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Bitcoin (BTC) has registered a sharp decline as its march to $100,000 faced a significant setback as the price slipped below $95,000. BTC is down almost 4% over the past 24 hours and trading at $94,351, with sellers in control. BTC dipped to a low of $92,868 before recovering to its current level. One analyst has warned of a significant correction that could take the price to the $80,000-$85,000 range unless the cryptocurrency went above the $100,000 resistance level. BTC’s recent price action has put a stop to its blistering post-election rally.
Meanwhile, Ethereum rose sharply to cross $3,500, reaching as high as $3,545 before declining to its current level of $3,434. The world’s second-largest cryptocurrency is up almost 2% over the past 24 hours as buyers look to reclaim the $3,500 level. On the other hand, Solana (SOL) registered a substantial decline, plummeting almost 6% to slip below $250. The crypto market cap is down by 2.80% and is currently at $3.25 trillion.
What’s Keeping Bitcoin (BTC) Below $100,000?
Bitcoin (BTC) has been unsuccessful in its attempts to go above $100,000 as its post-election rally hits a roadblock. BTC has witnessed an increase of over 40% since the November 5 election, which saw Donald Trump re-elected as president. While Trump’s election isn’t until January 20, 2025, it hasn’t stopped BTC and cryptocurrencies from surging, boosting sentiment within the crypto community. BTC hit a new all-time high on November 23, surging to $99,655. However, prices have declined since, and BTC has declined substantially, with the asset trading below $95,000 as sellers exert influence on the price action.
But why has BTC’s stunning rally stalled, and what prevents a move past $100,000? Analysts point to several factors like investors taking profits and too much leverage. Andre Dragosch, the head of research for Europe and Bitwise said he believed BTC was being kept below $100,000 because investors were taking profits after the post-election rally.
“Bitcoin has so far failed to breach $100,000 because long-term holders have started to distribute significant amounts of BTC into the recent rally.”
Dragosch expects the rally to take a break in the short term as market sentiment remains elevated and positioning seems stretched.
“However, this could be a bull market correction rather than a change in trend. Bitcoin valuations are still very far away from being excessive.”
Meanwhile, Mark Novogratz, CEO of Galaxy Digital, said that while he expected BTC to cross $100,000, a pullback was expected. He also advised investors to buy straight Bitcoin instead of Bitcoin-exposed plays such as MicroStrategy which owns a significant chunk of BTC. He also added an unknown seller was dumping substantial quantities of BTC in the market, which could be pressurizing the asset price.
“There has been a giant seller for the last week, between $92,000 to $94,000. Probably $14-$15 billion worth of BTC sold there.”
David Morrison, senior market analyst at Trade Nation, believes $100,000 has become a high hurdle for further gains.
“If Bitcoin starts to fade from here, that could be all we get, especially if longer-term holders decide to cash out early. Nevertheless, there is a strong probability that upside momentum can build up enough energy for a surge through here. If so, that could be the trigger for another push.”
Bitcoin (BTC) Facing Significant Correction
An analyst has warned that Bitcoin (BTC) faces a significant correction unless it surpasses the $100,000 price level. The trader flagged a bearish pattern in BTC’s 12-hour chart, anticipating the price to drop as low as $85,000. He added that BTC needs to close above $100,000 to invalidate the sell signal. Bitcoin (BTC) is on an unprecedented bull run, with its price surging to new all-time highs as it stands on the brink of going above $100,000. However, trading volume declined as BTC got closer to the landmark figure, indicating a cautious approach by investors. If BTC can break above the $100,000 mark, it could spark a renewed uptrend and fresh buying interest, pushing the price significantly higher.
Donald Trump’s Crypto Portfolio Swells
Donald Trump is set to become the first president to openly support the crypto ecosystem and the first president to hold cryptocurrency while in office. Trump’s crypto portfolio currently stands at $5.43 million, with a significant chunk of its value tied to Ethereum (ETH). According to data from Arkham Intelligence, Trump’s portfolio includes $1.7 million in ETH, $1.65 million in Wrapped Ether (WETH), and 579,289.81 TRUMP tokens, valued at $1 million. He also holds 210 billion TROG tokens, valued at $403,860.
While Trump’s portfolio is significant, it was valued considerably higher at $14 million in June.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) registered a substantial decline on Monday with many analysts predicting an impending correction if it fails to surpass $100,000. With BTC losing momentum at this crucial level, markets could see increased selling pressure in the short term should a correction take hold. The cryptocurrency is down almost 4% over the past 24 hours and is trading around the $94,700 mark after going below the crucial $95,000 level.
