Bitcoin (BTC) closed the week above the $100,000 mark for the first time in history, concluding the crypto’s massive week with another milestone. However, a market watcher has warned investors that historical patterns could soon lead the flagship crypto to a big correction. Related Reading: XRP Slides After Failing To Reclaim $2.9, What’s Next For Bulls? Bitcoin First Weekly Close Above $100,000 Bitcoin hit the $100,000 milestone nearly a week ago, passing the psychological barrier for the first time. After its massive feat, the largest crypto by market capitalization faced its largest retrace since Trump’s victory in the US presidential elections. BTC briefly dropped around 13% to the $90,000 mark in a candle that resembled its performance when it first hit the $10,000 barrier. Since then, the cryptocurrency has hovered between the $97,000-$101,000 prince range, facing some resistance to breaking past the range’s upper zone. As reported by NewsBTC, crypto analyst Jelle noted that BTC could follow the same path as its post-$10,000 milestone trajectory, turning the newly crossed level into support after three days, like it did in November 2017. After hovering between its new range for four days, Bitcoin registered its first daily close above $100,000 on Sunday. This performance also marked its first weekly close above this barrier, displaying a similar weekly performance to the $10,000 candle. Crypto analyst Rekt Capital highlighted that BTC’s daily close above this mark and Monday’s 2.5% pullback is “technically a retest” of this level. However, the ongoing retest is very volatile, and it has been simultaneously attempting to turn the “final major daily resistance,” around the $98,000 zone, into support for the past two days. The analyst added, “a volatile retest like this makes sense, especially weekly.” He explained that the $98,000 level was broken as resistance on the weekly chart after yesterday’s close, meaning that “this week is all about trying to reclaim this level as new support.” Will The Next Few Weeks Be ‘Problematic’ For BTC? Despite breaking past the crucial barrier, Rekt Capital warned investors of BTC’s upcoming week of its post-halving “Parabolic Upside Phase.” The analyst previously explained that Bitcoin enters a parabolic period that lasts around 300 days each cycle after every Halving event. Historically, BTC’s price registers the first major pullback a month after entering price discovery mode. According to the analyst, the first “Price Discovery Correction” historically begins between Weeks 6 and 8 of each parabolic phase, seeing at least 25% retraces. Rekt Capital pointed out that today starts the sixth week of this post-halving upside phase, emphasizing that BTC is the timeframe where its price has retraced significantly. Based on this, Bitcoin’s price could nosedive between 25% and 40% in the next few weeks, like in 2017. Related Reading: Bitcoin Is ‘Highly Likely’ In A Supercycle: Expert Explains Why The analyst warned investors that the current retest of the $98,000 level is key, as failing to hold it could kickstart the first major correction: As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTC’s history at this point in the cycle, I wouldn’t be surprised to see key levels get invalidated. Nonetheless, he stated that “the Second Price Discovery Uptrend will take place after the Price Discovery Correction,” which could propel BTC to a new ATH. At the time of writing, Bitcoin is trading at $98,073, a 2% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
So far, the Bitcoin market continues to demonstrate resilience as it maintains its price above the $90,000 price market despite various factors influencing its price movements. Amid this, a CryptoQuant analyst, aytekin466, recently shared insights into whether the cryptocurrency could face another significant price correction. Related Reading: Bitcoin Is ‘Highly Likely’ In A Supercycle: Expert Explains Why Are Major Corrections a Thing of the Past? aytekin disclosed that with Bitcoin experiencing a maximum decline of 30% in its current cycle — notably during the “carry trade shock” in August — this marks a milder drawdown than previous cycles. According to the analyst, the increasing presence of ETFs has contributed to stabilizing the market by mitigating drastic shakeouts. However, the dynamics surrounding BTC investment remain a careful balancing act. The analyst noted: Waiting for the next big correction to enter the market or add fresh capital might result in being late to the rally. On the other hand, being overly aggressive while the market is surging could be risky. Mentioning that it is better to understand where the market stance is as of now, aytekin highlighted that current metrics, such as a positive Coinbase premium and the cooling off of the Spent Output Profit Ratio (SOPR), suggest a “healthy consolidation phase.” Moreover, funding rates have eased following recent price fluctuations, while miners show no urgency to liquidate their holdings. Stablecoin flows to spot exchanges are also at their highest levels this year, signaling active market participation. aytekin wrote: In conclusion, a correction could happen at any time without a specific reason, but the current situation doesn’t indicate a shift in momentum. Further Growth In Bitcoin Price Expected? Another CryptoQuant analyst, Darkfost, highlighted positive market signals from stablecoin activity and BTC netflows. The Exchange Stablecoin Ratio — comparing Bitcoin reserves on exchanges to stablecoin reserves — is in decline. This trend indicates strong buying pressure as stablecoins for Bitcoin purchases increase while Bitcoin exchange reserves dwindle. In parallel, weekly Bitcoin netflows reveal consistent withdrawals from exchanges, suggesting a sentiment shift toward mid- to long-term holding among investors. These metrics indicate a favorable market environment with strong demand and investor confidence. Related Reading: Bitcoin’s Market at a Crossroads: Are Long-Term Holders Signalling a Correction or a Rally? Notably, the declining exchange stablecoin ratio aligns with a reduction in immediate selling pressure. At the same time, the accumulation of Bitcoin signals that market participants view the current environment as conducive to long-term growth. Darkfost wrote: These combined metrics, lower exchange stablecoin ratios and decreasing Bitcoin reserves, indicate a positive market environment. They highlight that demand remains strong and that investors are demonstrating confidence in Bitcoin’s potential Featured image created with DALL-E, Chart from TradingView
Ethereum, the second-largest crypto by market capitalization, has recently demonstrated strong bullish momentum, breaching above $4,000. It is worth noting that its price rally has been accompanied by a significant spike in its funding rates, a critical metric reflecting sentiment in the futures market. The metric, analyzed by CryptoQuant analyst ShayanBTC, has reached levels not seen since January 2024. This surge in funding rates suggests a growing optimism among traders, with many anticipating the possibility of Ethereum reaching new all-time highs. Related Reading: Large Ethereum Transactions Grow As ETH Breaks Yearly Highs But Is A Correction On The Horizon? Despite this enthusiasm, the market’s current state raises questions about sustainability. Historically, such spikes in funding rates have often preceded short-term corrections, stabilizing the market. According to Shayan, the current situation mirrors January 2024, when Ethereum saw an 88% rally following similar market conditions. The analyst suggests that while the current rally may pave the way for further gains, a pullback could be essential for healthier long-term growth. Funding rates serve as a barometer for market sentiment, particularly in the futures market. A positive funding rate indicates a preference for long positions, with