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Bitcoin Drops to $100K as Shorts Risk 'Great Breakout'
Summary: Bitcoin hitting $100,000 seems certain as sell walls disappear and shorts risk getting “squeezed” by rampant BTC price momentum. Bitcoin was within 1% of $100,000 on November 22 with investors chewing up the last sell orders.
Bitcoin exhausts last supply below $100,000 Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin's latest all-time high near $99,500 on Bitstamp.
I have a personal view on market $NOT (#Notcoin👀🔥 ) at market #Binance , will you wait until the second support zone is tested again or will you buy #NOTUSDT🚨 today?
Veteran trader Peter Brandt predicts that Bitcoin ($BTC ) could reach between US$130,000 and US$150,000 by the end of August to early September 2025.
This prediction is based on historical patterns in previous post-halving bull markets. The #halving event, which occurs every four years, reduces the Bitcoin mining reward by 50 percent and is an integral part of the #bitcoin☀️ protocol.
Brandt emphasizes the importance of the halving date in the Bitcoin market cycle, noting that the latest halving occurred on April 20, 2024. However, Brandt also notes that there is no perfect method of analysis for predicting the peak of the Bitcoin cycle, although previous growth patterns indicate significant potential price surges.
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The crypto market experienced a tumultuous year in 2024, with wild price fluctuations. Even so, the focus has now shifted back to Bitcoin. Even though it is now in a consolidation phase, signs of a bullish recovery are becoming increasingly clear.
Recently, Bitcoin crossed the symbolic $70,000 mark, supported by speculation surrounding the approval of #ETHETFS . However, Bitcoin failed to maintain this high level, and selling pressure brought BTC back down below $70,000. However, this consolidation phase appears to be temporary, as historical trends suggest that a bullish breakout may be imminent.
According to Rekt Capital, a weekly close above $71,500 could trigger a bullish breakout. Even so, historical data suggests that Bitcoin may still consolidate for several more weeks. This consolidation phase will allow the leading cryptocurrency to realign to its previous halving cycle, paving the way for a more sustainable rally.
For savvy investors, this period of consolidation is an attractive opportunity. On-chain indicators reveal impressive underlying strength. For example, the TD Sequential indicator is currently presenting a buy signal on Bitcoin's hourly chart, indicating a potential short-term rebound.
Long-term Bitcoin holders (hodlers) appear determined to maintain their holdings, even against prices exceeding $70,000. This reluctance to sell underscores the growing perception of Bitcoin as a store of value, rather than simply a speculative asset.
In the short term, Bitcoin's important support level is around $67,500. Sustaining above this level could pave the way for a rise to $74,500. However, if $BTC breaks this support, a new correction of 5% towards $64,000 could occur.
Even though Bitcoin is in a consolidation phase, all signals point to an upcoming bullish rally. Be it technical analysis, on-chain indicators, or trader behavior, everything shows that crypto is gearing up for a new bullish cycle.
The price of $BTC was flat on Thursday as the crypto's recent rally, driven by the potential of Ether spot exchange-traded funds, was disrupted by concerns over high US interest rates.
This jitters sparked a strong rise in the dollar overnight, which put downward pressure on crypto prices overall. Bitcoin fell 0.3% in the last 24 hours to $69,418.9 as of 01:21 ET (05:21 GMT). The world's largest cryptocurrency returned to the trading range seen over the past two months, after a brief breakout earlier this week.
$ETH the world's no.2 token, hovering around a two-month high reached earlier this week, retained most of the gains made from hype over the potential approval of an Ether spot ETF for the US market. The Securities and Exchange Commission (SEC) will make a decision on the matter as soon as Thursday or Friday.
Ether rose slightly over the last 24 hours to $3,776.69. The token marked a strong rally this week after reports on Monday said the SEC had asked certain exchanges to refine their applications for Ether spot ETFs. While this move shows some progress toward approval of spot ETFs, there is no guarantee that they will be approved.
The SEC will now decide on applications for spot Ether ETFs from VanEck, ARK Investment Management, and seven other issuers later Thursday or Friday. The approval of an Ether spot ETF could invite more capital flows into the crypto market, similar to the approval of a spot Bitcoin ETF earlier this year.
The broader cryptocurrency market unwound most of the gains made earlier this week, as concerns over a prolonged period of high US interest rates increased following some hawkish signals from the Federal Reserve.
After yesterday's halving $BTC occurred, many large altcoins are waiting for the success of #Altcoinseason2024 which moves against the downward flow, I think the crypto coin $UMA is one of the projects that has the potential to return to the initial price collapse last year and create a new #ATH in 2024.
Monitor and Re-Analyze your #umausdt version trade with My Analysis & Opinion 🚀😀
History Axelar 2024 after List Binance 📌 (AXL/USDT - Binance) ✓ Live Price (-1.08%) ✓ 7 days (-16.94%) ✓ 30 days (-36.93%)
Imagine if you bought AXL/USDT with a nominal value of US$ 100 at the beginning of the Binnce listing until now your balance is experiencing a loss of -$ 36.93, what do you think if your free margin is still 900 $FDUSD , would you buy Axelar again with 2x the nominal from the first purchase? before Halving $BTC 2024?
Ethena Labs Fake Version of ENA Coin Exploited on Binance, Drains $290,000
ENA (Ethena Labs) managed to drain $290,000 or the equivalent of 480 $BNB BNB from Binance Launchpool. This exploit occurred several hours after <t-18/>#ethena (ENA) was officially introduced in #Binance Launchpool. ENA Counterfeit Coin Exploit According to a report by on-chain security firm PeckShield, the exploited coin is a fake version of $ENA . These fake coins have the exact same name as the original coins, so many users are fooled. Binance, the world's largest crypto exchange by market capitalization, has added Ethena to its Launchpool. Thus, this synthetic dollar protocol becomes the 50th crypto project to join the platform. This launch allows users to mine tokens by staking BNB or FDUSD.
I often see this pattern at the start of $BTC 's higher rise 📈 this often happens in market #Binance , because he needs to take liquidity and stop loss below after the#bullishpattern occurs 🎯