Crypto investors are increasingly greedy as Bitcoin and other meme coins continue their strong bull run. The crypto fear and greed index moved to the extreme greed zone of 85, a trend that could continue in the coming weeks. Bitcoin soared to over $93,000, solidifying it as the best-performing asset in the last 15 years. […]
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Bitcoin has entered an explosive bullish rally, breaking all-time highs seven times over the past eight days. This sustained surge has set new price records and pushed its market cap above $1.809 trillion, placing it ahead of Saudi Aramco, the oil giant valued at $1.79 trillion. Now positioned as the world’s 7th largest asset by […]
United States Securities and Exchange Commission Chair Gary Gensler has remained unwavering in his attitude against crypto assets.
Rexas Finance (RXS) is gaining traction in the decentralized finance (DeFi) sector, fueled by its successful presale. The project has raised $7.2 million, with 114.81 million RXS tokens sold at $0.07 each. Due to growing demand, the token price is set to rise to $0.08 in the next presale phase.
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Bitcoin (BTC) has recently experienced a massive surge, rising over 39% since November 5th to reach a new record high of $93,250 on Wednesday. However, the largest cryptocurrency by market capitalization has since experienced a pullback and is currently trading around $88,800. Market analyst Quinten Francois has suggested that this retracement could extend further, potentially dropping below the $80,000 mark due to a significant CME gap located beneath this level. 12% Retracement Ahead? CME gaps refer to price discrepancies on the Chicago Mercantile Exchange Bitcoin futures chart, where the closing price of one trading day differs from the opening price of the next. These gaps often arise following substantial price movements and are typically filled as the market stabilizes. Francois has identified a CME gap at the $78,000 level, which would represent a retracement of just over 12% from current prices if filled in the coming days. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor Such a correction could be healthy for BTC, as it often liquidates long positions, setting the stage for future upward movements. Historical patterns suggest that these pullbacks can provide the necessary liquidity for the cryptocurrency to advance further. However, if Bitcoin sees increased selling pressure at this level, additional support levels are identified at $72,000 and $69,000. The potential for a drop below these levels would take BTC back to the prices seen before Donald Trump’s election victory on November 5th, which many believe was a catalyst for the recent price spike. Could Trump’s Bitcoin Strategy Influence Future Price Movements During his presidential campaign, Trump continuously expressed his intention to support the growth of digital assets, positioning Bitcoin as a central element of his next administration’s economic policy. One of Trump’s promises includes establishing Bitcoin as a strategic reserve asset for the United States. Pro-crypto Senator Cynthia Lummis has taken this initiative to the Senate by introducing the Bitcoin Act, which aims to increase US Bitcoin reserves to 1 million coins, potentially reducing market supply and positively impacting the BTC price. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout Francois has also forecasted a bear market for the broader cryptocurrency sector, predicting it could emerge between 2026 and 2027. This suggests that the next two years will likely witness an extended bull run for Bitcoin and the overall digital asset ecosystem. However, the expert cautioned that if the $78,000 CME gap is not filled before a significant price rally, it may need to be addressed in the subsequent bear market phase, suggesting further price fluctuations ahead. Featured image from DALL-E, chart from TradingView.com
Spot Bitcoin exchange-traded funds in the United States experienced an outflow day on Nov. 14, ending their six-day inflow streak that had brought over $4.73 billion into the funds. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded…
Friday means another Bitcoin options expiry event is due, and it is another big one, as markets have been surging recently.