traders expecting higher prices. Ethereum Funding Rates Hit Multi-Month High “Funding rates are at levels last seen in January 2024, when Ethereum rallied by 88%. This reflects increased long-position interest as optimism grows. Similar to January, this sharp increase suggests the likelihood of a pullback.” –… pic.twitter.com/euKGhIqNKO — CryptoQuant.com (@cryptoquant_com) December 9, 2024 As Ethereum’s funding rates hit multi-month highs, this trend signals a surge in bullish sentiment. However, history shows such sharp increases can create short-term market imbalances, leading to corrections. Shayan noted: While Ethereum’s rally is underpinned by bullish sentiment, the spike in funding rates signals the need for a short-term correction, paving the way for healthier and more sustainable price growth. Ethereum Market Performance Ethereum remains below the $4,000 mark after falling below this level last week. Currently, ETH is trading at $3,819, reflecting a 4.9% decline in the past 24 hours. Despite the recent drop, the asset has gained nearly 30% over the past month. However, ETH’s latest dip further distances it from its all-time high of $4,878 in 2021, leaving it 20.5% below that peak. Related Reading: Ethereum Active Addresses Surge By 36% In Support Of Bullish Price Action – Details Nevertheless, market analysts maintain a bullish outlook on Ethereum, with many projecting potential new highs for the asset shortly. $ETH Hello everyone, I felt the need to share a detailed #ETHUSDT analysis with you. I hope you find it helpful. First and foremost, despite the recent rise in $BTC, Ethereum and altcoins have not yet responded as expected. Therefore, I encourage those who are worried to remain… pic.twitter.com/XsB2HroNnG — Talha Batuhan Ayna (@TBatuhanAyna) December 9, 2024 Featured image created with DALL-E, Chart from TradingView
According to the latest report by CoinShares, crypto asset investment products have achieved a historic milestone, with weekly inflows totaling $3.85 billion, surpassing previous records set earlier this year. CoinShares highlighted a surge in investor interest, propelling total year-to-date (YTD) inflows to $41 billion and assets under management (AuM) to $165 billion—a contrast to prior […]
Amid the excitement and expectations for Donald Trump’s new industry-friendly administration, the crypto community and key figures continue to speculate about the coming changes in the regulatory space. Coinbase’s CEO recently urged the US Senate Banking Committee to vote wisely on the re-nomination of an anti-industry Securities and Exchange Commission (SEC) commissioner, suggesting that the […]
After surpassing its $100,000 milestone, Bitcoin (BTC) recorded its largest retrace in the past month before recovering. Amid the flagship crypto’s performance, some analysts have suggested the levels to watch and the next stops for BTC’s rally. Related Reading: Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction Bitcoin Rally To Continue Above $100,000 On Thursday, Bitcoin hit its latest all-time high (ATH) of $103,600 in an 8% daily jump. The largest cryptocurrency by market capitalization broke out of a one-month bullish pennant and smashed past the $100,000 barrier for the first time in history. After the impressive surge, BTC retraced to the $98,000 mark before briefly plummeting to the $90,000 support zone. This 13% correction marks the largest drip for the flagship cryptocurrency since the post-election rally started a month ago and triggered around $1 billion in liquidations, its largest since August. Nonetheless, Bitcoin quickly recovered the $97,000-$98,000 price range, followed by a retest of the previous ATH levels around $99,000 on Friday morning. Renowned crypto analyst Ali Martinez noted that BTC’s rally seemingly depends on a key support level. Martinez revealed the most significant support zone for Bitcoin was the $96,870 mark, where over 1.45 million addresses bought 1.42 million BTC. The analyst explained, “As long as this demand zone holds, there is a good probability that BTC will continue marching higher.” Moreover, he highlighted that the local Bitcoin top is not in yet, as these are “usually reached around the Short-Term Holder Cost Basis +1 standard deviation.” Per the analyst’s chart, this level stood at $112,926 at the time of the report, suggesting that BTC could jump another 13% before seeing the first major retrace. Will BTC Repeat Its 2017 Move? Crypto analyst Jelle pointed out that Bitcoin is still “following the Q4 2023 fractal closely” despite the dip. He suggested that now that the flagship crypto “took out the liquidity on both sides,” it would start pushing back to the $100,000 milestone. Jelle suggested that BTC would range until Christmas, when he forecasts the “true breakout” will happen if it continues following last year’s steps. Additionally, he noted that yesterday’s $100,000 candle resembles BTC’s candle when it first surpassed the $10,000 mark. In November 2017, Bitcoin rallied to $10,000 for the first time, hitting the $11,000 range before plummeting to $8,500. The following day, the largest crypto saw its price recover from the correction and retest the $10,000 barrier, finally turning it into support on the third day. After that, Bitcoin rallied around 90% in the next few weeks to the $19,000 2017 ATH. Based on this, the analyst suggests that the recent price volatility is “totally normal” and will push higher soon if it repeats history. Related Reading: Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next? After the recovery, BTC successfully retested the bullish pennant, setting the stage for a six-figure price “once and for all,” Jelle stated, with the liftoff targeting the $130,000 level. As of this writing, the flagship crypto trades at $101,050, a 4.7% increase on the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The Polish police detained a Russian citizen linked to the now-collapsed WEX exchange for alleged fraud and money laundering. US authorities solicited his extradition for his crypto-related crimes and currently await the completion of the extradition process. Related Reading: ‘Most Horrible’ Crypto Launch? On-Chain Investigator Accuses ‘Hawk Tuah’ Girl Of Memecoin Scam WEX’s ‘Crypto King’ […]
After months of struggling below the $4,000 price mark, Ethereum finally breached this notable resistance level on December 6, with a current trading price of $4,003, increasing by 2.7% in the past day. However, while this milestone has generated optimism among investors, market metrics indicate potential risks of profit-taking and corrections. Related Reading: Ethereum Crosses $3,800: Is The ‘God Candle’ Nearing? Analysts Weigh In Another Major Correction Incoming? A CryptoQuant analyst known as ShayanBTC has recently shared insights into Ethereum’s futures market behavior, highlighting a key indicator that suggests caution might be warranted. According to the analyst, Ethereum’s Taker Buy/Sell Ratio, a critical metric for analyzing market sentiment, has shown a substantial increase in sell-side activity. This development aligns with Ethereum’s approach to the $4,000 resistance level. The metric, which measures the aggressiveness of buyers versus sellers in futures markets, reveals that sellers increasingly dominate trades as the price edges upward. Shayan disclosed that Ethereum’s futures market participants appear to be locking in profits or preparing for a potential price correction. The Taker Buy/Sell Ratio has reached its lowest point in several months, indicating that market participants are leaning toward a risk-off stance. This trend suggests that the aggressive futures market sell orders could slow Ethereum’s upward momentum, paving the way for a potential pullback or consolidation phase. The analyst particularly wrote: The drop in the Taker Buy Sell Ratio implies a possible slowdown in upward price movement as more market participants