Bitcoin (BTC) dipped below the $100,000 level earlier today as its price continues to consolidate while facing resistance around the $101,000 mark. The price had risen to $101,267 early during trading but fell considerably to a low of $99,113 before marginally recovering to settle at its current level. The world’s largest cryptocurrency has gained almost 50% since Trump’s election victory but is down by 1.25% over the past 24 hours as it consolidates around the $100,000 mark.
The crypto market has started the week in the red, with almost all major cryptocurrencies firmly in the red. These include Ethereum (ETH), which is down almost 2%, and Ripple (XRP), down nearly 5%, and Solana (SOL), down almost 4%. Significant losses were also recorded by Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Toncoin (TON), Polkadot (DOT), Stellar (XLM), and Bitcoin Cash (BCH). However, Chainlink (LINK) bucked the trend, registering a substantial increase of almost 10%. Thanks to these losses, the crypto market cap has declined by nearly 2% and currently sits at $3.62 trillion.
BlackRock Spot Bitcoin ETF Crosses 500,000 BTC
BlackRock’s iShares Bitcoin Trust ETF’s latest purchase of 7,750 BTC worth $253 million took IBIT’s total BTC balance past 500,000 BTC, making it one of the largest private company holders of the asset. The latest purchase also demonstrates growing confidence in BTC as an asset for investing and wealth management. BlackRock’s spot Bitcoin ETF crossed $50 billion in assets under management within 228 days of its launch, highlighting growing interest among traders who want to gain exposure to the asset through regulated commercial products. Spot Bitcoin ETFs also make it easy for entrepreneurs to access cryptocurrency markets without managing wallets or private keys.
“LATEST: BlackRock’s $IBIT bought $253.2M worth of Bitcoin on Dec. 6. That makes a total of $2.6 billion of inflows this week for $IBIT.”
BTC has seen a steady stream of interest from institutions and major corporations, with analysts observing that demand from new shareholders is helping BTC test new highs. BTC’s growing popularity is also changing its perception from that of a speculative asset to a reliable investment option.
Corporations Increase BTC Holdings
Several corporations, including MicroStrategy and MARA Holdings, have significantly increased their BTC reserves. MicroStrategy acquired 15,400 BTC for $1.5 billion, increasing its total portfolio to a staggering 402,100 BTC. MARA Holdings purchased 6,484 BTC between October and November for $618 million, bringing its total BTC reserves to 34,794 BTC, making it the second-largest corporate holder of the asset.
Crypto Industry Frustrated Over Anti-Crypto Commissioner Vote
The United States Senate Banking Committee is set to vote on whether to renominate Securities and Exchange Commission (SEC) commissioner Caroline Crenshaw, a vocal critic of cryptocurrencies. Industry executives have voiced considerable frustration on the possibility of her re-election. Crenshaw also voted against approving spot Bitcoin ETFs in January. Coinbase president and COO Emilie Choi criticized the potential re-election, stating the “SEC has to change” in a post on X.
“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Crypto investment firm Paradigm’s government affairs VP Alexander Grieve called the re-election one last gift for crypto on the way out the door, stating,
“As one last “gift” for crypto on the way out the door, Senate Banking Chair Sherrod Brown is trying to ram through the renomination of anti-crypto SEC commissioner Caroline Crenshaw. Committee vote set for next Wednesday.”
Bloomberg ETF analyst James Seyffart stated,
“She wasn't just "an ally to Gensler" IMO -- she was more vehemently anti-crypto than Gensler. Just read through her dissent letter on the Bitcoin ETF approvals back in January (The other dem commissioner, Lizárraga, didn't even join her on that letter).”
Iran Embraces Crypto To Counter Sanctions
Iran has shifted its stance on crypto, focusing on regulation rather than restrictions, according to Minister Abdolnaser Hemmati. Hemmati highlighted the Iranian government’s plans to mitigate the economic risks of digital currencies while leveraging their potential benefits. He also stressed the central bank’s authority in managing digital assets and highlighted their potential to foster economic growth, provide employment opportunities, and counter sanctions.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has continued to trade in range as it consolidates before its next big move. Bullish sentiment has waned as the price faces significant resistance around the $101,000 mark. The price had dipped to a low of $90,708 on November 26 but rebounded to clear crucial resistance levels at $96,000 and $98,000, eventually creating history by going above $100,000 and setting a new all-time high of $103,900.
