $16 million and XRP receiving $15 million. However, FalconX suggests that the dominance of bullish orders in the Bitcoin market has weakened, indicating that the current growth momentum may not be solely driven by new buying interest.

Bloodbath As $581M In Derivatives Liquidated

Over the past 24-48 hours, there’s been a severe sell-off in the cryptocurrency market, with Bitcoin (BTC) dipping to around $90,700 – a decrease of 3% compared to yesterday and 1% over the last week. Interestingly, despite this considerable drop, BTC has still managed to increase by nearly 37% over the past month. This recent fall in BTC has led to substantial liquidations in crypto derivatives, with a total of $581 million in positions being eliminated. Notably, long positions on Bitcoin accounted for $113 million of these liquidations, while similar long positions on Ethereum (ETH) accounted for $77 million.

The recent downturn in Bitcoin and the cryptocurrency market serves as yet another demonstration of its susceptibility to sudden changes in public opinion. With both large-scale investors and individual traders responding to these fluctuations, it’s becoming increasingly clear how interconnected the prices on the spot market, trading pairs, and derivatives markets truly are.

Liquidations And Profit-Taking

Due to intense selling activity, Bitcoin’s (BTC) market supremacy has decreased to around 57%, with forced sales exacerbating its descent.

The value of the asset dropped to a low point of $92,600 during the day before recovering, likely due to investors withdrawing $500 million from ETFs linked to the spot market, suggesting they might be cashing in their profits. In the immediate future, Bitcoin could exhibit price fluctuations as approximately $9.4 billion in options are set to expire on Friday.

Additionally, notable decreases were observed in other digital currencies such as Solana, Ripple, Dogecoin, Cardano, and Tron.

Trump Plans To Hand Over Crypto Oversight to CFTC

It’s being speculated that Donald Trump might transfer responsibility for regulating the cryptocurrency sector to the Commodity Futures Trading Commission (CFTC). This shift could potentially reduce the SEC’s regulatory influence over the crypto industry. Under the CFTC, digital assets classified as commodities would be subject to regulation in spot markets. Trump argues that the SEC’s enforcement actions against the crypto sector have hindered innovation within the US, and a more lenient approach might stimulate further growth. If successful, this change could be advantageous for the cryptocurrency industry, which has advocated for a fairer regulatory environment. Previously, Chris Giancarlo, former CFTC Chairman, expressed similar sentiments.

If we provide sufficient resources and appoint suitable leaders, it’s likely that the Commodity Futures Trading Commission (CFTC) would be well-prepared to start regulating digital commodities immediately upon Donald Trump taking office.

Bitcoin (BTC) Price Analysis

As a researcher observing the crypto market, I’ve noticed that Bitcoin (BTC) dipped below its $92,000 support level on Wednesday, reaching an intraday low of $90,707. This descent from the $100,000 price mark appears to be a result of profit-taking and investors anticipating a de-escalation in Middle East tensions, which has led to a decrease in the prices of safe-haven assets like BTC. Mati Greenspan, founder and CEO of Quantum Economics, predicts a short-term pullback before another rally ensues.

Since the election, Bitcoin has been soaring with minimal dips. Yet, reaching $100,000 continues to present a significant mental hurdle. Breaking this barrier now would be a strong positive indicator, but a temporary dip might occur first to build up strength for the next push.

Over the past week, Bitcoin’s price chart demonstrates a notable pullback after initially soaring past $90,000, moving away from the critical $100,000 threshold. Since the elections, BTC has experienced an unprecedented surge, meeting predictions of breaking through the $90,000 barrier. Analysts anticipate that the world’s leading cryptocurrency will surpass the $100,000 milestone in the near future. Bitcoin reached $90,000 on Monday, marking a 1.17% increase. Confidence among buyers remained high as Bitcoin climbed to $92,457 on Tuesday and $94,204 on Wednesday, with markets continuing to climb higher. The optimism surrounding Bitcoin intensified on Thursday as it surpassed $95,000 following a nearly 4% increase and ended the day at $97,784. Bitcoin reached a new record high on Friday, exceeding $99,000 for the first time, peaking at $99,655 before dipping to $98,355.

