Cointelegraph Team
Cointelegraph
Bitcoin (BTC) hit multi-day highs of $58,300 overnight into Nov. 25 with investors betting on the reduced likelihood of a further major price dip.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging above $57,000 Thursday, printing a higher low on the daily chart.
This, trader and analyst Rekt Capital believes, shows support “solidifying” at current levels, with hope, therefore, remaining of a more convincing trend reversal.
“Bitcoin has certainly solidified its support here, producing a long downside wick into the bottom of the black wedging structure and rebounding strongly,” he told Twitter followers.
“Also, today’s candlestick is forming a Higher Low relative to yesterday’s Daily candle.”
BTC/USD 1-day annotated candle chart (Coinbase). Source: Rekt Capital/Twitter
The mood was shared by crypto trading firm QCP Capital, which, on Wednesday, summarized the likely short-term outcomes.
“So far, the selling pressure has effectively capped every rally. The question is whether it will lead to a downside break,” it wrote in a market update to Telegram channel subscribers.
“We are betting that the market will consolidate instead of breaking lower.”
As Cointelegraph reported, mixed signals played out from exchanges over selling pressure this week, with large inflows and outflows marking a highly active market.
Nonetheless, volatility remains at its lowest in over half a year, reinforcing relatively stable price conditions.
Bitcoin volatility chart. Source: Buy Bitcoin Worldwide
Limp altcoins led by Solana support retest
Out of the top 10 cryptocurrencies by market capitalization, Binance Coin (BNB) thus became the sole standout, up 8% week over week.
Other tokens were flat or saw minor losses, led by Solana (SOL), which dove nearly 7% on the day to near $200.
SOL/USD 1-hour candle chart (FTX). Source: TradingView
For fellow trader and analyst Pentoshi, macro factors could yet cause a more definitive stalling of the crypto bull run.
“The most hilarious ending to a crypto bull market would be double-digit inflation and people not understanding why that can be bearish for risk-on assets,“ he commented in a Twitter thread originally begun on Nov. 16.
“The very thing people cheering on at the expense of others Can be the very thing that ends this cycle.”
On Thursday, he reiterated the potential for a deflationary spell to emerge in 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.