BTC started the previous week on a bearish note, registering a drop of 1.25% on Monday and settling at $95,812. Selling pressure intensified on Tuesday as BTC briefly dipped below the 20-day SMA, dropping to a low of $93,763. However, it recovered from this level to climb above $95,000 and settle at $95,751. The price recovered on Wednesday, registering a substantial jump of almost 3% and settling at $98,851. Thursday saw unprecedented volatility and a historic moment as BTC surged past $100,000. The day began with sellers in control as BTC dropped to an intraday low of $92,285. However, it recovered from this level to surge past $100,000 and set a new all-time high of $103,900 before settling at $97,093.
Source: TradingView
BTC breached the $100,000 mark again on Friday, rising to an intraday high of $101,911. However, it could not stay above $100,000 and fell to $99,695, registering an increase of 2.68%. BTC remained positive over the weekend, registering a marginal increase on Saturday before rising by 1.32% on Sunday to end the weekend above $100,000 at $101,043. However, BTC has slipped below $100,000 during the current session, with the price down just over 2% and trading at $98,898.
So where does BTC go from here? BTC is facing resistance around the $101,000 mark. If it fails to go above this level, we could see a decline, with immediate support around $99,000. The next support levels lie at $97,500 and $95,000. On the other hand, if buyers retake control, BTC could push towards the $105,000 mark.
Ethereum (ETH) Price Analysis
Ethereum (ETH) struggled to move above the resistance at $4,000, with the price dropping considerably during the ongoing session. ETH started the previous week in the red, falling almost 2% to $3,645. Bearish sentiment intensified on Tuesday as ETH dropped to a low of $3,504. However, it recovered from this level to settle at $3,617, eventually registering a marginal increase. However, ETH made a strong recovery on Wednesday, rising over 6% and going past the resistance at $3,700 to settle at $3,844. The price experienced significant volatility on Thursday as buyers and sellers attempted to take control. As a result, ETH rose to an intraday high of $3,957 and fell to an intraday low of $3,644 before settling at $3,787, ultimately registering a drop of 1.48%.
Source: TradingView
ETH recovered on Friday as it surged past $4,000 to an intraday high of $4,093. However, it could not stay at this level and declined to $4,003, registering an increase of 5.71%. Saturday saw ETH register a marginal drop as sellers attempted to lower the price, and buyers attempted to push the price higher before ETH settled at $3,999. Sellers tried to take control on Sunday and drive ETH towards $3,800 as the price dropped to a low of $3,924. However, it recovered from this level to register a marginal increase and settle at $4,007. The current session sees sellers firmly in control, with ETH down over 3% and trading at $3,875.
ETH faces resistance at $4,000, a level it is struggling to overcome. If buyers can go above this level, a move to $4,250 could materialize. On the other hand, if sellers retain control, we could see the price drop as low as $3,500.
Solana (SOL) Price Analysis
Solana (SOL started the current week with a substantial decline as selling pressure registered a considerable increase. The altcoin had started the previous week with a significant drop, falling almost 5% to slip below the 20-day SMA and settle at $225, but not before dropping to an intraday low of $219. Sellers pushed SOL to an intraday low of $215 on Tuesday as bearish sentiment persisted. However, SOL recovered from this level to register an increase of almost 4% and settle at $234. Buyers attempted a move past the 20-day SMA on Wednesday as SOL reached an intraday high of $241. However, buyers lost momentum after reaching this level, and SOL fell by almost 2% to $229.
Source: TradingView
Volatility increased substantially on Thursday as SOL fell to an intraday low of $221 and reached an intraday high of $244 before dipping below the 20-day SMA and settling at $236, registering an increase of almost 3%. Buyers lost momentum on Friday, thanks to the 20-day SMA acting as a dynamic resistance level. As a result, SOL registered only a marginal increase and settled at $237. The weekend was mixed for SOL as it registered a marginal increase of 0.51% on Saturday before dropping by 0.48% on Sunday to settle at $237. However, selling pressure has intensified considerably during the current session, with SOL down almost 4% and trading at $227. If sellers retain control, SOL could drop to $220. A breach of this support level could drive the price to $200.
