Bitcoin (BTC) has been hovering around the $90,000 mark as caution emerged in the global markets as investors assess the impact of President-elect Donald Trump’s policy agenda. The world’s largest cryptocurrency slumped below $89,000 late on Sunday, dropping to a low of $88,779 before recovering to reclaim $90,000. BTC is trading around $90,700, up 0.50% over the past 24 hours.
Other cryptocurrencies fared relatively better, with Ethereum (ETH) up just over 1% and Solana (SOL) up almost 6% over the past 24 hours. Other significant gainers include Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), Stellar (XLM), and others. The crypto market cap registered an increase of 1.29% and is currently at $3.04 trillion. Speaking about the current market sentiment, ChangeNOW CMO Pauline Shangett stated,
“Bitcoin's brief dip below $89,000 highlights the volatility we’ve come to expect, particularly as global markets brace for potential policy shifts under the incoming U.S. administration. Despite this, the cryptocurrency market shows resilience, with key altcoins like Ethereum and Solana leading the recovery.”
Market Euphoria Cools
Bitcoin (BTC) fell around 3% over the weekend before climbing above $90,000 as investors sought to take stock of Trump’s campaign promises. Investors are uncertain about Trump’s timetable for delivering his pro-crypto promise and whether they are feasible. Market sentiment is also being impacted by inflation risks, the prospect of trade tariffs, and deficit spending to fund tax cuts. The market is also tempering its expectations regarding the interest rate cuts, which could pose an obstacle to crypto liquidity.
BTC became overheated after a record-breaking surge following the US elections, with analysts stating a lot of the feel-good factor has been built into the price. Trump has promised to create a friendly regulatory framework for crypto, make the US the crypto capital of the world, and create a strategic Bitcoin stockpile. The Trump administration could approve crypto legislation and shift from regulation by enforcement to a more collaborative approach. This could allow banks to engage with digital assets easily.
$90,000 The First Target For Profit Taking
Crypto analysts believe long-term holders are treating $90,000 as the first target for profit-taking and are not looking out for a six-figure price tag. According to a November 16 report by CryptoQuant contributor Percival, long-term BTC holders don’t see “$90,000 as an enemy” and are engaging in profit-taking.
“Some of these investors have been here for many years, and for them, this first target would be a profit-taking zone. The Long-Term Holder sell-side wave since the ETF’s rally has increased.”
However, prominent Bitcoin supporters hope BTC hits six figures before the end of the year. According to Ryan Lee, Chief analyst at BitGet Research, November is known for giving the best returns, and BTC could surpass $100,000 before the end of the month.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month.”
NFT Weekly Sales Surge
NFT weekly sales saw a significant increase in weekly sales as the markets continued their bullish run. According to data from CryptoSlam, NFT sales registered a sales volume of $181 million over the past seven days, a 94% increase compared to the week before, when sales volumes hit $93 million. Ethereum led the surge with $67 million in NFT sales, with Bitcoin a close second at $60 million in NFT sales. Solana, Mythos Chain, Immutable, Polygon, and BNB Chain accounted for the remaining weekly sales volume of $45 million. The value of NFT transactions also grew substantially, with an average sale valued at $133, an 87% increase from the previous week.
The surge comes as markets continue to see a resurgence that has helped break its downturn in the monthly sales chart. Digital collectibles recorded over $350 million in sales, up 18% from September, which recorded $300 million in sales. NFT transactions also registered a sharp jump in October, with the total transaction count reaching $7.2 million, a 42% increase from the previous month.
Bitcoin (BTC) Price Analysis
The crypto markets closed a remarkable week, with Bitcoin (BTC) surging to a new all-time high of $93,434 before declining to its current levels. The cryptocurrency is up almost 13% over the past seven days and trading just above the $91,000 level at the time of writing. Bitcoin is facing resistance as it attempts to push above $92,000, with bears looking to stall the move. However, buyers have not given up much ground and have kept BTC above $90,000, increasing the likelihood of a continuation of BTC’s current uptrend. However, if sellers can drive BTC below $90,000, it could indicate short-term traders are taking profits. BTC could drop to $85,000 or $80,000 in such a scenario.
