Bitcoin (BTC) stalled after coming within touching distance of $100,000 as the cryptocurrency reached a peak of $99,655 before declining to its current level. BTC is marginally down over the past 24 hours but registered a substantial decline over the weekend and dipped to a low of $95,816 late on Sunday before recovering. While BTC reached historic levels during its rally, analysts have noted signs of market exhaustion and potential consolidation around $100,000.
Several major cryptocurrencies have also declined over the past 24 hours with the most notable being Ethereum (ETH) and Solana (SOL). ETH is down almost 1% over the past 24 hours and SOL is down just over 1% as buyers look to keep it above $250. Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), and Polkadot (DOT). Speaking about BTC’s struggles to go above $100,000, ChangeNOW CMO Pauline Shangett stated,
“The rapid ascent to $99,655 has stretched Bitcoin's momentum indicators, signaling potential market exhaustion. While long-term fundamentals remain intact, short-term volatility and profit-taking are to be expected. The broader crypto market appears to be mirroring Bitcoin's cooling off. Coins like Ethereum and Solana are also under pressure, reflecting cautious sentiment among buyers after a strong rally.”
Crypto Market Hit By Liquidation Wave
The crypto market was hit by a liquidation tsunami as Bitcoin (BTC) plummeted below $96,000 before recovering. However, the world’s largest cryptocurrency has still been unable to go above the $100,000 price level. The drop led to one of the most significant crypto liquidations in the past six months, with $500 million worth of crypto positions wiped out. Long liquidations accounted for a hefty $379 million, while short liquidations accounted for $125 million, according to data sourced from CoinGlass. 197,083 traders were liquidated, with the largest liquidation ($13 million) on Binance. BTC and ETH made up a significant chunk of the liquidations, accounting for $121 million worth of positions.
Prominent altcoins, including Dogecoin (DOGE), Ripple (XRP), and Stellar (XLM) reported significant liquidations, with 34.20 million, $30.27 million, and $18.95 million wiped out. The drop comes after a substantial rally reported by several altcoins, such as XLM and DOGE. XLM rallied over 50% on November 23-24, and DOGE hit levels not seen since May 2021.
NFTs Register $158M Weekly Sales Volume
Non-fungible tokens (NFTs) continued their strong weekly sales volumes despite declining marginally. Data from NFT tracker CryptoSlam showed NFTs recorded a sales volume of around $158 million over the past week, a 12.7% decrease compared to the previous week when they recorded $181 million in weekly sales. Despite the decline, weekly trading volume is above its record at the beginning of November. NFTs registered weekly sales volumes of only $93 million between November 4 and 10.
Ethereum led in sales volume, recording $49 million in sales, and Bitcoin ranked a close second with $43 million in sales. Meanwhile, Solana maintained its rank as the third-highest in sales volumes for NFTs, with $23.9 million in weekly sales. However, this was a 9% drop compared to the previous week. Polygon, Immutable, Mythos Chain, and BNB Chain recorded $35.8 million in weekly sales volume.
However, Solana led in the number of NFT buyers with 185,000 buyers for the week, an increase of 57% compared to the week prior. The numbers suggest NFTs are on track to close November positively. NFTs recorded $356 million in sales volume in October, an 18% increase compared to September. Current figures suggest consistent interest despite slight fluctuations.
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) rally has stalled during recent sessions, losing momentum at a critical level and stopping just shy of $100,000, with sellers pushing the price lower marginally. The loss of momentum can be attributed to traders assessing if optimism from President-elect Donald Trump’s support for crypto is becoming stretched. The asset fell to a low of $95,776 on Sunday before rising to its current levels. Matt Maley, Chief Market Strategist at Miller Tabak and Co, stated,
“Investors are worried Bitcoin will have to take a breather now that it has tested the $100,000 level. Bullishness around the cryptocurrency is getting extreme.”
Trump has promised crypto-friendly regulation and create a strategic Bitcoin stockpile. However, the timeline and feasibility of some promises remain in doubt.
