Bitcoin (BTC) reached an intraday high of $102,500 on Thursday as the crypto market staged a dramatic recovery after the crash earlier in the week. However, selling pressure forced BTC below $100,000, with the cryptocurrency down 1.24% and trading at $99,750.
The crash earlier in the week liquidated over 100,000 traders, leading to a total of $298.5 million in total liquidations. The crypto market cap, which registered a dramatic increase when markets recovered, is down by 1.33% and currently sits at $3.6 trillion.
Most cryptocurrencies have started the day in the red, with Ethereum (ETH) down marginally and trading just below $4,000. Solana (SOL) is down by 1.36% and trading at $227, while Dogecoin (DOGE) is down almost 2% and trading at $0.408. Notable declines have also been registered by Cardano (ADA), Shiba Inu (SHIB), Toncoin (TON), and Polkadot (DOT). However, Avalanche (AVAX) and Chainlink (LINK) have defied the broader market, registering gains of 5.97% and 10.90%.
Japanese Lawmaker Proposes National Bitcoin Reserve
A Japanese lawmaker has asked the government to create a national Bitcoin reserve, following similar calls by lawmakers in Argentina and Russia. Satoshi Hamada, an MP from the Party to Protect the People from NHK, made the proposal. Hamada presented a written request to the Japanese government regarding the creation of a reserve for cryptocurrencies. The lawmaker pointed out similar plans have been proposed in Brazil and the United States, where Treasury officials could hold Bitcoin (BTC) as a strategic reserve. The lawmaker asked the government to consider converting part of its foreign exchange reserves into cryptocurrencies like BTC.
Hamada pointed out that BTC is less susceptible to the influence of countries and institutions, and its neutrality and decentralized nature allow it to support economic activity without relying on a specific currency. The government will present Hamada with a written response, which is also likely to be published on its website.
Oddo To Enter Stablecoin Market With Fireblocks
Asset manager and private banking services provider Oddo is collaborating with Fireblocks to crack the stablecoin market. The project will launch as early as next year. Stablecoins have become popular among traders thanks to their low volatility. The project comes after Societe Generale SA’s crypto asset unit in France, which uses the euro-dominated stablecoin (EUR).
Ethereum (ETH) Could Catapult Beyond $5,000
The crypto markets have bounced back after experiencing a spate of liquidations during the week. However, none have rebounded as strongly as Ethereum (ETH). The world’s second-largest cryptocurrency is on the brink of moving past $4,000, a key resistance level, and is up almost 24$ over the past month, with its gains surpassing even BTC. An analyst from Nexo predicted ETH could cross $5,000 as early as 2025 and set a new all-time high.
“The cogs and bolts are in place. Ethereum could catapult beyond $5,000 as early as 2025.”
Some analysts believe ETH has an edge because it is the only token other than BTC with a US-based ETF.
“ETH has a big advantage in that it’s the only token besides BTC to have a US ETF. As traditional investors allocate more to crypto they will look to ETH as a natural alternative.”
Trump Believes US Is Going To Do Something Great With Crypto
President-elect Donald Trump has said the US will do great things with crypto during his upcoming term and become the global leader for cryptocurrency in the next four years. Trump made the comments in response to a question about setting up a strategic Bitcoin reserve, stating,
“We’re going to do something great with crypto because we don’t want China or anybody else. But others are embracing it, and we want to be ahead.”
Trump’s views on crypto are a welcome change for the industry and investors from the current administration, which led a crackdown on the industry.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) went above the $100,000 mark again late on Thursday, reaching an intraday high of $102,507. The jump came after the release of November’s US Consumer Price Index (CPI) data, which came along expected lines. The data reinforced optimism about a potential Federal Reserve rate cut next week. However, BTC couldn’t maintain its momentum for long, as it dipped below $100,000 and is currently trading around the $99,900 mark. BTC’s latest price action marks a strong recovery from the market crash earlier in the week when BTC dipped below $95,000. Almost all cryptocurrencies registered a substantial price drop.
However, BTC’s recovery following the crash also led to a recovery in the broader market, with prominent altcoins notching up double-digit gains. ETFs registered record-breaking inflows, with BlackRock’s iShares ETFs accounting for a staggering $3.2 billion.
