Bitcoin (BTC) inched above $96,000 and reached an intraday high of $96,760 before declining to its current level of $96,300. Investors are eying the $100,000 level as the Thanksgiving holiday rolls in. The world’s largest cryptocurrency is looking to bounce back from a correction that dragged the price as low as $90,600. BTC has registered a marginal increase over the past 24 hours but remains down by almost 3% over the past seven days.
Ethereum (ETH) also registered a marginal decline as buyers fought to keep the price above $3,500, with the price down by 0.55%. However, Solana (SOL) registered a marginal increase, rebounding from a low of $233 on Thursday to its current level. Dogecoin (DOGE) is also down by almost 1%, but Ripple (XRP) has defied trends to register a significant jump of nearly 6% to go above $1.50. The crypto market cap is up by 0.62% and currently sits at $3.34 trillion.
Bitcoin (BTC) Back Above $96,000
Bitcoin (BTC) is back above $96,000 after recovering from a significant correction that brought it down from record prices and dragged it below $91,000. BTC has been hitting new highs regularly since the US elections, rising as high as $99,655 before dropping below $91,000 and testing the $90,000 support level. Alex Thorn, Head of firmwide research at Galaxy Digital stated,
“The Bitcoin bull market has legs. There will be corrections and hiccups, which is normal. There could even be some twilight regulatory or law enforcement action from the outgoing Biden administration that could spook markets. However, a combination of increasing institutional, corporate, and potentially nation-state adoption, a new US administration shaping up to be extremely pro-Bitcoin, and solid positioning and network data all point to higher over the near and medium term.”
Fairlead Strategies’ Katie Stockton believes that BTC investors are in uncharted territory in terms of where there is resistance and where there is none.
“Bitcoin does tend to stairstep both to the downside and to the upside, meaning that it sees these very sharp runups and then consolidates. People should be willing to give Bitcoin and cryptocurrencies in general more room because of the volatility there and its long-term potential.”
Optimism On The Rise Again
Bitcoin (BTC) and Ethereum (ETH)’s rebound has steadied the crypto market, with BTC finding a foothold at a crucial support level. According to QCP Capital, the recovery is because of improving macroeconomic conditions. However, its market dominance has slipped from 61.5%, indicating investors are looking at other assets. One of these assets is ETH, which jumped almost 12%. BTC/ETH has surged over 17% during the past week. This, combined with continued inflows into ETH-focused spot exchange-traded funds (ETFs), indicates a fresh wave of optimism in the market. Spot Ethereum ETFs registered inflows worth $90.1 million on Wednesday, its fourth consecutive day of net inflows.
Swiss Lawmakers Studying Bitcoin For Power Grid Upgrade
Swiss policymaker Samuel Kullmann has secured a majority vote to study Bitcoin mining and help optimize local power infrastructure. The study will help authorities explore how the Bitcoin blockchain can stabilize the Swiss energy grid and use “otherwise wasted energy.” Policy around BTC in Switzerland comes amid growing public interest from citizens.
“With a clear verdict of 85 to 46 votes, the parliament of @kanton_bern demands a report on the potential of #Bitcoin mining to stabilize our #energygrid and the use of otherwise wasted #energy.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is looking to recover after undergoing a significant correction at the beginning of the week, dropping to a low of $90,700 before recovering. Analysts are confident BTC will cross the $100,000 mark before the end of the year. Pantera Capital has predicted even more gains for the premier cryptocurrency, stating it could reach $740,000 by 2028, buoyed by institutional adoption, regulatory shifts, and historical growth trends. BTC has already registered an increase of 120% this year, with bullish momentum continuing to build. Pantera Capital’s Bitcoin Fund has achieved over 131,000% returns despite doubts about the asset’s viability. BTC was priced at $74 at the fund’s launch. Pantera Capital CEO Dan Morehead stated,
“People totally thought we were crazy in 2013,” but noted that ongoing negativity around Bitcoin signals continued potential. So many people are still negative. It’s far from being a bubble.”
