As a seasoned investor with decades of experience in the ever-evolving world of cryptocurrencies, I must say that this market never ceases to amaze me. The rapid fluctuations and unpredictable nature of these digital assets are both exciting and challenging.
As an analyst, I observed a resurgence of Bitcoin (BTC) from a dip at around $91,400 on Wednesday evening, pushing it back above $95,000. Nevertheless, Bitcoin is currently under considerable bearish pressure due to its inability to break the $100,000 mark. Preparing for potential falls below $90,000, investors are readying themselves. Given the significant options expiring on December 27, traders are cautiously managing risks amid profit-taking activities. Earlier, Bitcoin had plunged beneath $91,000 before bouncing back, showing a nearly 3% increase over the past 24 hours. This correction resulted in a substantial loss of approximately $200 billion from the entire crypto market, with several investors forced to sell off their holdings.
As a crypto investor, I’m thrilled to see the markets bouncing back strongly today. The total market capitalization surged nearly 4%, reaching an impressive $3.32 trillion. Ethereum (ETH) is soaring, with a nearly 7% increase that propelled it past the $3,500 mark. Traders are now aiming for the next target at $3,600. Solana (SOL), too, has shown significant growth, breaking the $240 barrier as it attempts to recapture the $250 level. Other coins such as Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), Toncoin (TON), Polkadot (DOT), and Chainlink (LINK) are also experiencing gains today. Exciting times ahead!
Bitcoin Faces Downward Pressure
Bitcoin (BTC) dipped to a low of $90,700 after it couldn’t surpass the $100,000 barrier and caused a notable drop due to investor anticipation for profit-taking and contract expiration. This year has seen BTC soar, with a 30% jump in value since early November, following Donald Trump’s election win in the U.S. Trump had expressed support for digital assets during his campaign, vowing to establish the U.S. as a leading crypto hub. However, with approximately $11.8 billion worth of options expiring soon, traders predict high market fluctuations on that day.
Market analysts have also pointed fingers at profit-taking as a cause for the recent Bitcoin price drop. In a letter to his clients, Anthony Pompliano, the head of Professional Capital Management, noted that long-term Bitcoin holders have offloaded approximately $60 billion worth of BTC over the past month.
Bitwise Proposes Diverse Crypto ETF
Bitwise has applied to the U.S. Securities and Exchange Commission for permission to introduce a new ETF that mirrors their index fund containing ten different cryptocurrencies. If successful, this ETF will represent the broadest and most comprehensive crypto-based ETF available in the United States. The proposed ETF would encompass Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK), Bitcoin Cash (BCH), Uniswap (UNI), and Polkadot (DOT). Since 2018, Bitwise has been managing this index fund in line with the values of the included cryptocurrencies.
As a keen crypto investor, I’ve taken note that the Securities and Exchange Commission (SEC) has received our application. The anticipation among market observers, including myself, is high as we wait for their decision. However, at this point, there’s no definite timeline set for when the decision on the application will be made.
Can The Crypto Market Rebound On Black Friday?
Due to excessive buying, the cryptocurrency market experienced a substantial drop, reaching its lowest point in over a week. This decline was caused by a correction known as an “overbought condition.” At the same time, Bitcoin and other assets saw intense selling due to major geopolitical events. Specifically, President Biden announced that Lebanon and Israel have agreed to a U.S.-mediated plan to resolve their ongoing conflict.
According to CryptoQuant’s data, Bitcoin’s Profit and Loss ratio is similar to what it was in March 2024 when BTC was priced at approximately $73,500. However, any easing of tensions in the Middle East might decrease the desire for safe-haven assets. Furthermore, an examination found that long-term Bitcoin holders transferred about $60 billion worth of BTC over the past 30 days. This is the most significant profit-taking event during this market cycle, leading to increased selling pressure as retail investors buy up supply during bullish periods.
Bitcoin (BTC) Price Analysis
Initially, Bitcoin (BTC) climbed from around $92,000 to surpass $95,000, but in the ongoing trading session, it has dipped into the red as sellers aim to push it beneath $95,000. Cryptocurrency observers are predicting a substantial pullback since bullish momentum seems to be dwindling. The price of BTC couldn’t manage to break above $100,000, giving sellers the upper hand and causing the value to decrease. As a consequence, Bitcoin dropped below $91,000 before rebounding to its present position. If there is a significant correction, it might cause Bitcoin to drop below $90,000 and potentially reach as low as $80,000-$85,000 before rebounding again. Even with recent fluctuations, analysts remain hopeful that BTC will surpass $100,000 by the end of the year.