Now, let’s take a look at BTC’s price chart. BTC set a new all-time high last week as it surged past $100,000 and peaked at $103,900. However, buyers lost momentum after reaching this level, and the price plummeted, falling to a low of $92,279 before settling at $97,094. However, the price picked up on Friday as BTC registered an increase of almost 3% and settled at $99,695. Buyers retained control over the weekend, with BTC registering a marginal increase on Saturday and then rising by 1.32% to go above $100,000 and settle at $101,043. However, selling pressure increased significantly on Monday as markets collapsed. As a result, BTC dropped by 3.57%, going below the 20-day SMA to a low of $94,185. However, buyers propped up the price from this level, and it recovered to settle at $97.434.
Source: TradingView
Sellers retained control on Tuesday as BTC dropped to a low of $94,313 before settling at $96,912, registering a marginal decline. Buyers returned to the market on Wednesday as BTC recovered, rising over 4% to reclaim $100,000 and settle at $100,900. Buyers pushed BTC to an intraday high of $102,530 on Thursday before losing momentum. As a result, sellers drove BTC down by 0.97% as it slipped below $100,000 and settled at $99,923. The current session sees BTC marginally down as buyers and sellers struggle to establish control.
If buyers take control, BTC could attempt to reclaim $100,000 and push toward its all-time high. Surpassing this level could push BTC to $105,000. If sellers take control, BTC could drop to $97,000 before finding support.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has made a strong recovery over the past few sessions as it looks to go above the resistance at $4,000. However, it faces an uphill task to overcome this level, with sellers active. ETH faced considerable volatility last Thursday, which saw the price rise to an intraday high of $3,957 and drop to an intraday low of $3,644 before settling at $3,787. However, it recovered strongly on Friday as ETH rose almost 6% to move above $4,000 and settled at $4,003. The weekend saw a tussle between buyers and sellers, and ETH registered a marginal decline on Saturday to drop below $4,000 and settle at $3,999. However, buyers pushed ETH above $4,000 on Sunday as it settled at $4,007 after a marginal increase.
Source: TradingView
The current week began with a substantial increase in bearish sentiment as ETH dropped over 7%, reaching an intraday low of $3,504 before reclaiming $3,700 and settling at $3,719. Sellers retained control on Tuesday as ETH dipped to a low of $3,519 before ultimately settling at $3,630, registering a decline of 2.32%. Sentiment changed on Wednesday as ETH made a strong recovery, rising almost 6% to go above $3,800 and settling at $3,834. Buyers attempted a move past $4,000 on Thursday. However, ETH lost momentum after reaching an intraday high of $3,988 and settled at $3,882, registering an increase of 1.26%. The current session sees ETH up just over 1% as it looks to retest the resistance at $4,000.
Some analysts are confident ETH will surpass $4,000 and possibly surge beyond $5,000 as early as 2025.
Solana (SOL) Price Analysis
Solana (SOL)’s struggles to go above the 20-day SMA continue as sellers repelled another attempt to go above it. SOL has witnessed considerable volatility as buyers struggle to push toward $250 and sellers look to lower the price. SOL reached an intraday high of $246 last Friday as it briefly went past the 20-day SMA. However, buyers lost momentum, and SOL ultimately settled at $237, registering only a marginal increase. The weekend was mixed as SOL registered a marginal rise on Saturday and a marginal decline on Sunday to end the weekend on a bearish note.
Source: TradingView
However, selling pressure intensified considerably on Monday as SOL plummeted 8.55%, falling to an intraday low of $205 before settling at $216. Sellers retained control on Tuesday as SOL dropped to an intraday low of $203. However, buyers propped up the price, and SOL ultimately settled at $213 after a drop of 1.47%. Despite considerable bearish sentiment, SOL recovered on Wednesday, rising over 6% and settling at $227. Buyers attempted to go above the 20-day SMA on Thursday as SOL reached an intraday high of $234. However, they lost momentum in the face of selling pressure at this level, and SOL fell back, dropping to $227 and registering a marginal decline. Sellers have retained control during the current session, with SOL down 1.51% and trading at $223. If sellers retain control, SOL could drop to $215. If this level is breached, the price could drop to $200.