The price chart shows a significant rally during the previous week, starting with an increase of 1.17% on Monday which saw BTC climb above $90,000 and settle at $90,059. BTC continued to push higher on Tuesday, rising by 2.15% and settling at $92,427. Wednesday’s increase of 1.89% allowed BTC to settle above $94,000 as buyers maintained control over the market. Bullish sentiment intensified on Thursday as BTC rose almost 4% and settled at $97,784. Volatility increased on Friday as BTC neared the crucial $100,000 price level. BTC climbed to an all-time high of $99,317 but could not go higher and dropped to settle at $98,355.
Source: TradingView
With sellers active at $100,000, BTC fell back on Saturday, dropping by 1.26% and settling at $97,113. The price fell to an intraday low of $94,838 on Sunday as selling pressure intensified. However, BTC recovered from this level to go back above $95,000 and settle at $97,891. BTC was back in the red on Monday as BTC faced a significant correction, with the price dropping over 5% and settling at $92,485. However, the price is back in positive territory during the current session, with the price up just over 2% and trading at $94,726.
With momentum fading around the $100,000 level, analysts have flagged support levels between $92,000 and $95,000. More bearish forecasts have BTC dropping as low as $80,000-$85,000. However, if BTC breaks above $100,000, it could revive buying interest, reignite its bullish trajectory, and invalidate bearish predictions of an impending price correction.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a substantial jump on Monday despite facing considerable volatility, rising to an intraday high of $3,547 before declining to its current levels. The jump saw ETH gain almost 6%, a significant rebound after breaking out of its eight-month descending channel. ETH’s recent price action sees it up nearly 10% over the past week and a staggering 39% over the past month, as buyers look to consolidate above the crucial $3,500 mark and work towards $4,000 and a new all-time high. Some analysts are confident ETH could cross $4,800 during the ongoing bull run.
ETH started the previous week on a positive note with an increase of 4.37%. However, it fell back in the red on Tuesday, dropping over 3% to $3,109. Bearish sentiment persisted on Wednesday as ETH fell by 1.25% after a failed recovery and settled at $3,070. With strong support at $3,000, ETH rallied on Thursday, surging by 9.44% and settling at $3,360. Despite Thursday’s rally, ETH encountered considerable volatility on Friday and fell back into the red, dropping by 0.96% to $3,328. Buyers returned on Saturday as ETH surged to an intraday high of $3,502 before losing momentum and dropping back to $3,396. However, the price was back in the red on Sunday, falling to an intraday low of $3,288 before recovering to settle at $3,362, a drop of just over 1%.
Source: TradingView
Monday saw volatility return as ETH reached an intraday high of $3,547, and fell to an intraday low of $3,415 before settling at $3,415, breaking past the resistance at $3,400 and settling at $3,415. The current session sees ETH marginally up as buyers and sellers look to take control. The RSI and MACD indicate bullish sentiment. However, if sellers drive ETH back below $3,400, we could see a drop to $3,000. On the other hand, a break above $3,500 could see ETH surge to $4000.
Solana (SOL) Price Analysis
Solana (SOL) witnessed a substantial decline this week as sellers drove it below $250, reversing the bullish sentiment. SOL was relatively muted for most of last week, starting Monday with an increase of 1.04% and settling at $239. However, it fell back in the red on Tuesday, dropping by 0.89% to $237. The price continued to drop on Wednesday and settled at $253 after a drop of 0.87%. SOL recovered on Thursday, rising almost 9% to surge past $250 and settle at $256. However, buyers lost momentum thanks to selling pressure at $260 and could register only a marginal increase on Friday.
Source: TradingView
The weekend saw bearish sentiment return as SOL dropped after a failed attempt to go past $260, falling by 0.78% and settling at $254. Sellers retained control on Sunday, driving the price to an intraday low of $241. However, SOL recovered from this level to climb above $250 and settle at $252. Bearish sentiment intensified on Monday as SOL plummeted 7%, slipping below $250 and settling at $234. The current session sees SOL marginally up as buyers attempt a recovery. If sellers regain control, SOL could continue to drop until $220, where the 20-day SMA could act as a support level and prevent a further decline.