Morehead cited several factors behind BTC’s incredible rise, including access to investors and growing regulatory support. He also pointed out that only 5% of the global financial wealth is tied to digital assets, indicating significant scope for expansion. Pantera predicts BTC’s annual growth rate of 88% could drive its market cap to $15 trillion by 2028.
BTC’s latest rally peaked on Friday when it surged past $99,000. However, it fell short of the $100,000, dropping by 1.26% to $97,113 on Saturday. Sellers drove BTC to a low of $94,838 on Sunday as selling pressure intensified. However, BTC recovered from this level to register an increase of 0.80% and settle at $97,891. The current week began with a significant correction as BTC plummeted over 5% to settle at $92,439. Buyers attempted a recovery on Tuesday as BTC rose to an intraday high of $95,013 before losing momentum. As a result, sellers drove the price to a low of $90,708 before ultimately settling at $91,913.
Source: TradingView
BTC posted a strong recovery on Wednesday, registering an increase of 4.32% to go back above $95,000 and settle at $95,883. However, the price fell back marginally on Thursday as buyers lost momentum. The current session sees BTC up marginally as buyers look to retest the $100,000 level. Analysts are confident BTC will cross this level by the end of the year. On the other hand, if sellers can change sentiment, BTC could drop to $90,000, a level with considerable support. A drop below this level could see the price slip as low as $85,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered a sharp decline over the past two sessions after failing to go above $3,700. ETH has faced significant volatility after registering a substantial jump of 9.42% last Thursday and settling at $3,360. However, it fell back in the red on Friday as buyers lost momentum, dropping 0.96% to $3,328. The weekend began with buying activity picking up on Saturday as ETH rose to an intraday high of $3,502 before declining and settling at $3,396. ETH was back in the red on Sunday, dropping by 1.01% and ending the weekend at $3,362. ETH rose to an intraday high of $3,547 on Monday as it began the week positively. However, with sellers active at $3,500, ETH fell back to settle at $3,415, registering an increase of 1.60%.
Source: TradingView
Despite starting the week strongly, ETH fell back in the red on Tuesday, dropping almost 3% to $3,325. However, bullish sentiment returned as ETH rallied nearly 10% to surge past $3,500 and settle at $3,657, with buyers targeting $3,700. Despite Wednesday’s rally, ETH fell back in the red on Thursday as buyers lost momentum, dropping by just over 2% to slip below $3.600 and settle at $3,564. The current session sees ETH marginally down as sellers look to drive the price below $3,500. If ETH drops below $3,500, we could see a decline to $3,300, where the 20-day SMA could act as support. A break below this level could drag ETH to $3,000. On the other hand, if buyers regain control and push ETH above $3,700, we could see a rally to $4,000.
Solana (SOL) Price Analysis
Solana (SOL) is looking to recover after dropping from a high of $264, with sellers dragging it below $250. SOL was bullish towards the end of the previous week, going above $260 on Friday. However, with sellers active at this level, it fell back in the red over the weekend, dropping by 0.78% to $254 on Saturday. SOL continued to decline on Sunday, falling to a low of $241 before recovering to climb above $250 and settling at $252 after a marginal decline. Selling pressure intensified on Monday as SOL dropped by 7.37% to go below $250 and settle at $234. Tuesday saw SOL experience considerable volatility as buyers and sellers attempted to establish control. As a result, SOL rose to an intraday high of $239 and fell to an intraday low of $222, briefly slipping below the 20-day SMA before settling at $230.
Source: TradingView
Despite considerable selling pressure and volatility, SOL recovered on Wednesday, rebounding from the 20-day SMA to register an increase of 4.99% and settle at $242. However, SOL was back in the red on Thursday, falling by almost 2% to $237. The current session sees SOL marginally up as buyers look to reclaim $240 and push on towards $250. If SOL slips below the 20-day SMA, it could drop to $200. A recovery and a break above $260 could see SOL push towards $280.