Over the weekend, there was an increase in selling activity that pushed Bitcoin (BTC) down when it reached the $100,000 mark. This caused the price to dip by 1.26%, reaching $97,113. The sellers continued their push, driving BTC to a low of $94,838, but it managed to bounce back slightly, increasing by 0.80% and closing at $97,891. However, the beginning of this week saw Bitcoin drop more than 5%, hitting $92,845. On Tuesday, buyers tried to regain control as BTC reached a high of $95,012, but they lost steam there and the price fell again to $90,707 before ending the day at $91,913. In the current session, buyers are trying to recover Bitcoin, which has risen by 1.40% despite persistent selling pressure.

Several experts predicted a market adjustment as Bitcoin approached $100,000, as technical indicators like the RSI suggested Bitcoin was overbought. Yet, whether the correction causes Bitcoin to dip below $90,000 is still uncertain. Market observers foresee a correction but are optimistic that Bitcoin will surpass the $100,000 threshold by year-end.

Previously, when record highs are attained, there’s usually a phase of stability before additional growth occurs. It’s worth noting that large institutional investors are showing interest in this sector, while retail participation is increasing through ETFs and trading platforms. With encouraging macroeconomic and regulatory developments on the horizon, we might witness increased price fluctuations.

Ethereum (ETH) Price Analysis

After starting the week on a high note, Ethereum (ETH) dipped slightly on Tuesday, falling nearly 3% to $3,110. However, it quickly bounced back on Thursday, gaining approximately 9.42% and reaching $3,360. This surge pushed ETH above the significant resistance at $3,300. On Friday, there was a struggle between buyers trying to push ETH higher and sellers looking to pull it down. Sellers eventually prevailed, causing ETH to drop by 0.96% to $3,328. But on Saturday, the buyers re-entered the market, pushing ETH up to $3,502 before settling at $3,396, marking a gain of more than 2%. Despite this recent volatility, ETH remains above the $3,000 mark.

On Sunday, there was an uptick in selling activity causing ETH to dip to a daily low of $3,288. However, it rebounded from this point to close at $3,301, marking a 1.01% decrease. The new week started with ETH climbing above $3,500 and peaking at an intraday high of $3,547. But the buying momentum waned upon reaching this level, leading to a drop to $3,415. Selling pressure resurfaced on Tuesday, causing the price to fall 2.63% to a low of $3,253 before ending the day at $3,326. Currently, ETH is moving upwards again, with a rise of more than 3% and trading at $3,425.

Investors aim to gather pace and propel Ether (ETH) beyond the $3,500 mark. Should it surpass this threshold, there’s potential for further growth towards $3,800 or even $4,000. Conversely, if traders force ETH below $3,000, a slide to around $2,850 may occur before any recovery.

Solana (SOL) Price Analysis

Currently, Solana (SOL) is attempting to regain its footing as it aims to bounce back from its 20-day Simple Moving Average and push towards the price range of $250-$260. This so-called “Ethereum killer” has experienced notable price fluctuations over the recent trading sessions, with prices spiking and dipping substantially.

On Saturday, buyers aimed to surpass $260 but lost momentum at $264, causing sellers to take over, pushing Solana (SOL) down by 0.78% to $254. The selling pressure persisted on Sunday, driving SOL down to an intraday low of $241 before recovering slightly to close at $252, resulting in a further drop of 0.83%. On Monday, bearish sentiment intensified as SOL plunged by 7.36%, falling below $250 and settling at $234. Sellers maintained their influence on Tuesday, causing SOL to reach a low of $221 before bouncing back above its 20-day Simple Moving Average (SMA) and closing at $230. Currently, Solana is up by 1.57% and trading at $234.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) has been moving downwards since it peaked at $4.82 earlier. Following this peak, there was a steep descent for WIF, leading the price to drop to $3.05 last week after several consecutive losing days. However, on Thursday, WIF saw a rise of 7.03% and closed at $3.26. On Friday, WIF showed significant volatility as both buyers and sellers struggled for control. This resulted in it reaching a low of $3.04 and a high of $3.43 before experiencing a decline of 1.94% and closing at $3.20.