take a risk-off approach. This aligns with anticipating a price pullback or a correction phase, making it crucial for traders to monitor the futures market for further developments. What Next For Ethereum? At the time of writing, Ethereum still hovers above $$4,000, up by 3.1% in the past day. This price increase has boosted ETH’s market cap above $482 billion as of today and its daily trading volume to roughly $56.7 billion. Notably, the drop in the Taker Buy/Sell Ratio highlighted by Shayan reflects an overall cautious sentiment among futures market participants, often a precursor to heightened market volatility. Related Reading: Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction While this does not necessarily signal the end of Ethereum’s rally, it highlights the importance of closely monitoring market developments. Should the selling pressure intensify, Ethereum may experience a price correction, offering opportunities for new entrants or long-term holders to accumulate at lower levels. Meanwhile, from a technical perspective, ETH might be on the verge of a major rally as it recently formed a golden cross (50DMA and 200DMA) on its price chart. $ETH goldencross (50DMA and 200DMA) has occured! Last time this happened, #Ethereum was still in consolidation stages of the bearmarket but it still went +129% In the 2021 bullmarket, the last goldencross took #ETH +2,323% pic.twitter.com/Wd7GGMc7O4 — venturefounder (@venturefounder) December 6, 2024 Featured image created with DALL-E, Chart from TradingView
The role of Bitcoin long-term holders (LTHs) has again come under the microscope of analysts as the asset currently faces a 4.5% correction from its all-time high (ATH) above $100,000 created on Thursday. These holders, defined as those who retain their Bitcoin for over 155 days, are known to influence market movements through their accumulation and distribution behaviors significantly. A recent analysis by CryptoQuant analyst Datascope has highlighted key trends in LTH activity that could signal the next phase for Bitcoin. Related Reading: Hut 8 Unveils $750 Million Initiative To Establish Strategic Bitcoin Reserve Key Trends And Historical Context Datascope’s insights highlight the importance of the LTH accumulation/distribution ratio as an on-chain metric. This ratio reflects whether LTHs are amassing Bitcoin, indicative of market bottoms, or liquidating holdings during price peaks, often signaling corrections. Historical patterns from 2013 and 2017 saw LTHs engaging in substantial selling at market highs, while periods like 2019 and 2020 were marked by intense accumulation, paving the way for bull markets. According to datascope’s analysis, the peaks of 2013 and 2017, which were characterized by heightened selling activity from LTHs, correlated with significant price corrections. These corrections, fueled by profit-taking, marked the culmination of bullish cycles. Conversely, during the lows of 2019 and 2020, LTHs exhibited strong accumulation tendencies, which signalled confidence in Bitcoin’s long-term potential and laying the groundwork for subsequent price surges. Now in 2024, datascope pointed out that the LTH metric is once again providing critical insights into market conditions. Recent data reveals increased selling activity among LTHs, a behaviour observed during periods of market overheating or resistance at current price levels. While this trend could hint at an impending correction, it also raises the possibility of the market transitioning into a new accumulation phase. Echoing this, a recent report from CryptoQuant reveals there has been sustained buying pressure from US investors. Bitcoin passes $100k as institutional demand drives the market. The Coinbase Premium Index highlights sustained buying pressure from U.S. investors. pic.twitter.com/eZvKFCmVxs — CryptoQuant.com (@cryptoquant_com) December 5, 2024 Current Outlook On Bitcoin Bitcoin has continued to see decline in its price following the $103,679 ATH recorded yesterday. At the time of writing, BTC has dropped 2.2% in the past 24 hours with a current trading price of $99,208. Regardless of this, the asset appears to still be in an uptrend. over the past month, Bitcoin is still up by roughly 33.6% with a current market capitalisation of $1.965 trillion. Related Reading: Is Bitcoin’s $100K Just the Beginning? Key Insights from Supply Distribution Data datascope commenting on Bitcoin’s current market outlook wrote: The market is at a crossroads, potentially entering a new upward cycle or consolidating before a deeper correction. With Bitcoin in an “overheated” zone, investors should exercise caution and evaluate profit-taking opportunities. Featured image created with DALL-E, Chart from TradingView
As Bitcoin finally soars above the long-awaited $100,000 milestone, Ethereum (ETH) attempts to break out from a key resistance zone. The second-largest crypto rally has fueled optimism about its targets, with some suggesting that it could mimic BTC’s 2020-2021 rally. Related Reading: Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil Ethereum Reclaims $3,900 Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a 10% surge in the past week, moving from the $3,500 mark to the $3,900 resistance. On Wednesday, the King of Altcoins surpassed the $3,800 level for the first time in six months and continued climbing to retest the $3,900 resistance, not seen since early March. In the early hours of Thursday, ETH turned this key zone into support, briefly dipping to $3,860 before jumping back to the recently reclaimed level. As the cryptocurrency nears its yearly high of $4,093, sentiment around the token’s short-term performance has turned extremely bullish. Ethereum is retesting a massive multi-year resistance zone, which could send ETH to a new ATH. According to analyst Alex Clay, the cryptocurrency attempts to break “through the Key Resistance Zone on the weekly timeframe.” ETH has rested the key zone five times since 2021, facing rejection from the upper resistance at $3,950 on four occasions before. However, Ethereum broke past this level in late 2021, when it hit its all-time high (ATH) and held above it for nearly three months. The analyst noted that if the King of Altcoins successfully breaks above this level and turns it into support, it will be the next “to break through” and smash its ATH. Clay added that he sees “no major pullback in the near time.” Similarly, crypto analyst Jelle stated that if Ethereum breaks above the March high, “all bets are off,” suggesting that the chances of ETH taking a long consolidation period before a new ATH like BTC did were “very low.” ETH To Rally Toward $10,000? Jelle also noted that Ethereum’s current setup mimicked Bitcoin’s in July 2020. Per the chart, Bitcoin broke through a multi-year downtrend line by mid-2020, followed by a massive 500% 10-month rally toward the $60,000 mark in April 2021. The analyst noted that ETH breached the multi-year trendline today, like BTC in 2020, which could trigger a similar rally toward new highs in the next few months. He added that investors are “in for a treat if this plays out anything similar.” In another post, he highlighted that Ethereum started rallying when Bitcoin broke its ATH and entered price discovery when BTC traded nearly 100% above its previous cycle high. Related Reading: Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next? He considers that it would be surprising to “see things play out similarly this time around. BTC & ETH climbing in tandem, leading to ETH entering price discovery somewhere around ±$130,000.” Based on this, the analyst believes that a 150-200% rally toward the $10,000-$12,000 price range for the cryptocurrency is possible for this cycle. As of this writing, ETH is trading at $3,905, a 2.