Litecoin (LTC) Price Analysis
Litecoin (LTC) has been highly bullish during recent sessions, but momentum waned towards the end of last week, with volatility and selling pressure increasing substantially. LTC surged over 16% last Sunday, going above crucial resistance levels and settling at $119. Bullish sentiment persisted on Monday as LTC rose almost 11% to go above $130 and settle at $132. Despite a strong start to the week, LTC fell to a low of $121 on Tuesday as bearish sentiment returned. The price ultimately settled at $130, registering a drop of 1.43%. LTC registered another dramatic fall on Wednesday as it dropped to $121 before recovering to register an increase of 2.23% and settle at $133.
Source: TradingView
Volatility registered a substantial increase on Thursday as LTC rose to an intraday high of $147 and fell to an intraday low of $125 before settling at $135, registering an increase of 1.43%. With sellers active at this level, LTC could only register a marginal rise on Friday and settle at $136. However, it fell on Saturday, dropping almost 1.67% and settling at $133. Buyers propped up the price on Sunday as LTC registered an increase of 0.90% and settled at $134. However, LTC has registered a substantial drop during the ongoing session, with the price down over 8% and trading at $123.
Chainlink (LINK) Price Analysis
Chainlink (LINK) started the previous week with an unprecedented surge, registering an increase of almost 34% to go above $20 and settle at $25. However, buyers lost momentum on Tuesday, allowing sellers to take control. As a result, LINK dropped over 4% and settled at $24.12. Buyers attempted a recovery on Wednesday as LINK surged above the resistance at $25 and settled at $26.52. However, it could not stay at this level and fell to $24.10, registering a marginal decline. Bearish sentiment persisted on Thursday as LINK dropped almost 4% to $23.15. Despite selling pressure, LINK recovered on Friday, rallying nearly 12% to go above $25 and settle at $25.88.
Source: TradingView
Sellers returned to the market on Saturday as LINK dropped over 4% to go below $25 and settle at $24.81. However, positive sentiment returned on Sunday as LINK rose to an intraday high of $27.42 before settling at $26.10. The current session sees LINK in the red as sellers look to drive it below $25. LINK is currently down almost 3% and trading at $25.34.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has started the week on a bearish note as sellers look to drive it below $15 after an extremely bullish week. UNI registered a sharp increase on Monday, rising over 7% and settling at $13.98. Sellers attempted to lower the price on Tuesday as UNI fell to an intraday low of $13.15. However, it recovered from this level to register an increase of 8.14% to go above $15 and settle at $15.12. UNI surged to an intraday high of $16.52 on Wednesday as buyers attempted a move past resistance levels. However, it could not stay above $16 and fell back, settling at $16.69 after registering an increase of almost 4%. Sellers took control on Thursday after another failed attempt to go above resistance levels. As a result, UNI dropped 4.09% and settled at $15.04.
Source: TradingView
UNI bounced back on Friday, surging almost 17% to go above the resistance at $16 and settle at $17.58. UNI remained positive over the weekend, rising by 2.43% on Saturday and 3.30% on Sunday despite increasing volatility, and settled at $18.61. However, the current session sees UNI firmly in the red, with the price down over 5% and trading at $17.65.
Celestia (TIA) Price Analysis
Celestia (TIA) has registered a substantial decline after failing to go above the resistance at $9. Despite starting the previous week in the red, TIA recovered on Tuesday, rebounding from an intraday low of $7.30, registering an increase of 5.46% and settling at $8.09. TIA rocketed to an intraday high of $8.93 on Wednesday as bullish sentiment intensified. However, buyers lost momentum after reaching this level, and TIA fell back to settle at $8.33 after an increase of almost 3%. Volatility persisted on Thursday as TIA rose to an intraday high of $8.70 and fell to an intraday low of $7.86 before settling at $8.24.
Source: TradingView
TIA registered a substantial increase on Friday as bullish sentiment returned, rising over 7% and settling at $8.84, still unable to go above $9. Buyers attempted to go past the resistance on Saturday but were unsuccessful, with TIA losing momentum after reaching $9.98. As a result, sellers took over and drove the price down by 4.24% to $8.47. Sellers retained control on Sunday as TIA fell to $8.37 after a drop of 1.11%. Bearish sentiment has intensified considerably during the ongoing session, with the price down almost 8% and trading at $7.73.
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.