Over the weekend, buyers held sway initially on Saturday, pushing WIF up to a peak of $3.57. However, their progress halted at this point, causing WIF to dip down to $3.27 by the day’s end, marking a 2.22% increase. The following day brought back volatility as both buyers and sellers fought for control. WIF dipped below its 20-day moving average (SMA), touching $3.01 at one point before bouncing back to reach a high of $3.47, only to close the day with a 3.08% decrease to $3.17. The new week started off quite turbulent for WIF, soaring to $3.65 before plummeting and ending at $3.17, showing minimal growth. Selling pressure resurfaced on Tuesday as WIF dropped nearly 5%, settling at $3.02. As of now, WIF is up by more than 2% and trading at $3.08.

Ripple (XRP) Price Analysis

As a crypto investor, I’ve noticed a substantial drop in my Ripple (XRP) holdings after it failed to maintain its position above $1.50, marking a major hurdle for the unprecedented post-election surge. On November 16, XRP spiked past $1, propelled by Donald Trump’s victory and Gary Gensler’s potential departure from the SEC, which later materialized. However, the momentum dwindled as we surpassed the $1.20 mark, struggling to break through the resistance at that level. Consequently, XRP traded between $1.05 and $1.20 until Thursday when it finally managed to surge past the resistance following a nearly 13% increase, settling at $1.24. The bullish sentiment grew stronger on Friday as XRP rallied over 18%, aiming for $1.50.

After reaching a peak of $1.63 on Saturday, the momentum for XRP started to wane. This allowed sellers to regain control, causing the price to dip from $1.50 down to $1.47. The downtrend intensified on Sunday as XRP hit an intraday low of $1.28. However, it managed to recover and close at $1.43, marking a 2.54% decrease. On Monday, XRP attempted recovery but lost momentum again, causing the price to drop by 1.25% to $1.41. The following day saw sellers continue their control, pushing the price down to $1.28 once more. It recovered slightly to end at $1.39, showing a marginal decline of 1.17%. In the current session, both buyers and sellers are in a stalemate, struggling to gain control over XRP’s price direction.

SEI (SEI) Price Analysis

As an analyst, I’ve observed a remarkable recovery in the performance of SEI (SEI). After hitting a low of $0.451 on Wednesday, it was the sellers who drove the price down to $0.442 the following day. However, the stock managed to bounce back from that level, recording an increase of over 5% and closing at $0.485. The bullish momentum continued on Friday as SEI rose by 6.54%, crossing the $0.50 mark and settling at $0.517. Buyers maintained control on Saturday, causing SEI to climb further by 3.49% to reach $0.535. The bullish sentiment intensified significantly on Sunday, leading to a surge of over 23% that took the stock price above $0.60 and settled it at $0.662.

This week started off with a surge in market turbulence as buyers aimed to push the price above $0.70, while sellers sought to pull it down towards $0.60. Consequently, SEI reached an intraday peak of $0.695 and plummeted to an intraday trough of $0.592 before closing at $0.655, marking a 1.08% decrease. On Tuesday, sellers forced SEI down to $0.600 as selling activity intensified. Yet, buyers stepped in to offset the decline, propelling SEI up by 6%, closing the day at $0.694. Despite this robust recovery, SEI failed to break through the $0.70 mark. Currently, sellers are trying to push SEI below $0.60 again, causing it to drop by more than 5%.

Fantom (FTM) Price Analysis

Fantom’s price has experienced a notable surge, reaching levels not seen since March. This recent upswing started after it fell below its 20 and 50-day Simple Moving Averages (SMAs), touching a low of $0.663. However, on Thursday, Fantom bounced back, recording a 6.656% increase and reclaiming positions above the 20 and 50-day SMAs, closing at $0.706. The bullish momentum continued on Friday as Fantom climbed by 7.37%, reaching $0.758. The optimistic outlook grew even stronger over the weekend, with Fantom peaking at an intraday high of $0.949 before settling at $0.876, a nearly 16% increase. The market remained bullish on Sunday as Fantom surpassed the $1 mark, recording a nearly 15% increase and ending the day at $1.00 (approximate).

On Monday, a drop in price occurred for FTM as investors re-entered the market, pushing it to its daily low of $0.907. However, it managed to bounce back from this point and finish at $0.978. The following day, Tuesday, saw more buyers joining the market, causing FTM to surge almost 11% and reach $1.08. Currently in the ongoing session, FTM has dipped nearly 2%, reaching an intraday high of $1.13 before settling at $1.06.

2024-11-27 14:08