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency reached a new all-time high of $103,679, marking a year-to-date surge of over 140% and pushing its market capitalization above $2 trillion. This achievement has reignited enthusiasm within the investor community, solidifying Bitcoin’s position as a key player in the global financial market. Despite this impressive feat, Bitcoin has experienced a slight retracement. At the time of writing, it trades at $101,573, still up by 6% in the past 24 hours. Related Reading: Retail Demand Surges for Bitcoin: The Journey Towards $100K and Beyond Begins? What Comes Next? Market intelligence platform IntoTheBlock weighed in on this development, offering insights into Bitcoin’s potential trajectory. The platform’s analysts highlighted that Bitcoin’s capped supply and growing interest from institutional investors and even countries create significant upward potential. Bitcoin breaks $100.000! A major milestone, but what’s next? With a limited supply and substantial interest from large investors (and even countries), the potential seems limitless. However, we recommend taking a look at prior cycles to evaluate potential. This chart shows… pic.twitter.com/5b60oTRJy3 — IntoTheBlock (@intotheblock) December 5, 2024 However, past cycles suggest diminishing returns, with historical post-halving cycles showing returns of 7,900% in 2013, 2,560% in 2017, and 594% in 2021. Based on these trends, IntoTheBlock expect a more conservative growth range of 100%-200% from the halving price, suggesting a peak between $130,000 and $190,000. IntoTheBlock analysts particularly wrote: So while some are calling for a million dollars per Bitcoin, a more reasonable expectation would be a 100%-200% return from the halving price, placing the top between 130k and 190k. However the analysts also pointed out: “That is, unless Bitcoin becomes a global reserve asset of course.” Analyzing Market Trends and Investor Behaviour Meanwhile, a CryptoQuant analyst has provided additional insights into Bitcoin’s recent performance and market behaviour. According to the analyst, Bitcoin purchases continue to rise, with the Coinbase Premium Index reflecting strong buying activity in the United States. The index, which tracks the difference in price between Coinbase Pro and Binance, shows sustained positive data, indicating active participation by US investors. The analyst emphasized the importance of monitoring this index alongside broader trend analysis. For example, during periods classified as “fear phases,” where buyers retreat and bearish momentum fails to materialize, the market often creates opportunities for strategic entry points. Related Reading: $1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price If the index remains in the positive zone, it signals a continuation of the uptrend, making pullbacks an optimal time for positioning. Until Bitcoin reaches what the analyst describes as the “excess phase,” buying positions should be held, while profitable positions should be secured to mitigate risk. Featured image created with DALL-E, Chart from TradingView
Bitcoin has reached a landmark moment in its history earlier today, crossing the $100,000 price mark for the first time and cementing its position once again as the largest cryptocurrency by market capitalization. As it stands, BTC all-time high is at roughly $103,679. This significant achievement has prompted a detailed analysis of its supply distribution, offering valuable insights into the behavior of long-term and short-term holders and the broader implications for the Bitcoin market. Related Reading: Bitcoin’s Silent Whales: Rising Exchange Inflows Hint at Market’s Next Big Move Supply Distribution and Market Behaviour Amid the excitement of Bitcoin’s new all-time high, an analysis from CryptoQuant’s analyst, Crazzyblockk, sheds light on how this milestone impacts the cryptocurrency’s realized cap and the broader market structure. While the milestone reflects growing global adoption and investment confidence, it also raises questions about the potential trajectory of the market. According to the analysis, Bitcoin’s supply is currently divided between two key groups of holders: long-term holders (LTHs) and short-term holders (STHs). CryptoQuant data reveals that out of Bitcoin’s total supply, over 14.5 million BTC are held by LTHs, while nearly 5 million BTC are in the hands of STHs. Despite the price surge, only 52% of Bitcoin’s realized cap is attributed to STHs, a stark contrast to previous market peaks where this figure typically exceeded 80%. Historically, Bitcoin’s realized cap trends reveal distinct behaviors during market cycles. During bear market phases, most realized cap shifts towards LTHs as accumulation intensifies, signaling the end of the bearish trend. Conversely, during bull market peaks, the realized cap tends to be dominated by STHs, driven by speculative trading and short-term profits. However, the current distribution shows a higher concentration among LTHs, indicating a deviation from traditional market patterns. Implications for Bitcoin’s Market Momentum According to the CryptoQuant analyst, the relatively low realized cap held by STHs in the current market cycle suggests reduced selling pressure, which may support sustained price growth. The analyst revealed that with a significant proportion of Bitcoin held by LTHs, market confidence appears strong, potentially providing a buffer against abrupt price corrections. This stability is crucial as it reflects long-term investor trust and reduces the likelihood of speculative volatility. Related Reading: Bitcoin’s Next Move? Coinbase Premium Suggests a Short-Term Rally May Be Brewing In addition, the analysis also highlights that this supply distribution aligns with a long-term bullish outlook for Bitcoin. The reduced participation of STHs in the realized cap indicates room for further upward movement as more capital may enter the market without triggering a significant sell-off. The analyst wrote: In conclusion, Bitcoin reaching $100,000 is a historic achievement, but the current supply dynamics suggest the potential for further upward movement, given the stability provided by LTHs and the relatively low participation of STHs in the realized cap. Featured image created with DALL-E, Chart from TradingView
On-chain investigator Coffeezilla recently accused influencer Hailey Welch and the HAWK memecoin team of scamming her fans with their recent token launch. The team faces backlash because the cryptocurrency nosedived 94% just over 12 hours after launching, leaving investors empty-handed. Related Reading: South Korean Crypto Exchanges Hit Record-Breaking $34 Billion Volume Following Market Shakeout The […]
Tron (TRX) joined the crypto market’s rally by jumping over 100% in 24 hours to a new all-time high (ATH). Its surge ignited a bullish sentiment among crypto investors and market watchers, fueling optimism for higher targets. Related Reading: Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil Tron Hits New ATH After 7 Years As Bitcoin (BTC) continues moving sideways between the $94,000-$96,00 price range, many altcoins have started recording massive rallies. Cardano (ADA) recently reclaimed the $1 mark in a 200% rally, while XRP soared above the $2.5 resistance on a 300% surge. Yesterday, TRX, the native token of the Tron Blockchain, soared 104% intraday to hit its news ATH in nearly seven years. The token moved from its daily low of $0.22 to the $0.29 mark, surpassing its previous high of $0.23. The rally continued with another jump above the $0.30 barrier before climbing to its latest ATH of $0.45 on Tuesday night. The surge saw the cryptocurrency flip some crypto rivals, sending Tron back into the top ten crypto list. According to CoinMarketCap data, TRX’s market capitalization hit over $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX) by this metric. Tron founder Justin Sun highlighted the feat in an X post: 6 years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: #TRON remains a top 10 contender. Since then, Tron has retraced around 20%, hovering above the $0.35-$0.36 zone before falling to the $0.33 mark. Despite the retrace, TRX remained the leading cryptocurrency, with 20% gains in the last 24 hours. TRX’s Rally To Continue? As TRX’s price surged, crypto analyst Javon Mar stated that Tron was “HEAVILY on what can be soon noted as a historical bullish move.” He also suggested that the cryptocurrency’s price was “far from done,” forecasting another massive rally to the $1.1 area. Similarly, another analyst noted that TRX has “finally triggered a MEGA setup from all the way back in 2018 on its dominance chart” against all other Altcoins. And added that Tron has “barely put its running shoes on.” Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? The analyst also signaled that a test of the previous ATH was possible as a retest of that level as support could propel the token to $0.50. However, Team LAMBO advised to watch out for the $0.33 level. The analyst stated that Tron was possibly “cooking a massive bull flag on the 15-minute timeframe,” with the bottom trendline between the $0.35-$0.36 price range. A breakout above $0.42 could target the $0.60 barrier while breaking down the pattern and losing the $0.33 support would invalidate it. As of this writing, TRX is trading at $0.33, a nearly 80% surge in the past seven days and a 116% monthly jump. Featured Image from Unsplash.com, Chart from TradingView.com
Yesterday, the South Korean crypto market suffered a violent drop after an emergency martial law was declared. This caused a massive sell-off that sent the price of most cryptocurrencies to monthly lows. After the turmoil, local exchanges saw a record-breaking daily trading volume for the second consecutive day, nearly doubling the previous milestone. Related Reading: […]
Two central figures behind the cryptocurrency Ponzi scheme known as IcomTech have been sentenced to substantial prison terms, according to a recent press release by the US DoJ. The scheme defrauded thousands of investors out of millions of dollars, leaving financial devastation in its wake. The sentencing marks a major legal conclusion to one of […]
Following Gary Gensler’s departure announcement from the Securities and Exchange Commission (SEC), new reports claim that re-elected US president Donald Trump is set to unveil his pick for the new SEC chairman in the coming days. Related Reading: Spot XRP ETF Race Heats Up As WisdomTree Files S-1 Application With SEC A New Crypto Era […]
Bitcoin has experienced notable whale activity since the conclusion of the US election on November 5, with an increase in the volume of Bitcoin transferred to exchanges by active whale addresses. However, contrary to what one might expect, there hasn’t been a significant surge in profit-taking activity among these large holders, a CryptoQuant analyst named onatt revealed in a recent post on the QuickTake platform. Related Reading: Bitcoin to Enter Final Bull Phase? Key Indicator Hints at Major Price Movement Whale Activity Suggests Market Stability but Signals Potential Risks The report by CryptoQuant analyst Onatt sheds light on this whale activity, emphasizing the lack of immediate selling pressure despite the increase in Bitcoin inflows to exchanges. Instead of liquidating their holdings, whales appear to be employing a “wait-and-see strategy,” the analyst wrote. They seem to utilize their Bitcoin for purposes like hedging, over-the-counter (OTC) transactions, or collateral. Although this approach points to market stability, onatt advised that “these movements should be closely monitored to anticipate any possible market impact.” Providing more details of this development, Onatt’s analysis reveals that the Adjusted Spent Output Profit Ratio (SOPR) metric, which tracks profit-taking activities, does not yet signal significant movements. Historically, large inflows of Bitcoin into exchanges have often been associated with increased selling pressure, but the current scenario deviates from this trend. Instead, these movements may reflect strategic maneuvers by whales as they prepare for potential market shifts. Onatt also noted that while the immediate risk of sell-offs appears low, the ongoing rise in Bitcoin exchange inflows could foreshadow future volatility. Bitcoin Market Performance Bitcoin so far appears to have hit a wall ever since it traded above $95,000. Over the past weeks, Bitcoin has been unable to move further from this price level but has managed to maintain it despite the bears attempts to push it below $95,000. Over the past week, BTC hasn’t moved much and only registers 2.5% increase and in the past 24 hours, the asset has seen just a slight decrease by 1.2% to trade for $95,837 at the time of writing currently. As for Bitcoin’s daily trading volume, interestingly, there has been an opposite trend. Despite Bitcoin’s small price movement into decline, BTC daily trading volume has notably increased from below $60 billion on November 29 to now at $94.5 billion. Related Reading: MicroStrategy Continues Bitcoin Buying Streak: 15,400 BTC Added This Monday Given Bitcoin’s current price trajectory, it is worth noting that this increase in BTC’s trading volume over the past few days might be from sell-offs. According to a renowned analyst known as Ali on X, Bitcoin has formed a head and shoulder pattern on its 1-Hour chart which now signals a correction to $90,000 levels. #Bitcoin $BTC could be forming a head-and-shoulders pattern, which could trigger a price correction to $90,000! pic.twitter.com/mWLDabsYRV — Ali (@ali_charts) December 3, 2024 Featured image created with DALL-E, Chart from TradingView
Bitcoin (BTC) has seen a violent drop in South Korean exchanges amid the growing political crisis in the country. Following a recent announcement by the country’s President, the flagship crypto and other crypto assets saw a brief sell-off that plunged their prices by over 30%. Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? South Korea Declares First Martial Law In 44 Years On Tuesday night, South Korean President Yoon Suk Yeol declared an “emergency martial law” for the first time in 44 years, causing panic among Koreans and kickstarting a massive sell-off of Bitcoin and other cryptocurrencies. The Korean JoongAng Daily explains that a declaration of martial law replaces civilian government with military rule and suspends civilian legal processes for military powers. Additionally, it allows measures like “restricting freedom of speech, publication, assembly and association, special changes to the authority of governments or courts, and a warrant system by the provisions of related laws.” Nonetheless, if the parliament requests the lifting of martial law, with the consent of a majority of its members, the president must do so. In a televised briefing, Yoon stated that the measure was taken to “eradicate pro-North Korean forces and protect the constitutional democratic order.” The President accused the country’s opposition of sympathizing with North Korea and anti-state activities. It’s worth noting that the opposition Democratic Party has a majority in the South Korean parliament, which has seemingly complicated Yoon’s efforts to push his agenda. In his statement, the Korean President didn’t announce specific measures but cited the opposition’s motion to impeach top prosecutors and reject the government’s budget proposal. Through this martial law, I will rebuild and protect the free Republic of Korea, which is falling into the depths of national ruin. I will eliminate anti-state forces as quickly as possible and normalize the country. Democratic Party leader Lee Jae-Myung announced they would attempt to nullify Yoon’s order but expressed concern that the military forces would act against the parliament members. Bitcoin And XRP See Negative Kimchi Premium Following the news, the price of Bitcoin saw a sharp correction against its South Korean Won (KRW) pair in local exchanges, dropping 27% on Upbit, Korea’s largest crypto platform. The flagship cryptocurrency fell from the 132 million KRW mark, worth around $92,000, to as low as 88.26 million KRW, around $62,000. However, it has since recovered from the nosedive, trading again above the pre-crash levels. At the same time, Bitcoin recorded a price drop on global exchanges, falling momentarily below the $94,000 support before jumping back to the $95,000-$96,000 range on platforms like Binance, ByBit, and OKX. Similarly, XRP saw its price retrace 60% from the 4,000 KRW mark to as low as 1,623 KRW, worth around $1.23. The cryptocurrency has recovered from the fall in the last hour, trading at 3,600 KRW, valued at $2.52. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout According to Wu Blockchain, the reason behind the negative “Kimchi Premium” is that Korean exchanges do not allow institutional market makers. This, alongside the excessive traffic, “caused prices to be unable to synchronize in a short period of time.” Ultimately, the latest reports revealed that the Parliament passed the vote to nullify the martial law, ending it after three hours. As of this writing, Bitcoin is trading at 133.2 million KWR in Upbit. Featured Image from Unsplash.com, Chart from TradingView.com
Solana (SOL) has been one of the leading cryptocurrencies throughout this bull run, seeing a 66.8% jump in the last three months to its latest all-time high (ATH) and flipping other rivals. Despite its remarkable rally, SOL has recently lost the spotlight to Altcoins like XRP, risking a major correction in the coming days. Related Reading: Cardano Could Be Heading For A 20% Correction – Technical Data Signals Bearish Price Structure Solana To Retest $200? Solana has outperformed most of the market during this cycle, leaping over 231% in the last year. The ecosystem has been the talk of the town, with Solana-based memecoins leading the market’s narrative and SOL’s DeFi activity outpacing Ethereum’s. Less than a month ago, the cryptocurrency’s bullish rally saw the altcoin surpass Binance Coin (BNB) as the fourth-largest token by market capitalization. SOL saw its price rise near the $200 zone, propelling its market capitalization to $88 billion on November 6. Since then, its market cap has surged nearly 20% to $105 billion, but SOL’s momentum has begun to slow down as other cryptocurrencies pick up steam. On Sunday, XRP flipped Solana and Tether (USDT) to become the third-largest crypto by market cap, sending SOL to the fifth position. XRP’s milestone made some investors and market watchers worry about SOL’s future performance since the cryptocurrency has experienced a 14% retrace from its latest ATH of $263 nine, recorded nine days ago. Crypto analyst Income Sharks noted that Solana displays a bearish structure on its lower timeframe chart. According to the post, the altcoin has been forming a Head and Shoulders (H&S) pattern in the past month after a three-week diagonal trendline break, suggesting a trend reversal for Solana. On Sunday night, SOL dropped below the $230 mark, hitting its lowest price since November 15 and breaking below the pattern’s neckline. This could potentially send Solana to retrace around 10% and test its previous support zone between the $200-$210 range. Similarly, crypto analyst CRG noted that a retest of these levels would be possible before bouncing to new highs. SOL Sees Historic November Close Despite the recent retrace, several crypto watchers consider SOL’s rally is far from over, highlighting the token’s strength throughout the cycle and its achievements. Crypto Jelle pointed out that Solana still targets the $400-$600 in its price discovery mode after it broke out of an 8-month bullish pennant in November and “locked in a monthly breakout too.” Likewise, Rekt Capital noted that the cryptocurrency recorded a historic close this November, as it saw its “Highest candle-bodied Monthly Close of all-time.” Other analysts also concurred, hinting that investors should remain optimistic about the $400 target as momentum remains strong. Related Reading: Fantom Price Breakout: Analyst Shares Anatomy Of FTM’s 18,000% Move To $150 By 2025 Moreover, Solana displays a multi-year Cup & Handle pattern, which has a potential 100% rally to the $400 target after last month’s breakout from the handle’s trendline. SOL records a 5.3% and 7.2% decline in the daily and weekly timeframes but shows a 36.3% surge in the last month. As of this writing, Solana is trading at $224, with a 97% increase in its daily trading volume. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin, the world’s leading cryptocurrency, appears to be on the brink of a potential sharp rise. According to a CryptoQuant analyst, Crypto Dan, the market could experience a significant upward trend within the next two months. This insight, shared on the CryptoQuant QuickTake platform, is based on a critical market indicator that has historically signaled major price rallies. Related Reading: Data Shows Selling Pressure Mounts On Bitcoin: Is The Bull Run at Risk? Bitcoin Market Outlook: Sharp Rise Incoming In the post titled “Strong Rise in Bitcoin is Expected Within 1-2 Months”, Crypto Dan highlights the emergence of a “golden cross” in the Spent Output Profit Ratio (SOPR) indicator. This occurrence, he notes, is a rare event that typically happens only once or twice during an entire bull market cycle. As part of the current bullish cycle that began in January 2023, its reappearance is being seen as a strong precursor to a substantial market move. For further context, the SOPR Ratio indicator measures realized profits and losses in the Bitcoin market, offering insight into investor sentiment. The “golden cross” identified by Crypto Dan signifies a pivotal moment in the bull cycle. Historically, this signal has been followed by strong price increases within two months of its appearance. Crypto Dan explained that the market is likely entering the final phase of the current upward cycle, a stage characterized by steeper price gains and shorter periods of consolidation. This means that while Bitcoin’s ascent might accelerate, the opportunities for investors to accumulate at lower prices could diminish rapidly. Furthermore, he projected that if the anticipated rise materializes by the end of 2024 or the first quarter of 2025, it could draw significant new capital into the market. The inflow of additional funds is expected to fuel Bitcoin’s momentum, potentially driving the market to its peak during this cycle. Dan wrote: As the market moves towards the later stages of the cycle, the magnitude of the rise tends to be larger, and the periods of decline/adjustment are shorter. If a steep rise occurs as implied by this indicator within the end of 2024 to the first quarter of 2025, it can be expected that new inflows and additional funds will enter the market, bringing it to its peak. BTC Market Performance Meanwhile, Bitcoin continues to maintain stability above the $95,000 price mark. At the time of writing, the asset currently trades for $96,296, down by 1% in the past day but still up by nearly 40% in the past month. According to a renowned crypto analyst known as Ali on X, while some in the community expect a major retracement in Bitcoin’s price, BTC could do the opposite. The analyst projected BTC could surge to as high as $120,000-$150,000 before the first 30% price correction. Given the fact that #Bitcoin tends to do the opposite of what the crowd believes, there is potential for $BTC to go higher. If the current cycle behaves like the last two, #BTC could go to $120,000-$150,000 before the first 30% price correction. https://t.co/xTHJMITqJa — Ali (@ali_charts) December 2, 2024 Featured image created with DALL-E, Chart from TradingView
Historically, markets outperform after presidential elections and then stall once the President-elect takes office, data shows.