“I’m seeing an increasing skew to the sell side as we near the $100,000 mark. This suggests we may experience consolidation around this level in the near term before a sustained breakthrough above it.”
The Bitcoin price chart shows BTC losing momentum after reaching a peak of $99,317 on Friday. BTC was bullish the previous week as it surged towards $100,000, beginning with an increase of 1.17% on Monday to go above $90,000 and settle at $90,509. Bitcoin bulls retained control on Tuesday as the price rose by 2.15% and settled at $92,457. Wednesday saw BTC register an increase of almost 2% and settle at $94,204. Bullish sentiment intensified on Thursday as BTC rose nearly 4% to go above $95,000 and settle at $97,784. Bullish momentum waned on Friday as BTC approached the $100,000 price level. BTC reached an intraday high of $99,317 before declining and settling at $98,355, registering a marginal increase of 0.58%.
Source: TradingView
The weekend began with BTC registering a notable decline on Saturday, falling by 1.26% and settling at $97,113. Sellers drove BTC to an intraday low of $94,838 on Sunday as selling pressure increased. However, BTC recovered from this level as sellers lost momentum, rising 0.80% and settling at $97,891. The current session sees BTC marginally up as buyers and sellers look to influence price action.
Analysts believe it's only a matter of time before BTC crosses $100,000 and are confident it will happen by the end of November. However, whether it can sustain itself above this level remains to be seen. If BTC goes below $100,000, we could see a correction that could take the price as low as $80,000. For now, the market waits for BTC’s ascent past $100,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to go above $3,400 as it faces significant selling pressure at this level. The altcoin has been trading between $3,000 and $3,400 since November 11 and is down by 1.21% over the past 24 hours. However, despite the recent wobble, ETH is up almost 8% over the past week. ETH started the previous week on a bullish note, rebounding from a low of $3,051 to register an increase of 4.37% and settle at $3,209. However, it fell back in the red on Tuesday, dropping by 3.13% and settling at $3,109. Bearish sentiment persisted on Wednesday as ETH dropped by 1.25% and settled at $3,070.
Source: TradingView
Despite declining on Wednesday, ETH registered a stunning rally on Thursday, rising by 9.44% and settling at $3,360 after reaching an intraday high of $3,388. Buyers attempted to go above $3,400 on Friday as ETH reached an intraday high of $3,427. However, it fell back from this level, dropping 0.96% and settling at $3,328. The weekend saw buying activity increase on Saturday as ETH rose to an intraday high of $3,502. However, buyers lost momentum, and ETH fell below $3,400, settling at $3,396 after registering an increase of just over 2%. Sellers returned to the market on Sunday as ETH fell to a low of $3,286 before recovering and settling at $3,362, a drop of 1.01% compared to Saturday. ETH fell to a low of $3,301 during the current session. However, it has recovered and is currently up by 0.69% and trading at $3,385.
Buyers are looking to push ETH above the $3,400 price level. If ETH crosses this level, we could see a rally to $3,500 and beyond. On the other hand, if sellers take control and drive ETH below $3,000, it could drop to $2,850.
Solana (SOL) Price Analysis
Solana (SOL) has registered a substantial decline over the past few sessions as it struggles to go above $260, with sellers looking to drive the price below $250. SOL has also been experiencing significant volatility, beginning the previous week with an increase of 1.04% to settle at $239. However, the price fell back in the red after rising to an intraday high of $247 on Tuesday, registering a decline of 0.89% and settling at $237. Bearish sentiment persisted on Wednesday as SOL fell by 0.97% and settled at $235. Despite the selling pressure, SOL rallied on Thursday, rising almost 9% to move above $250 and settle at $256. SOL encountered considerable volatility on Friday as buyers and sellers attempted to wrest control, with the price registering a marginal increase.
