Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration.
Cryptocurrency | Gains +/- |
|
Bitcoin (CRYPTO: BTC) | +2.73% | $94,794.86 |
Ethereum (CRYPTO: ETH) | -0.98% | $3,083.96 |
Dogecoin (CRYPTO: DOGE) | -0.87% | $0.3845 |
Price (Recorded at 7:45 p.m. ET)What Happened: The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding.
With the latest uptick, Bitcoin's weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%.
On the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.
Bitcoin's rally followed reports of a dedicated cryptocurrency role in Trump's administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.
Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.
Bitcoin's Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.
Most of the new bets favored Bitcoin's price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.
Market sentiment remained in the "Extreme Greed" zone, as per the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
Floki (FLOKI) | +14.94% | $0.0002822 |
UNUS SED LEO (LEO) | +6.46% | $8.47 |
Tezos (XTZ) | +5.35% | $1.08 |
The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.
Stocks traded mixed on Wednesday. The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average
The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.
Nvidia Corp. (NASDAQ:NVDA) shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected.
Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin's Dec. 2020 trajectory, observing a "nearly identical" Relative Strength Index (RSI).
"If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000," Martinez added.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
Another widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a "post-breakout retest."
"These retests aren't always necessary but BTC's most recent downside wicking demonstrates that there is at least retesting intent in the price action," the analyst remarked.
#BTC
Any dips into the previously broken Range High (red) would constitute a post-breakout retest
These retests aren't always necessary but BTC's most recent downside wicking demonstrates that there is at least retesting intent in the price action$BTC #Crypto #Bitcoin pic.twitter.com/uLIY7yXynz— Rekt Capital (@rektcapital) November 20, 2024