BTC spent last week in bullish territory, notching a substantial increase on Thursday to go above $95,000 and settle at $97,784. It surged to a new all-time high on Friday, reaching $99,655 before declining and settling at $98,355. BTC fell back on Saturday after failing to go above $100,000, dropping over 1% and settling at $97,113. Sellers drove BTC to an intraday low of $94,838 on Sunday as selling pressure registered a considerable increase. However, BTC recovered from this level to register a rise of 0.80% and settle at $97,891.
On Monday, there was a significant rise in selling pressure that caused Bitcoin (BTC) to drop by over 5%, falling below $95,000 to close at $92,845. The negative sentiment continued on Tuesday as BTC dipped to an intraday low of $90,708. Attempts were made to recover the market on Tuesday when Bitcoin rose to $95,000, but it lost momentum and settled at $91,913, registering a minor decrease of 1%. However, buyers came back into play on Wednesday as BTC experienced a strong recovery, increasing by 4.32% to surpass $95,000 again and close at $95,883. As of the current session, Bitcoin is slightly down as both buyers and sellers are fighting for control. If sellers maintain their grip, Bitcoin could potentially drop to $92,000 or even as low as $90,000. Conversely, if buyers regain control, they will aim to test the $100,000 mark.
Ethereum (ETH) Price Analysis
On Wednesday, Ethereum (ETH) soared beyond $3,500 following a robust rally, but it’s currently losing ground during the current trading session as buyers aim to push it below $3,500. ETH had a promising start to the previous week but then took a dip. By Wednesday, it reached a low of $3,031. However, it bounced back strongly on Thursday, increasing by 9.42% and closing at $3,360. Despite its impressive performance on Thursday, ETH fell again during Friday’s trading due to high volatility, dropping 0.96% to $3,328. The weekend saw a strong rebound as ETH reached an intraday high of $3,502 before sliding back and ending at $3,396. The price fell again on Sunday, touching a low of $3,288 before recovering slightly to close at $3,362, marking a 1.01% decline.
Yesterday, I witnessed a recovery in ETH as it peaked at $3,547 during the day. However, the buying momentum fizzled out upon reaching this point, causing a dip back down to $3,415, resulting in a 1.60% increase. Pessimism reemerged on Tuesday when ETH plummeted by 2.64%, touching a low of $3,225 before leveling off at $3,325. Despite intense selling pressure, ETH made a comeback on Wednesday, soaring nearly 10% and breaking through the resistance at $3,500 to settle at $3,657. As we speak, the price is in the red, dipping by 1.59%, and currently trading at $3,599. Sellers are aiming to push ETH below $3,500. If sellers maintain control, we might see ETH slide down to $3,000. Conversely, if buyers regain control, they will try to push ETH towards $4,000.
Solana (SOL) Price Analysis
As an analyst, I’ve been closely monitoring Solana (SOL) during this trading session, and it appears that the altcoin’s recovery efforts have stalled, as it has once again slipped into the red. Over the past week, SOL has exhibited considerable volatility, dipping to a low of $230 on Wednesday. However, a strong rebound was seen on Thursday, with SOL surging nearly 9% and climbing above $250, settling at $256. The volatility resurfaced on Friday as buyers aimed for a breakthrough at $260, while sellers targeted a decline below $250. Despite the efforts, SOL only managed to register a slight increase. On Saturday, buyers attempted to push SOL above $260, reaching an intraday high of $264. However, their momentum faltered above this level, causing SOL to retreat and drop 0.78% to $254.
Bearish sentiment intensified on Sunday as SOL fell to a low of $241. However, it recovered from this level to climb above $250 and settle at $252, registering a drop of 0.83%. The current week began with a substantial increase in selling pressure as SOL plummeted over 7%, slipping below $250 and settling at $232. Selling pressure persisted on Tuesday as SOL experienced considerable volatility. SOL eventually dropped by 1.49% and settled at $230, where the 20-day SMA acted as a dynamic resistance level. SOL recovered from this level on Wednesday, rising almost 5%, going above $240 and settling at $242. However, it finds itself in the red during the current session, with the price down by 1.21% and trading at $239.