Chainlink (LINK) Price Analysis
Chainlink (LINK) registered a substantial jump towards the end of the previous week, going past crucial resistance levels as buyers attempted to drive the price towards $20. After surging to an intraday high of $16.01 last Monday, LINK fell back on Tuesday, dropping to $14.63 after registering a decline of 4.24%. Buyers attempted a recovery on Wednesday as LINK rose to $15.33 before losing momentum and allowing sellers to retake control. As a result, LINK dropped almost 3% and settled at $14.23. The price recovered on Thursday despite considerable volatility, rising by 4.74% and settling at $14.91. Bullish sentiment intensified on Friday as LINK rallied by 11.13% to move past the resistance at $16 and settled at $16.57.
Source: TradingView
Bullish sentiment persisted over the weekend as LINK rallied to an intraday high of $18.39 on Saturday. However, buyers lost momentum at this level, and LINK fell back to settle at $17.39, registering an increase of almost 5%. Selling pressure increased substantially on Sunday as LINK fell to an intraday low of $16.15. However, it recovered from this level to register an increase of 2.96% and settled at $17.90. Buyers attempted to build on Sunday’s bullish momentum as LINK surged to an intraday high of $19.05. However, LINK lost momentum at this level, allowing sellers to take control. As a result, LINK fell over 3% and settled at $17.34. LINK has continued to drop during the current session, with the price down almost 3% and trading near the $16.88 price level.
Aptos (APT) Price Analysis
Aptos (APT) is oscillating between $11 and $14 as it struggles to build momentum after a stirring rally on November 11, surging almost 26%. However, it has seen significant volatility as sellers look to drive it below support levels and buyers struggle to build momentum. APT started the previous week positively, rising over 2%. However, it fell back on Tuesday, dropping by 1.90% to $11.81. Aptos experienced significant volatility on Wednesday, rising to an intraday high of $13.45 and dropping to an intraday low of $11.12 before settling at $11.79, registering a marginal decline.
Source: TradingView
Sellers attempted to drag APT lower on Thursday as it fell to a low of $11.23. However, buyers countered the selling pressure, allowing APT to recover. As a result, APT registered an increase of 2.40% and settled at $12.07. Buyers retained control on Thursday as APT rose by 3.55% and settled at 12.50%. The weekend was mixed as APT rose to an intraday high of $13.24 on Saturday before settling at $12.75. Volatility returned on Sunday as buyers attempted a move past $13, with APT rising to $13.35. However, buyers lost momentum, and sellers took over, driving the price to an intraday low of $11.57. With the 20-day SMA acting as a dynamic level of support, APT recovered and ultimately settled at $12.54. Selling pressure intensified on Monday as APT dropped almost 6%, slipping below $12 and settling at $11.82. The current session sees sellers retain control, with APT trading at $11.61, having gone below the 20-day SMA.
Injective (INJ) Price Analysis
Injective (INJ) has seen a substantial rally since the end of last week. INJ turned bearish last Tuesday as sellers drove the price down by 4.99%. Selling pressure persisted on Wednesday as INJ dropped almost 5% to $23.24. However, it made a strong recovery on Thursday, rebounding from a low of $22.47 to register an increase of 7.75% and settle at $25.04. Sellers made another attempt to drive INJ lower on Friday as it dropped to $23.97, but buyers mounted a recovery, and the price rose by just over 6% and settled at $26.57.
Source: TradingView
The weekend saw INJ surge past the resistance at $27 on Saturday, rising to an intraday high of $29.44 before settling at $27.83. Sellers drove INJ to a low of $25.57 on Sunday. INJ recovered from this level to register an increase of just over 2% and settle at $28.42. The current week began with sellers back in control, with the price dropping over 5% and settling at $26.90. INJ recovered during the current session and is up by 2.32%, trading at $27.55.
Optimism (OP) Price Analysis
Optimism (OP) dropped to a low of $1.64 after declining almost 7% on Wednesday. Despite the selling pressure, OP rallied on Thursday, surging past the 200-day SMA and $2 to an intraday high of $2.21 before settling at $2.08. Bullish sentiment persisted on Friday despite considerable volatility, and INJ rose by almost 6% to settle at $2.20. Volatility persisted over the weekend as INJ rose to an intraday high of $2.33. However, buyers lost momentum, and INJ fell back, registering a marginal decline and settling at $2.20. OP fell to an intraday low of $2.04 and rose to an intraday high of $2.34. However, buyers failed to maintain momentum, and INJ fell back, registering another marginal decline.
Source: TradingView
The current week began with buyers returning to the market as OP rose by 4.59% and settled at $2.30. However, the price is back in the red during the current session, down almost 4% and trading at $2.21.
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.
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