Worldcoin (WLD) has seen a nearly 40% surge in the last week, briefly testing the $3 mark. The cryptocurrency hit a 4-month high after nearing the upper zone of a multi-month range. Its recent performance has fueled investors’ optimism about a possible breakout, which could send the token to new highs. Related Reading: Bitcoin Could Drop Below $90,000 If It Doesn’t Break This Level, Rally On Pause? Worldcoin Hits 4-Month High Worldcoin has seen a considerable decline since hitting its all-time high (ATH) of $11.74, retracing around 75% from its March high. During the Q3 retraces, the cryptocurrency lost the $3 support, diving below the $2 mark after August’s “Black Monday.” Since then, WLD has hovered between the $1.3-$3.2 price range, consolidating below the $2.5 for the past couple of months. Following the November Post-election rally, Worldcoin has surged around 75% in three weeks, reclaiming the $2 zone. Earlier this week, the cryptocurrency’s momentum propelled WLD above the $2.5 resistance level for the first time in three months, turning it into support the following days. Moreover, the token surged 23% intraday, hitting its four-month high on November 28 after momentarily trading above the $3 mark. Crypto analyst Yuriy suggested that a “big move” is coming for the cryptocurrency. The analyst noted that WLD’s open interest (OI) has significantly surged this month, rising 135% since election day. According to Coinglass data, Worldcoin’s OI jumped from $184 million to $433 million in three weeks, recording its second-highest day on Wednesday. Additionally, it has seen a 9.65% in the last 24 hours and a 12% jump in the past hour, signaling heightened confidence and participation in the cryptocurrency. To Yuriy, the cryptocurrency could follow the steps of Cardano (ADA), which recently saw its price hit a 2-year high. Following its OI increase, the token recovered from its 75% decline and broke out of its multi-month consolidation range, reclaiming the long-awaited $1 mark. WLD’s Breakout To Target $3.5 The analyst explained that, after the recent WLD price action, the $2.8 mark is a crucial support level to confirm, as it served as a significant resistance level earlier this month. As a result, consolidating above this level could propel the token’s price to the next target. The token is nearing a breakout from the 4-month range, which could target the $3.5 price range in the short term. Analyst AMBcrypto pointed out that the $3.5 mark is the next major resistance for Worldcoin, indicating that a breakout from this level “will push it towards the previous high” of $11. Related Reading: Latest Memecoin Sensation CHILLGUY Hits $0.65 ATH, What’s Behind The 80% Rally? As of this writing, Worldcoin trades above $2.9, having surged 31% in the last month. Additionally, the token has seen a 42% increase in daily activity, registering a trading volume of $1.67 billion in the past 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Taiwan has accelerated the introduction of its regulatory Anti-Money Laundering (AML) framework for crypto businesses. The new regulations, set to start nearly a month in advance, require Virtual Asset Service Providers (VASPs) to comply with the registration mandate to prevent stricter penalties. Related Reading: Crypto Sleuth Accuses Pro Fortnite Player Of Stealing $3.5 Million In […]
The latest insight from experts has revealed that Bitcoin is poised to benefit from a massive liquidity injection projected for 2025, potentially drawing $2 trillion in new investments into BTC. This prediction stems from expectations that the US Federal Reserve will significantly increase the global money supply, which could boost BTC’s market cap and price […]
Crypto sleuth ZachXBT has accused a former professional gamer and cybersecurity analyst of helping steal $3.5 million from numerous memecoins scams. The on-chain detective’s investigation unveiled a connection between the Australian man and nine crypto hacks. Related Reading: US Judge Halts Arkansas Crackdown On Crypto Mining Firm Over Foreign Ownership Case Former Pro Gamer Turned […]
Bitcoin (BTC) has been consolidating above the $90,000 support zone for the last ten days, reaching its latest all-time high (ATH) of $99,645 about a week ago. Since then, the cryptocurrency has closed below a short-term downtrend line, failing to break above it and potentially risking a drop to two-week lows. Related Reading: Altcoins ‘Starting To Run’ After Reclaiming This Key Level, Altseason Around The Corner? Bitcoin Faces ‘Moment Of Truth’ Bitcoin is having one of the best months in the cryptocurrency’s recent history, jumping over 47% from its monthly opening to its latest ATH. Since November 18, BTC has been moving within the $90,000-$99,000 price range, holding above the lowest range zone despite the recent retraces. After surpassing the $99,000 level twice, the ongoing rally has fueled investors’ optimism about achieving the potential run to the $100,000 milestone this month. However, the flagship crypto has been facing rejection from a Lower High resistance line for the last week. Crypto analyst Rekt Capital pointed out that Bitcoin has been closing daily below a one-week Lower High trendline. To the analyst, this resistance marks a “moment of truth” as a daily close above it could send BTC toward the $100,000 mark. However, continuing to close below it risks a “likely reject at the trendline resistance once again.” Despite hitting the $97,000 mark yesterday, BTC closed Wednesday around $95,300 for the seventh day. Bitcoin must close Thursday above the $97,000 level to break out from the trendline. The analyst noted that this trendline could be “a point of rejection again for Bitcoin For as long as it is a resistance,” adding that investors “could see lower range levels again.” November To Close With A Near 40% Rally Crypto analyst Ali Martinez noted that one key demand zone for Bitcoin is the $93,580 mark, as 667,000 addresses bought nearly 504,000 BTC at this price. Martinez warned that staying above this level “is a must” to prevent these holders from selling off. Moreover, the analyst’s chart highlighted that the biggest resistance level ahead is the $96,614 mark, where 155,000 addressed purchased 297,000 BTC. Martinez also suggested BTC could bounce to the range highs, fueled by Thanksgiving Day. It’s worth noting that, throughout the years, Bitcoin has recorded violent price swings around this holiday, like 2020’s “Thanksgiving Day Massacre,” which saw BTC record a 17% price drop within hours. The analyst shared that Bitcoin has been moving within a one-day bullish falling wedge, retesting the lower range as support and bouncing in the morning. To him, a successful breakout from this formation could trigger a rebound to $99,000. Related Reading: Latest Memecoin Sensation CHILLGUY Hits $0.65 ATH, What’s Behind The 80% Rally? BTC currently records a 36.6% monthly return, according to data from Coinglass, with the potential to see further gains in November’s last two days. Nonetheless, November will seemingly close as this year’s second-best