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- Bitcoin’s new price follows after it hit $98,000 yesterday
- Analyst Skew said there is “positive market signal” and that there is “a lot of aggregate spot supply around $100k”
Bitcoin came within touching distance of $100,000 on November 22 as the asset continues its bull run since the beginning of November.
Data from CoinMarketCap shows Bitcoin hit a high of $99,500. The record comes after Bitcoin topped $98,000 yesterday, pushed along by the launch of ETF options earlier this week.
The rally follows after Bitcoin dipped to $95,000 yesterday afternoon before rallying into the green.
Taking to X, analyst Skew said: “Price did see a brief LTF dip before higher thereafter. Still seeing limit bids moving higher with underlying spot buyers ~ positive market signal,” adding:
“A lot of aggregate spot supply around $100k. Price currently is chewing away at this supply, before this has preceded a pretty violent breakout.”
$BTC Binance Spot
Update since previous post
Price did see a brief LTF dip before higher thereafterStill seeing limit bids moving higher with underlying spot buyers
~ Positive market signalA lot of aggregate spot supply around $100K
Price currently is chewing away at this… https://t.co/TruZVGXwTM pic.twitter.com/nGtekY6Y0F
— Skew Δ (@52kskew) November 22, 2024
Joe Constori, head of growth at Theya and institutional lead at the Bitcoin Layer, said on X that Bitcoin at $100,000 is going to happen.
“Its properties have always destined it to be a multi-trillion dollar base layer monetary asset. It just took the price 15 years to catch up.”
Market analyst Ali mentioned that “the TD Sequential presents a sell signal on the #Bitcoin $BTC 4-hour chart, anticipating a brief correction to $97,085,” adding:
“A candlestick close above $100,470 will invalidate the bearish formation and potentially push #BTC to $102,656 or $104,343.”
The TD Sequential presents a sell signal on the #Bitcoin $BTC 4-hour chart, anticipating a brief correction to $97,085!
A candlestick close above $100,470 will invalidate the bearish formation and potentially push #BTC to $102,656 or $104,343. pic.twitter.com/WiKQTGYNmJ
— Ali (@ali_charts) November 22, 2024
Pro-crypto
The continued surge follows since Donald Trump won his re-election into the White House on November 5.
Trump, now considered pro-crypto, made several promises regarding the crypto market during his election campaign, one of which is to make the US the “crypto capital of the world.”
Earlier this week, it was reported that Trump’s transition team was considering its first-ever White House crypto office.
If established, this position would serve as a liaison between the digital assets sector, Congress, and key regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
At the time of publishing, Bitcoin is trading at $98,600.
WHY memecoin: Can it be the next Dogecoin after touching $100M? AMBCrypto News
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Bitcoin Nears $69K, On Verge Of Touching All-Time High — Ethereum, Dogecoin On A Tear: Analyst Predicts K Benzinga
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As voices come out in favor of spot Bitcoin ETF approval chances in January 2024, the Bitcoin (BTC) Price entered the new year with renewed bullish momentum. This comes amid reports stating that the approval may come in the week starting January 8, 2024.
Also Read: Ethereum (ETH) Metrics Hints Readiness for Huge Gains, Is $2500 Possible?
BTC Price: Before & After Approval
In what could be caused by a fear of mission out (FOMO) sentiment among traders and investors, the BTC Price jumped to over $45,000 on Monday, January 1, 2023. The crypto market has largely been optimistic about a potential approval of the spot Bitcoin ETF before January 10, 2024, before which the U.S. Securities and Exchange Commission (SEC) is required to take a decision as part of the Ark 21Shares spot Bitcoin ETF filing. CoinGape reported that a decision on the Ark 21Shares filing was earlier postponed on August 11, 2023.
Accordingly, Reuters reported that the SEC was on path to give the nod to the first ever spot Bitcoin ETF in the United States. The report quoted sources as saying that the SEC officials have already cleared the approval for next week and that the filers may be informed of the same on January 9 or 10, 2024.
Bitcoin Price: The Caution
Earlier, CoinGape reported analyst comments that the BTC price could see retracement to an extent following the Bitcoin ETF approval in January 2024. Some analysts warned that the downside risk for BTC could go as low as $37,000, despite the months long hype around Bitcoin ETF approval for institutional players like Blackrock and Fidelity.
Also Read: Bitcoin (BTC) Halving: Here are 5 Potential Cycles to Watch
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin had successfully flipped the $47,000 level this week. A welcome change after the digital asset had spent a long stretch of time plagued by low momentum. It officially signaled a break out of the consolidation of the past two-and-a-half months. Now the real work begins as bears have begun mounting significant resistance to keep the cryptocurrency from breaking above $50,000.
The Point To Beat
Although Bitcoin continues to hold above $47,000, there is still a lot of opposition to the digital asset in this region. $47,500 remains a technical level that has shown itself throughout various rallies in history. This time around, bears are camping at this technical level, making it a significant resistance to point to beat. Otherwise, the goal of $50,000 will remain unrealized.
Related Reading | Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why?
If the digital asset is able to successfully beat this point and form support above it, then there will be not much opposition in the race to $50,000 as the next important point will lie above this level. A push past $50,000 would set the cryptocurrency on another path towards $53,000. This time around, solidifying BTC’s campaign towards a new all-time high.
$47,500 is now the point to beat | Source: Arcane Research
Nevertheless, Bitcoin has been unable to break through as its single attempt to do so has been met with resistance that has beaten it back down towards the low $47,000s. BTC continues to hold strong at this point though.
Bitcoin Holding Up Well
Even though bitcoin had taken a beat-down after testing the $47,500 resistance point, it has quickly found its footing. One important thing to note is where the digital asset looks to have formed an important support level.
BTC fails to beat $47,500 resistance level | Source: BTCUSD on TradingView.com
Arcane Research notes that BTC looks to have flipped $45,000, which was the resistance to beat in the early innings of the rally, into a support level. This means a slide below $47,000 may see the digital asset fall below $46,000 but will most likely find significant support at this $45K level. Although a fall below this will quickly send BTC back to the low $42,000s given it is more akin to a sliding scale.
Related Reading | TA: Ethereum Losing Pace, What Could Trigger Another Increase
Bitcoin is now comfortably trading above the 50-day and 200-day moving average, cementing both a short and long-term bullish outlook for the asset. It continues to hold firm as it is trading at $47,300 at the time of this writing.
Featured image from Coingape, charts from Arcane Research and TradingView.com
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