Bitcoin (BTC) Stalls After Touching $100,000, but Rise Remains Intact
Bitcoin (BTC) has temporarily halted its upward trajectory after coming within striking distance of $100,000. The cryptocurrency reached a peak of $99,655 before pulling back to its current level. While BTC has experienced a slight decline over the past 24 hours, it has registered a substantial drop over the weekend, dipping to a low of $95,816 late Sunday. Despite this setback, analysts remain optimistic about the long-term prospects of Bitcoin, noting signs of potential consolidation around $100,000.
Major Cryptocurrencies Continue Decline
Several prominent cryptocurrencies have also witnessed declines over the past 24 hours, including Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), and Polkadot (DOT). ETH has dropped almost 1%, while SOL has declined just over 1% as investors aim to keep the cryptocurrency above $250.
Challenges for Bitcoin to Surpass $100,000
According to Pauline Shangett, CMO of ChangeNOW, the rapid ascent of Bitcoin to $99,655 may have stretched its momentum indicators, indicating potential market exhaustion. While long-term fundamentals remain strong, short-term volatility and profit-taking are expected. The broader crypto market appears to be mirroring Bitcoin's cooling off.
Crypto Market Hit by Liquidation Wave
The crypto market experienced a significant liquidation wave, with Bitcoin (BTC) dropping below $96,000 before recovering. The largest cryptocurrency has been unable to break through the $100,000 resistance level. The drop triggered one of the most extensive crypto liquidations in the past six months, with $500 million worth of crypto positions wiped out. Long liquidations accounted for a sizable $379 million, while short liquidations stood at $125 million.
Altcoins Register Significant Liquidations
Prominent altcoins, including Dogecoin (DOGE), Ripple (XRP), and Stellar (XLM), reported significant liquidations, with $34.20 million, $30.27 million, and $18.95 million lost, respectively. This drop comes after a substantial rally observed by several altcoins, such as XLM and DOGE.
NFTs Register Positive Sales Volume
Non-fungible tokens (NFTs) have maintained their strong weekly sales volumes, despite a marginal decline. Data from NFT tracker CryptoSlam indicates that NFTs recorded a sales volume of around $158 million over the past week, a 12.7% decrease compared to the previous week's $181 million in weekly sales. Ethereum led in sales volume with $49 million, closely followed by Bitcoin with $43 million. Solana retained its position as the third-highest in sales volumes for NFTs, with $23.9 million in weekly sales. However, this represented a 9% drop from the previous week.
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) rally has paused in recent trading sessions, losing momentum at a critical level and stopping just shy of $100,000, with sellers pushing the price lower marginally. This loss of momentum can be attributed to traders assessing the sustainability of the optimism surrounding cryptocurrencies. The asset fell to a low of $95,776 on Sunday before rising to its current levels.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to break above $3,400 as it encounters significant selling pressure at this level. The altcoin has been trading between $3,000 and $3,400 since November 11 and is down by 1.21% over the past 24 hours.
Solana (SOL) Price Analysis
Solana (SOL) has experienced a marked decline over the past few sessions as it battles to surpass $260, with sellers aiming to push the price below $250. SOL has also witnessed considerable volatility, beginning the previous week with an increase of 1.04% to settle at $239.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has declined during the current session as it struggles to rise above $0.45. DOGE began the previous week positively, registering an increase of 1.37% and settling at $0.371.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has embarked on an impressive rally, sending the price soaring past $10 as DOT surged above pivotal resistance levels. DOT registered a substantial jump on Monday, rising almost 11% and settling at $6.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has witnessed a resurgence of bullish sentiment over the past few sessions as it surged past crucial resistance levels. UNI's latest price jump commenced on Thursday as it rebounded after dipping to a low of $8.52. UNI recovered to reach an intraday high of $9.69 before settling at $9.28.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has gained significant momentum over the past few sessions as investors aim to push it above $0.90. ARB surpassed the 200-day SMA on Thursday, reaching an intraday high of $0.86 before declining and settling at $0.77, recording an increase of nearly 16%.
Disclaimer: This information is provided for educational and informational purposes only. It is not intended to be construed as financial advice.
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