Synopsis
Bitcoin briefly dropped to $88,700 over the weekend but quickly rebounded to $91,000. Bitcoin ETFs saw over $1 billion in inflows, while Ethereum ETFs attracted $515 million. As of 11:54 am IST, Bitcoin was up 0.5% at $90,986, and Ethereum gained 0.65%, reaching $3,130.
Bitcoin experienced minor selling pressure over the weekend, dropping to $88,700 before quickly recovering to its current level of $91,000. While Bitcoin ETFs saw another week of inflows exceeding $1 billion, Ethereum ETFs also gained momentum, attracting $515 million in inflows over the past week
As of 11:54 am IST, Bitcoin was up 0.5%, trading at $90,986, while Ethereum gained 0.65% to $3,130 in the last 24 hours.
“For Bitcoin, the next resistance level is at $93,400, with strong support at $88,300,” said Edul Patel, Co-founder and CEO of Mudrex.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 56.77% BuyWeb3 Tracker4.58% BuyNFT & Metaverse Tracker3.80% BuyBTC 50 :: ETH 50-1.94% BuyAI Tracker-5.78% BuyTOP COINS (₹) Solana20,385 (1.42%)BuyBitcoin7,741,474 (1.21%)BuyTether84 (-0.02%)BuyEthereum264,299 (-0.4%)BuyBNB52,899 (-2.88%)BuyVikram Subburaj, CEO of Giottus, said, “Bitcoin is consolidating above $90,000 with the total crypto market cap above $3 trillion. Staying above this level it is critical for Bitcoin as any decline can be sharp with big pools of long liquidations currently at $83,000.”
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View Details »Other cryptocurrencies also saw notable gains, including Solana (2%), XRP (11.3%), Dogecoin (5.7%), Shiba Inu (5%), Cardano (7.3%), Tron (4.5%), and Polkadot (4.7%).
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“XRP has experienced a significant increase, driven by optimism and anticipation of decreased SEC regulation,” said Shivam Thakral, CEO of BuyUcoin.
“Looking ahead, predictions indicate that Bitcoin may rise to a range of $99,669 to $100,243 by November 2024. Investors are optimistic about the market and expect significant growth opportunities in the next few weeks,” Thakral added.
Tech view by ZebPay Trade Desk
Bitcoin (BTC) extended its bullish momentum this week, gaining over 12.5% as it approached its all-time high. The bears attempted to initiate a pullback on Nov. 14, but the bulls firmly defended their positions, keeping the price action within a narrow consolidation range near the peak levels. This sustained buying pressure has raised the likelihood of an upward breakout. The broader crypto market has also benefited from Bitcoin’s rally, with several altcoins experiencing notable gains.
However, traders should remain cautious. If Bitcoin struggles to decisively break and sustain a new all-time high, the potential for profit-taking could increase, leading to a short-term dip in both BTC and the wider market. Strategic risk management remains key in navigating this volatile phase.
.com
BTC after making the all-time high of $73,777 was trading in the ‘Descending Channel’ pattern. The asset gave a massive breakout above the channel and made a new all-time high surging up to $93,265. Post this move, on a daily time frame, BTC is consolidating and trading in a range from $86,000 to $90,800. To further rally it needs to break and sustain above $93,265 whereas $85,000 will now act as a strong support for the asset.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