Looking at the price chart, BTC is struggling to push above $92,000-$93,000, with sellers active at those levels. However, BTC has registered a parabolic increase since November 6, crossing key resistance levels and surging to a new all-time high last week. BTC started the previous week with a significant jump of 9.43%, going past $85,000 and settling at $87,706. However, it faced considerable selling pressure on Tuesday, dropping to a low of $82,709 before recovering and settling at $87,210, registering a marginal decline. BTC recovered on Monday and surged to an all-time high of $93,424. However, buyers lost momentum, and the price fell back to settle at $90,150.
Source: TradingView
Thursday saw BTC drop over 3% as it slipped below $90,000 and settled at $87, 324. However, buyers returned to the market on Friday, as BTC registered an increase of 3.90% to go back above $90,000 and settle at $90,726. Bearish sentiment returned over the weekend as BTC fell back by 0.67% on Saturday and 0.73% on Sunday, slipping below $90,000 and ending the weekend at $89,464. The current session sees BTC up over 2% and trading at $91,432. Sellers are doing their best to keep BTC below $92,000-$93,000. However, buyers have kept BTC above $90,000, and we could see a push towards $95,000 and $100,000 should the resistance be broken.
Ethereum (ETH) Price Analysis
Ethereum (ETH) saw a marginal recovery over the weekend as buyers prevented a drop below $3,000 despite considerable selling pressure. ETH registered a substantial rally after the US elections, going above key resistance levels and moving averages to breach $3,000. ETH went above $3,000 and the 200-day SMA on Saturday after registering an increase of almost 6% and settling at $3,128. ETH continued to push higher on Sunday despite increasing volatility, rising by 1.83% and settling at $3,185. Bullish sentiment intensified on Monday as ETH registered an increase of 5.90% and settled at $3,373. ETH attempted a move to $3,500 on Tuesday. However, buyers lost momentum after reaching $3,443, allowing sellers to take control. As a result, ETH dropped almost 4% and settled at $3,246.
Source: TradingView
ETH faced a significant jump in volatility on Wednesday as buyers attempted another recovery. However, the price fell back in the red, dropping 1.68% to $3,191. Bearish sentiment intensified on Thursday as ETH dropped over 4% and settled at $3,059. Sellers attempted to drive ETH below $3,000 on Friday as it fell to an intraday low of $3,013. However, it recovered from this level to register an increase of 0.99% and settled at $3,090. Buyers retained control on Saturday, pushing ETH up by 1.38% to $3,133. However, sellers took control on Sunday, and the price fell by almost 2% to $3,075. The current session sees ETH up by 1.82% and trading at $3,131.
ETH has strong support at $3,000, indicating buyers have not given away too much ground to sellers. If buyers build momentum, ETH could test the resistance at $3,400. A break above this level could push the price to $3,500. On the other hand, if sellers regain control and push ETH below $3,000, it could drop to $2,850. A drop below this level could see ETH drop to $2,600 or below.
Solana (SOL) Price Analysis
Solana (SOL) has broken past the resistance at $225, with buyers now eyeing $250, potentially signaling the beginning of a new uptrend. While there is resistance around $240, market watchers expect SOL to push above it. If the current uptrend continues, SOL is expected to cross $250 and reach $260, a level sellers are expected to defend vigorously. If this level is breached, the price could surge to $300. However, if SOL does not go above $250, this bullish outlook will be invalidated. SOL had been struggling to go above $225 all of last week. On Monday, SOL rose almost 6% and settled at $222. However, it fell back on Tuesday thanks to selling pressure, falling 4.69% and settling at $211.
Source: TradingView
SOL faced significant selling pressure on Wednesday, falling to an intraday low of $201. However, it recovered from this level to register an increase of 1.69% and settle at $215. Buyers attempted to go above $225 on Thursday as SOL reached an intraday high of $222 before losing momentum. As a result, sellers took control and pushed SOL down by 2.71% to $209. Buying activity resumed on Friday as SOL registered an increase of 4.25% to $218 but fell back on Saturday, dropping by 1.30% to $215. Bullish sentiment returned on Sunday as SOL surged past $225, registering an increase of 10.13% and settling at $237. The current session sees SOL up by 1.31% and trading at $240 as buyers look to push the price to $250.
Polkadot (DOT) Price Analysis
Polkadot (DOT) is up over 3% in the past 24 hours and almost 17% over the past week, as it recovers after registering a substantial decline last week. DOT started the previous week on a bullish note as it surged past the 200-day SMA to $5.71. However, buyers lost momentum after reaching this level, and DOT fell back on Tuesday, slipping below the 200-day SMA and settling at $5.31. Bearish sentiment persisted on Wednesday as DOT dropped 4.33% to $5.08. Sellers retained control on Thursday as DOT fell below $5, settling at $4.78 after a drop of almost 6%.