month, setting the stage for a massive rally in December. As of this writing, BTC is trading at $95,135, a 1% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum is finally seeing a notable rebound in its price as the second-largest cryptocurrency by market capitalization, which continues to break through significant resistance levels. Following its upward trajectory, seeing a nearly 10% increase in the past week, discussions about Ethereum potentially reaching a new all-time high by the year’s end have gained momentum. Notably, aligning with the ongoing ETH rally is renewed interest in Ethereum futures, with market metrics pointing to a bullish sentiment among traders. Related Reading: Ethereum Price Powers Ahead with a 10% Surge: More to Come? More Room For Growth? A CryptoQuant analyst known as ShayanBTC recently shared insights into the ongoing rally in Ethereum, emphasizing the role of funding rates—a crucial metric in futures trading. Funding rates reflect the sentiment of traders and indicate whether the market is predominantly bullish or bearish. According to Shayan, Ethereum’s funding rates have seen a noticeable uptick in recent weeks, suggesting that demand for long positions is growing. Despite this bullish sentiment, the analyst mentioned that funding rates remain below the peak of Ethereum’s previous all-time high of $4,900, signaling that “it has not yet entered an overheated state.” Meanwhile, while indicative of bullish sentiment, funding rates also act as a warning sign for potential market corrections. Historically, sharp increases in funding rates have been followed by sudden market corrections or liquidation cascades. However, Shayan notes that Ethereum’s current funding rates are still manageable, implying that the market has more room to grow before such risks become critical. Ethereum Market Performance And Outlook Ethereum is currently experiencing an upward trajectory, posting notable double-digit gains of roughly 15.6% over the past two weeks. This bullish performance has propelled ETH to break through the critical $3,500 resistance level, setting its sights on the next major resistance at the $4,000 mark. Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase in the last 24 hours. However, this price represents a slight pullback from its 24-hour high of $3,682 recorded earlier today. Additionally, Ethereum’s current price is just 26.78% below its all-time high of $4,878, highlighting its gradual recovery within the market. Related Reading: ETH/BTC’s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle Regardless of the bullish sentiment, Coinglass data shows that in the past 24 hours alone, 98,389 traders have been liquidated, with the total liquidations coming in at $278.03 million. Out of this total amount of liquidations, Ethereum accounts for roughly $63.33 million, with $40 million of this liquidation coming from short positions and $23.3 million from long positions. Amid the current price performance from Ethereum, the renowned crypto analyst known as Ali on X has reiterated his target for ETH. Ali said the mid-term target remains $6,000 and long-term target $10,000. Our mid-term target for #Ethereum $ETH remains $6,000… Long-term target: $10,000! https://t.co/X4lodGGIVY pic.twitter.com/siQsJzelzE — Ali (@ali_charts) November 27, 2024 Featured image created with DALL-E, Chart from TradingView
Hong Kong has recently announced a bold move to strengthen its position as a global financial hub, particularly in the cryptocurrency sector. In a recent proposal, the Financial Services and Treasury Bureau in Hong Kong has suggested “waiving capital gains tax” on investments in cryptocurrencies and other alternative assets for hedge funds, private equity funds, […]
After briefly retreating to $90,000 earlier in the week, Bitcoin has rebounded strongly, climbing above the $95,000 price. Currently trading at $95,224, Bitcoin has recorded a 7% gain over the past two weeks, signaling renewed bullish momentum. Related Reading: Bitcoin’s Price Dip Triggers Alert On NVT Golden Cross—Here’s What To Watch For Key Indicators Highlight Best Buying Opportunities As Bitcoin continues its rally, CryptoQuant, a prominent on-chain analytics platform, has shared insights into key metrics that could help potential investors determine optimal entry points. Drawing on historical data and market behaviour, CryptoQuant highlights the patterns of price corrections, short-term holder strategies, speculative bets, and trading volume indicators to guide investors in navigating Bitcoin’s ongoing bull run. According to CryptoQuant, historical bull markets have shown that price drawdowns are inevitable, even during periods of sustained growth. For instance, the 2017 bull market experienced corrections of up to 22%, while the 2021 rally saw 10% and 30% declines. The 2024 bull run has already seen 15% and 20% price pullbacks, suggesting that periodic corrections may offer strategic buying opportunities. The platform also emphasizes the significance of the Short-Term Holder Realized Price metric, which reflects the average cost basis of recent investors. This metric often serves as a critical support level during bull markets, as short-term holders are more likely to buy at their break-even price, reinforcing price stability. Buy at the Average Cost Basis of Short-Term Holders The Short-Term Holder Realized Price can be seen as the buy-the-dip level during bull markets. Investors tend to buy at their break-even price, making this indicator a visualization of price support. pic.twitter.com/mTDpuhaK8Y — CryptoQuant.com (@cryptoquant_com) November 27, 2024 Additionally, CryptoQuant points to the “Flush of Open Interest,” a phenomenon where speculative positions are cleared out during periods of heightened price action. This process can create favorable entry points for investors looking to capitalize on temporary market resets. Lastly, the Net Taker Volume indicator, which measures the balance between buying and selling pressure, suggests that peak selling activity can signal opportunities for future price growth. A reading below -$30,000,000 according to CryptoQuant, as seen recently, may indicate that sellers are nearing exhaustion, paving the way for potential upside. Key Support Levels For Bitcoin While Bitcoin’s current momentum hints at another potential rally, analysts caution the importance of maintaining critical support levels. Crypto analyst Ali recently identified the $93,580 price zone as a key demand level, where approximately 667,000 addresses collectively acquired nearly 504,000 BTC. Related Reading: Bitcoin Sell-Side Pressure Dominated By New Holders, Research Shows According to the analyst, remaining above this level is crucial to avoid a potential sell-off from holders at this price point. One key demand zone for #Bitcoin to watch is $93,580, where 667,000 addresses bought nearly 504,000 $BTC. Staying above this support level is a must to prevent these holders from selling! pic.twitter.com/UdXTZOYzGH — Ali (@ali_charts) November 28, 2024 Featured image created with DALL-E, Chart from TradingView