Latest Price Movements
CoinDesk 20 Index: 2,691.86 (+0.76%)
Bitcoin (BTC): $90,386.53 (-1.21%)
Ether (ETH): $3,107.30 (-2.48%)
S&P 500: 5,949.17 (-0.6%)
Gold: $2,568.54 (+0.01%)
Nikkei 225: 38,642.91 (+0.28%)
Bitcoin (BTC) is trying to break above the $90,000 level, while developments in the options market on Deribit are revealing some patterns reminiscent of the recent price declines in Trump’s media stocks. Hawkish comments from Federal Reserve officials support the possibility of a pullback in market sentiment. Chairman Jerome Powell said yesterday that they are in no hurry to cut interest rates to support the economy. The Fed, which has cut interest rates by 75 basis points since September, was giving bullish signals for risky assets. However, market participants still continue to take positions beyond the psychological barrier of $100,000.
Bitcoin ETFs traded in the US saw their third-largest outflow since launch, with a total outflow of $400.7 million yesterday. Bitcoin has corrected by about 6% in a few days after reaching a new high above $93,000 on November 13. However, traders and investors do not see this price action as alarming. Investors usually prefer to book profits when Bitcoin makes new highs. According to Glassnode data, investors have sold a total of $15 billion in the last three days. Bitcoin has gained more than 25% since Trump won the presidential election on November 5.
XRP has outperformed Bitcoin (BTC) and major stocks by gaining 17% in the past 24 hours, thanks to the changing US regulatory environment that has favored the growth of tokens blocked by the Securities and Exchange Commission (SEC). XRP traded above 82 cents in the early hours of the day, reaching its highest level since June 2023. Its gains in the last 7 days exceed 50%. The jump was triggered by 18 US states filing lawsuits against the SEC and its chairman, Gary Gensler. The lawsuit includes allegations that the commissioners are attempting to act unconstitutionally by exceeding their authority against the crypto sector. Investors are speculating that the Trump administration’s crypto-friendly policies could benefit US-based projects like Ripple Labs (XRP) and Uniswap (UNI).
Bitcoin (BTC) recently rallied with support from the 100 hourly moving average (SMA) and a positive crossover in the hourly MACD histogram, raising the possibility that prices could test the upside trendline resistance in the near-term.
If Bitcoin manages to break this resistance, we could see new all-time highs above $94,000. However, if the price breaks below the 100 hourly SMA support, there could be a deeper correction towards the 200 hourly SMA at $82,600.