Chainlink (LINK) Price Analysis
Chainlink (LINK) has seen its rally stall after it failed to go above the resistance at $19, registering a substantial drop during the past few sessions. LINK’s rally began on Thursday when it rose almost 5% to $14.91. Bullish sentiment intensified on Friday, with the price rising over 11% to go above $15 and settle at $16.57. LINK raced to an intraday high of $18.39 on Saturday but lost momentum, ultimately dropping and settling at $17.39 after posting an increase of almost 5%. LINK faced substantial selling pressure on Sunday, falling to an intraday low of $16.15. However, it recovered from this level to register an increase of almost 3% to settle at $17.90. The current week began with LINK surging to an intraday high of $19.05. However, buyers lost momentum after reaching this level, and LINK fell back, dropping 3.15% and settling at $17.34.
Source: TradingView
LINK experienced considerable volatility on Tuesday as buyers and sellers struggled to take control. The price fell to a low of $16.19 before recovering to settle at $17.35 after a marginal increase. LINK rallied on Thursday, rising by almost 8% and settling at $18.68. However, it could not go above this level and fell back on Thursday, dropping nearly 4% to $17.94. The current session sees LINK down by 1.53% as sellers look to drive the price lower.
Aptos (APT) Price Analysis
Aptos (APT) continues to trade between $11 and $14 as buyers struggle to move above key resistance levels. APT made a strong recovery towards the end of last week and reached an intraday high of $13.24 on Saturday before declining and settling at $12.75 after an increase of 1.75%. However, bearish sentiment and volatility returned on Sunday as APT fell to an intraday low of $11.55. However, it recovered to go back above $12 and settle at $12.54. APT continued to decline on Monday, registering a substantial drop of almost 7% to slip below $12 and settling at $11.82.
Source: TradingView
Selling pressure intensified on Tuesday as sellers drove the price below the 20-day SMA to an intraday low of $10.93. However, it recovered from this level to register an increase of 1.49% to move above the SMA and settle at $12. APT continued to push higher on Wednesday, increasing almost 6% to $12.66. The price faced volatility on Thursday as buyers and sellers attempted to exert control. Buyers ultimately gained the upper hand to drive APT up by 0.85% to $12.77. The current session sees APT up by 1.21% and trading at $12.97 as buyers look to push the price above the resistance at $13.50.
Filecoin (FIL) Price Analysis
Filecoin (FIL) saw its rally stall on Sunday after it reached an intraday high of $6.13 before declining and settling at $5.71. Despite ending Sunday strongly, FIL fell back on Monday, dropping over 4% to $5.46. FIL experienced significant volatility on Tuesday, rising to an intraday high of $5.76 and falling to an intraday low of $5.16 before settling at $5.43. The price recovered on Wednesday, rising almost 7% to $5.81. However, with sellers active at upper levels, FIL fell back on Thursday, registering a marginal decline but not before dropping to a low of $5.50. Sellers have retained control during the ongoing session, with FIL down almost 2% and trading at $5.71.
Source: TradingView
Apecoin (APE) Price Analysis
Apecoin (APE) was bullish over the weekend, registering a substantial increase of over 7% on Saturday to settle at $1.30. Despite facing considerable volatility and selling pressure on Sunday, APE continued to push higher, rising by 5.34% and settling at $1.37. However, it fell back in the red on Monday, dropping by 4.57% to $1.31. Buyers attempted a recovery on Tuesday as APE rose to $1.38. However, it lost momentum, allowing sellers to take control. As a result, APE fell by 2.55% to $1.28.
Source: TradingView
APE shed the prevailing bearish sentiment on Wednesday as it registered an increase of just over 3% and moved to $1.32. Bullish sentiment persisted on Thursday, and APE rose 5.15% to $1.38. The current session sees APE down by 3.13% and trading at $1.34.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.