Source: TradingView
However, SOL fell into the red over the weekend after failing to stay above $260. SOL reached an intraday high of $264 on Saturday before dropping by 0.78% and settling at $254. Selling pressure intensified on Sunday as SOL dropped to an intraday low of $241. However, buyers propped up the price from this level as SOL reclaimed $250 and settled at $253. The current session sees SOL marginally up as buyers and sellers look to take control. Sellers will look to drive SOL below $250. On the other hand, if SOL rallies past $260, we could see a surge to $280-$290.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has declined during the current session as it struggles to go above $0.45. DOGE began the previous week positively, registering an increase of 1.37% and settling at $0.371. The price rallied to an intraday high of $0.420 on Tuesday before dropping and settling at $0.391. Selling pressure registered a substantial increase on Wednesday as DOGE dropped by 3.42% and settled at $0.378 before recovering on Thursday to register a 2.25% increase and settle at $0.386.
Source: TradingView
DOGE surged past $0.40 on Friday after rising almost 7% and moving to $0.413. Bullish sentiment intensified on Saturday as DOGE rallied to an intraday high of $0.480. However, buyers lost momentum after reaching this level and fell back, ultimately settling at $0.43. Sunday saw DOGE register substantial volatility as buyers and sellers attempted to wrest control. As a result, DOGE reached an intraday high of $0.453 and fell to an intraday low of $0.399 before settling at $0.430. The current session sees DOGE marginally down and trading at $0.431.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has registered an incredible rally that has seen the price surge past $10 as DOT exploded to move above crucial resistance levels. DOT registered a substantial jump on Monday, rising almost 11% and settling at $6. However, it fell back in the red on Tuesday, dropping by 3.33% to $5.80. DOT saw considerable volatility on Wednesday as buyers attempted to reclaim the $6 level. DOT rose to an intraday high of $6.12 before falling back to register a drop of 1.21% and settle at $5.73.
Source: TradingView
DOT fell to an intraday low of $5.47 on Thursday but recovered to register an increase of 3.66% and settle at $5.94. DOT went above $6 on Friday after rallying almost 12% and settling at $6.63. Bullish sentiment intensified on Saturday as DOT rallied an incredible 28.66% to surge to an intraday high of $9.49 before settling at $8.53. DOT surged to an intraday high of $10.52 on Sunday as bullish sentiment persisted. However, buyers lost momentum at this level, and DOT fell back to settle at $8.83. The current session sees DOT up by just over 3% as buyers look to push the price above $10.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has seen bullish sentiment return over the past few sessions as it surged past crucial resistance levels. UNI’s latest price jump began on Thursday as it rebounded after dropping to a low of $8.52. UNI recovered to surge to an intraday high of $9.69 before settling at $9.28. The price went above $9.50 on Friday as UNI rose almost 7% to $9.91. Bullish sentiment intensified over the weekend as UNI rallied to an intraday high of $11.33 on Saturday. However, buyers lost momentum at this level and UNI fell back to $10.72. Sunday saw UNI experience considerable volatility as buyers and sellers struggled to take control.
Source: TradingView
As a result, UNI rose to an intraday high of $11.39 and fell to an intraday low of $10.11 before settling at $10.88. The current session sees UNI up by 5.35% and trading at $11.46.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has gained considerable momentum over the past few sessions as buyers look to push it above $0.90. ARB surged past the 200-day SMA on Thursday, reaching an intraday high of $0.86 before declining and settling at $0.77, registering an increase of almost 16%. Buyers retained control on Friday, pushing ARB up by 3.95% to $0.81. Bullish sentiment intensified on Saturday as ARB registered an increase of 5.64% and settled at $0.85.
Source: TradingView
Sunday saw a significant spike in volatility as buyers and sellers struggled to take control. As a result, ARB fell to an intraday low of $0.79 and rose to an intraday high of $0.91 before settling at $0.86. The price fell to an intraday low of $0.82 during the current session. However, it has recovered and is currently up by 1.60% and trading at $0.87.
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.
