• Bitcoin, Ethereum, Dogecoin Tumble As 'Diamond Hands' Lock In Gains: Top Analyst Anticipates BTC Rebound

    Source: Buzz FX / 26 Nov 2024 22:00:17   America/New_York


    Leading cryptocurrencies slid further Tuesday, as long-term investors continued to chase profits. 





    CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. ET)
    Bitcoin (CRYPTO: BTC)-2.18%$92,538.27
    Ethereum (CRYPTO: ETH)
                       		-3.32%$3,335.13
    Dogecoin (CRYPTO: DOGE)          -4.39%$0.3886




    What Happened: Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 in overnight hours. The corrective action has wiped all of the gains made over the week, halting the leading cryptocurrency’s rise to $100,000.





    Long-term Bitcoin holders have offloaded 728,000 coins in the past 30 days, marking the largest sell-off since April.











    Over $364 million in long positions were liquidated in the past 24 hours, out of a total of $477 million. Bitcoin's Open Interest also declined by over 5% in the last 24 hours. 





    That said, the number of Binance traders going long on Bitcoin still heavily outpaced those betting against the asset, according to the Long/Shorts Ratio indicator.





    Additionally, around $695 million in leveraged shorts risked liquidation if the apex cryptocurrency rebounds to $98,000.





    Top Gainers (24-Hours)





    CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. ET)
    Algorand (ALGO)+13.71%$0.3031
    Fantom (FTM)+7.27%$1.08
    Injective (INJ)+7.09%$29.61




    The global cryptocurrency market capitalization stood at $3.18 trillion, following a contraction of 2.29% in the last 24 hours.





    Stocks climbed to new records Tuesday. The Dow Jones Industrial Average rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&P 500 gained 0.57% to end at 6,021.63. Both the broad-based indexes closed at record highs. Tech-focused Nasdaq Composite added 0.63% higher to close at 19,175.58.





    Investors parsed the minutes from the Federal Reserve meeting, which revealed a consensus among policymakers that inflation was gradually reducing.





    Market participants raised the odds of a 25 basis-point cut in next month's FOMC meeting to 57.7%, up from 52.3% a day earlier, according to the CME FedWatch tool.





    The personal consumption expenditure (PCE) data, considered the Fed's preferred inflation gauge, is slated to be released Wednesday.





    .See More: Best Cryptocurrency Scanners





    Analyst Notes: In a note shared with Benzinga, Haider Rafique, Global Chief Marketing Officer at cryptocurrency exchange OKX, commented on why Bitcoin was fumbling around the $100,000 mark.





    “There’s definitely profit-taking at these levels. The average holding price is around $30,000, representing a two to three-times upside for investors. So, there’s significant sell pressure, but we also see equal buyback pressure," Rafique stated.





    He added, "Many people have had $100,000 as a price target for liquidation. We’re seeing institutions like MicroStrategy buying and holding significant supply, which naturally reduces available liquidity on exchanges and creates upward momentum." 





    Widely-followed cryptocurrency analyst Ali Martinez spotted a ‘buy signal' from the TD Sequential indicator on Bitcoin's hourly chart.





    Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was witnessed, potentially helping Bitcoin to rebound to $95,000-$96,000.











    Photo by CMP_NZ on Shutterstock





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