Source: TradingView
However, DOT rebounded from this level on Friday, rising almost 8% to go back above $5 and settle at $5.16. Bullish sentiment intensified on Saturday as DOT surged over 12% to move above the 200-day SMA and settle at $5.78. Buyers attempted to push above $6 on Sunday as DOT reached an intraday high of $6.14. However, buyers lost momentum thanks to selling pressure, allowing sellers to take over. As a result, DOT fell back over 6% and settled at $5.42. The current session sees DOT up almost 8% as it looks to retest the $6 resistance level.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is trading between $0.35 and $0.40 as buyers struggle to push the price above the resistance level. DOGE started the previous week with an unprecedented rally, surging almost 27% on Sunday and 26.96% on Monday to settle at $0.352. Despite facing considerable selling pressure on Tuesday, DOGE surged to an intraday high of $0.439 before declining and settling at $0.380, an increase of almost 8%. Volatility registered a substantial uptick on Wednesday as DOGE reached an intraday high of $0.434 and fell to an intraday low of $0.351 before registering an increase of 4.94% and settling at $0.399.
Source: TradingView
With buyers unable to go above $0.40, DOGE fell into the red on Thursday, dropping 9% and settling at $0.363. However, with support building at $0.35, DOGE recovered on Friday, rising just over 5% and settling at $0.381. DOGE registered a mixed weekend, falling by 4.56% on Saturday to settle at $0.364. Sunday saw a significant uptick in selling pressure as DOGE fell to an intraday low of $0.339. However, it recovered from this level to register an increase of 0.69% and settle at $0.366. The current session sees DOGE up by 2.56% and trading near the $0.376 mark. If DOGE can push above the resistance at $0.40, we could see a move to $0.45. On the other hand, if sellers drive the price below $0.35, a drop to $0.30 can be expected.
Ripple (XRP) Price Analysis
Ripple (XRP) has been bullish over the past week, shattering expectations to reclaim $1, a level it has not reached in over three years, making an impressive comeback. XRP has consistently increased since the beginning of this month. However, its uptrend gathered pace last week, beginning with an increase of over 13% on Tuesday. Despite a strong showing on Tuesday, XRP fell back into the red on Wednesday after failing to push above $0.75, eventually dropping 1.96% and settling at $0.690. XRP bounced back on Thursday, rising 12.20% to move past $0.75 and settle at $0.774.
Source: TradingView
With XRP above a crucial resistance level, the price rose over 15% on Friday to go above $0.80 and settle at $0.892. Bullish sentiment intensified on Saturday as XRP registered an unprecedented rally of 25.57% to surge past $1, reaching an intraday high of $1.26 before declining and settling at $1.12. Buyers lost momentum on Sunday as XRP fell almost 6% to $1.05. However, the price is back in the green during the ongoing session, up by nearly 9% and trading at $1.14. As we can see in the price chart, XRP registered a notable dip on Sunday, indicating profit-taking. With the RSI well into the overbought zone, we can expect a correction in the short term. This means breaching the $1 level could only be a short-term event unless buyers can flip it to support.
Celestia (TIA) Price Analysis
Celestia (TIA) registered a substantial drop last week after reaching an intraday high of $5.90 on Monday. However, with sentiment flipping to bearish, TIA fell to an intraday low of $5.01, slipping below the 20 and 50-day SMAs before recovering and settling at $5.46, just above the 50-day SMA. Bearish sentiment intensified on Wednesday as TIA fell by almost 8% to go below the 50 and 20-day SMAs and settle at $5.03. Buyers attempted a recovery on Thursday as TIA rose to an intraday high of $5.39. However, buyers lost momentum at this level, and TIA fell back into the red, dropping by 5.99%, slipping below $5, and settling at $4.73.
Source: TradingView
Buyers returned to the market on Friday as TIA rose by 4.10% and settled at $4.92. Bullish sentiment intensified on Saturday as the price went above the 20-day SMA and settled at $5.21 after an increase of $5.21. However, TIA could not move past the 50-day SMA and fell back on Sunday, falling by 3.69% and settling at $5.02. The current session sees TIA up just over 3% and trading at $5.17 as buyers look to push the price above the 50-day SMA, which is acting as a dynamic level of resistance.
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.
