1. Morning Trends and Market Capitalization Changes
Bitcoin saw a strong rebound this morning, briefly breaking the $98,000 mark, but then experienced a slight decline of 0.05%. Its current trading price is set at $97,903. As a result, the odds of Bitcoin reaching $100,000 in November have decreased. Bitcoin's market capitalization also shrank by 0.05%, falling to $1.94 trillion. Meanwhile, the 24-hour market trading volume surged by 18.25%, currently at $52.14 billion.
2. Technical Indicator Analysis
From a technical perspective, the 10-day simple moving average (SMA) is at $94,910, indicating a 'buy' signal. Meanwhile, the relative strength index (RSI) is at 78, showing a 'neutral' state and indicating that Bitcoin is in the overbought range, which may suggest a price correction in the future. Even though the current decline is limited, it still reflects the bullish atmosphere and strong trend in the Bitcoin market.
3. Market Focus and Expectations
On November 22, the net inflow for Bitcoin spot ETFs reached as high as $490.35 million, making Bitcoin the focal point for traditional investors. The Chicago Board Options Exchange (Cboe) also announced that it would launch the first cash-settled index options linked to the spot Bitcoin price on December 2 (Monday), aiming to track the performance of a basket of spot BTC ETFs listed in the United States. However, the slight decline in Bitcoin's price has caused gamblers to change their future expectations for Bitcoin. For example, on the Polymarket platform, gamblers estimate that the probability of Bitcoin reaching $100,000 in November has dropped to 63%. On the Kalshi platform, 54% believe that Bitcoin will reach $100,000 before December, while 74% feel that this goal can be achieved before January.