Tron (TRX) Price Analysis
Last week, Tron (TRX) experienced a significant surge towards its end, bouncing back from a low of $0.193 on Wednesday. On Thursday, TRX rose by 1.80% and closed at $0.198. The price moved past the $0.20 mark on Friday after a 3% increase propelled it to $0.204. On Saturday, TRX continued its upward trend, hitting an intraday high of $0.225. However, the momentum of buyers faded at this level, causing the price to drop, ending the day at $0.213. Despite strong bullish enthusiasm, TRX dipped back into negative territory on Sunday as sellers tried to push it below $0.20. The coin touched an intraday low of $0.20 but recovered to close at $0.208.
On Monday, there was a significant increase in selling activity causing TRX to drop nearly 6%, falling below $0.20 to rest at $0.196. This trend of selling pressure and volatility continued on Tuesday, pushing TRX down to a low of $0.185, even dipping below its 20-day Simple Moving Average. However, it rebounded slightly to end the day at $0.195, resulting in a daily loss of 0.71%. On Wednesday, buying activity picked up, causing TRX to climb almost 3% to $0.20. Currently, TRX is experiencing a minor decline during the ongoing session as both buyers and sellers vie for control.
Toncoin (TON) Price Analysis
Toncoin (TON) registered a dramatic increase over the weekend, surging an incredible 15.74% to go past $6 and reach an intraday high of $6.60 before declining and settling at $6.30. However, it has faced significant volatility since, experiencing wild price swings. On Sunday, TON fell to an intraday low of $5.78 and rose to an intraday high of $6.59 before registering a drop of 2.52% and settling at $6.15. The current week began with volatility persisting as TON dropped by 0.96% to $6.09, but not before falling to a low of $5.92. Sellers dragged TON to an intraday low of $5.69 on Tuesday as selling pressure registered a substantial increase. However, the price recovered from this level, registering a jump of 0.85% and settling at $6.14.
As a researcher, I observed an escalation of bullish sentiment today, as investors flocked into the market, propelling TON to a nearly 4% increase, reaching $6.38. However, in this current session, sellers have regained control, causing TON to dip by 1.24%, failing to surpass the $6.50 mark.
Celestia (TIA) Price Analysis
Since Thursday, Celestia (TIA) has been experiencing significant growth, with a surge of 9.74% on Thursday, taking it above both the 20-day and 50-day Simple Moving Averages to close at $5.42. Buyers maintained control on Friday, causing TIA to rise by 5.44%, reaching $5.71. On Saturday, a strong bullish sentiment was observed as TIA witnessed an impressive rally of 24.92%, surpassing the 200-day Simple Moving Average and closing at $7.14. This positive momentum continued on Sunday, with the price reaching a high of $8.78 intraday before settling at $7.95 following an almost 12% increase.
On Monday, despite briefly surpassing $8, TIA’s price plummeted nearly 3%, down to $7.75. This decline was accompanied by a surge in volatility as both buyers and sellers vied for control. The day saw TIA reaching an intraday high of $8.59 before dipping to an intraday low of $7.25. However, the buyers managed to push the price above $8 again, with the closing price at $8.22, marking a rise of more than 6%. Unfortunately, TIA slipped back into negative territory on Wednesday, dropping by 1.95% to $8.06 as buyers aimed to drive it under $8. Currently, in the ongoing session, TIA is back in the green, with its price surging over 7% and trading at $8.62.
Theta Network (THETA) Price Analysis
During the current trading period, Theta Network (THETA) experienced difficulty holding its value above $2 as sellers aimed to push prices lower. Since last week, THETA has shown bullish tendencies but has struggled to surpass the resistance at $1.85. On Saturday, after registering a 5.50% increase, it managed to break through this barrier and reached an intraday high of $1.98 before closing at $1.88. Sellers tried to pull THETA down below $1.85 on Sunday, causing it to dip to a low of $1.73. However, it bounced back from this level, increasing almost 4% and ending the day at $1.95. On Monday, THETA slipped back into negative territory, dropping nearly 5%, as sellers attempted once more to push the price beneath $1.85. Despite intense selling pressure, buyers stepped in to prevent a further decline, and THETA closed the session at $1.86.
On Tuesday, THETA experienced a notable surge, gaining more than 9% to exceed $2 and close at $2.03. However, the positive momentum from Tuesday was interrupted on Wednesday with a steep decline that reached an intraday low of $1.93. Subsequently, THETA recuperated from this level, rising by 1.81%, reclaiming $2, and ending the day at $2.06. Currently, in this session, THETA is dropping by 3.41%, trading below $2 at $1.99, as sellers aim to drive the price lower.
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2024-11-28 16:07