Bitcoin has reached a major milestone by surpassing the $90,000 price mark, marking a significant moment in its ongoing bullish rally. The price surge has drawn the attention of existing investors and attracted a new wave of market participants. This influx is evidenced by the increase in UTXO (Unspent Transaction Output) Age Bands. This metric tracks the distribution of Bitcoin holdings by age, according to an analysis shared by CryptoQuant analyst Shiven Moodley. This development reflects heightened interest and engagement in the Bitcoin market. Moodley’s analysis revealed that a high percentage of market participants are currently profitable, as indicated by the UTXO profit percentage metric. However, despite this strong market performance, long-term holders appear to maintain their positions even as the derivatives market becomes increasingly leveraged. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance—Is A Market Correction Imminent? Samuel Edyme Profitability Metrics Signal Market Momentum One of the key insights highlighted by Moodley is the positive Spent Output Profit Ratio (SOPR). This indicator suggests that many Bitcoin transactions are occurring at a profit, reflecting an optimistic market sentiment and providing a foundation for potential further price increases. However, Moodley pointed to a developing “mania phase” in the market, evidenced by the growing number of options market call contracts set to expire over the next two months. This surge in call contracts indicates that many traders are betting on continued upward momentum, potentially driving further speculative activity. The CryptoQuant analyst also discussed the implications of probability models that track Bitcoin’s price movements over time. According to these models, with a lag of 500 days, Bitcoin has breached two standard deviations at the $90,000 level. The next significant price marker, represented by the third standard deviation, according to Moodley is currently projected to be around $101,000. This suggests that, while Bitcoin’s current upward trajectory is notable, the potential for further price gains remains. Bitcoin Market Performance Bitcoin appears to be now seeing a cool off in its recent bullish momentum. Particularly, following a consistent week of new highs reaching a peak of $93,477 yesterday, BTC has since faced a major pullback in price, bringing its price to trade as low as below $89,000, as of today. At the time of writing, the asset currently trades for $88,878, down by 2.9% in the past day. Regardless, BTC seems to still be in an uptrend with a past week performance of nearly 20%. Notably, while the market environment still reflects strong bullish sentiment, there are risks to be aware of. As highlighted by Moodley, the increased leverage in the derivatives market, combined with rising call options activity, could lead to heightened volatility in the BTC market. Related Reading: Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak? Overleveraged markets are historically prone to corrections, especially when market sentiment shifts rapidly. Therefore, while many market participants may currently be in profit, maintaining caution is worth considering. Featured image created with DALL-E, Chart from TradingView
The massive Bitcoin (BTC) rally following Donald Trump’s victory in the US presidential election is beginning to show signs of slowing down, particularly in the derivatives market, as evidenced by the leading digital asset’s retreat below the $90,000 mark on Thursday. Bitcoin Experiences Significant Liquidation Activity According to Bloomberg data, the premium for CME-listed Bitcoin futures contracts—commonly used by institutional investors to speculate on price movements—has decreased, indicating a potential shift in market sentiment. K33 Research notes that the basis, or the difference between the futures price and the spot price, has dropped to around 10% after previously hovering between 13% and 16% since the election. Related Reading: New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down Vetle Lunde, head of research at K33, remarked, “Markets seem to be cooling down… that might have been a subtle hint of moderating risk profiles.” This shift suggests that investors may be reassessing their strategies in light of the recent price volatility. Currently, Bitcoin is trading at $87,970, down from its all-time high of $93,462 reached just a day ago. Since Trump’s election victory, the cryptocurrency has seen an increase of over 30%. However, this rally has been accompanied by significant liquidation of leveraged bullish positions. In the past 24 hours, liquidations of long positions—those betting on price increases—totaled $447 million, compared to $207 million for bearish bets. Renewed Trader Interest Profit-taking is also contributing to the recent downturn, particularly as Bitcoin approached the $90,000 mark, which has historically been a significant level for open interest in call options. James Davies, CEO of Crypto Valley Exchange, noted, “Crazy speculative days in the market, big profit taking in the last few hours… $90k is a massive level in the call options open interest.” The rally has primarily been fueled by fresh demand in the spot market, evidenced by substantial inflows into exchange-traded funds (ETFs) backed by Bitcoin and relatively moderate leverage among traders. Interestingly, the funding rate for Bitcoin perpetual futures on offshore exchanges rose after falling earlier in the week, indicating renewed interest among traders after the so-called “Trump trade” catalyst. Related Reading: Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst Options traders are increasingly optimistic, with growing interest in calls with strike prices at $110,000 and $120,000, according to data from Deribit. As Davies commented, “It’s all pure speculative trading right now, expect lots of volatility and a lack of clear signals for a while whilst we wait for policy announcements in the U.S.” As the market approaches the expiry of November options, all eyes will be on whether the $90,000 price point will serve as a resistance level or if Bitcoin can surpass it once again. Featured image from DALL-E, chart from TradingView.com
Move comes amid anticipated competition from the U.S. as a preferable destination for crypto startups following Donald Trump’s victory.