Bittensor (TAO) Price Analysis
Bittensor (TAO) declined considerably during the week, as selling pressure registered a notable increase, and bearish sentiment dominated the market. TAO was bullish towards the end of last week, rising to an intraday high of $725 on Friday before settling at $705, registering an increase of almost 4%. However, momentum waned on Saturday as TAO dropped 0.95%, falling below $700 and settling at $699. In a sign of things to come, the price fell to an intraday low of $675 on Sunday before recovering to register an increase of 2.03% and go above $700 to settle at $713.
Source: TradingView
Markets collapsed on Monday and TAO plummeted almost 16%, going below the 20-day SMA and 50-day SMA to drop to a low of $504. However, with buyers active at lower levels, the price recovered partially and settled at $600. Sellers continued to dominate the market on Tuesday as TAO dropped over 4% to settle at $575, but not before recovering from a low of $529. Wednesday witnessed a significant jump in volatility as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand, and TAO registered an increase of 4.34% and settled at $600. Buyers attempted a move past the 20-day SMA on Thursday as TAO reached an intraday high of $645. However, they lost momentum after reaching this level, allowing sellers to take over. As a result, TAO dropped almost 4% to $577. The current session sees TAO down by 1.32%, as sellers look to lower the price toward the $550 support level.
Celestia (TIA) Price Analysis
Celestia (TIA) was quite bullish towards the end of the previous week as it registered an increase of 7.31% on Friday and settled at $8.84. However, It failed to stay above the resistance at $9 as sellers drove the price lower. As a result, TIA dropped over 4% on Saturday and 1.11% on Sunday to end the weekend at $8.37. Bearish sentiment increased substantially on Monday as markets collapsed. As a result, TIA plummeted over 20%, going below the 20-day SMA, and settled at $6.68.
Source: TradingView
Tuesday saw a significant jump in volatility as buyers and sellers struggled to establish control. As a result, TIA rose to an intraday high of $7.31 and fell to an intraday low of $6.24 before settling at $6.64 after a marginal decline. Buyers returned to the market on Wednesday as TIA registered an increase of 8.49% to go above $7 and settle at $7.20. Buyers attempted to drive TIA above $7.50 on Thursday as it reached an intraday high of $7.65. However, it lost momentum after reaching this level and dropped to $7.20. The current session sees TIA down by almost 1% as sellers look to drive it towards $7.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has recovered during recent sessions after plummeting below $1 at the beginning of the week. ARB reached an intraday high of $1.24 on Friday before settling at $1.13. However, sentiment changed over the weekend, dropping by 0.89% on Saturday and 0.43% on Sunday to settle at $1.15. Bearish sentiment increased significantly on Monday as ARB plummeted over 17%, going below the 20-day SMA to an intraday low of $0.84. However, it recovered from this level to climb above the 20-day SMA and settle at $0.96. Selling pressure persisted on Tuesday as ARB went below the 20-day SMA after a drop of just over 2% and settled at $0.93.
Source: TradingView
Despite considerable selling pressure, ARB recovered on Wednesday, registering an increase of 6.51% to go above the 20-day SMA and settle at $0.99. Buyers retained control on Tuesday as ARB surged to an intraday high of $1.11. However, it could not stay at this level and dropped to $1.02, registering an increase of almost 3%. The current session sees ARB up by 2.57% and trading at $1.05 as buyers look to consolidate above $1.
Hedera (HBAR) Price Analysis
Hedera (HBAR) is attempting to reclaim $0.30 after suffering a dramatic collapse at the beginning of the week. Sentiment around HBAR changed over the weekend as it dropped almost 10% on Saturday after failing to go above $0.40. The price registered a marginal increase on Sunday before falling back in the red on Monday, dropping almost 16% to an intraday low of $0.236 before settling at $0.280. Despite starting the week on a negative note, HBAR recovered on Tuesday, registering an increase of 3.33% after falling to an intraday low of $0.252 and settling at $0.289.
Source: TradingView
Sellers retained control on Wednesday as HBAR registered an increase of almost 3% and settled at $0.298. Buyers attempted to go above $0.30 on Thursday as HBAR rose to an intraday high of $0.315. However, it could not stay at this level and fell below $0.30 to settle at $0.292. The current session sees HBAR up over 3% and trading at $0.301 as buyers look to consolidate above $0.30.
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.
