After a sustained surge last week, Bitcoin continues to retreat, falling back to $94,706. The current market price was seen after a 2.97% decline. As a result, the Polymarket and Kalshi odds on Bitcoin (BTC) performance also see a negative impact.
Bitcoin Market Trends
At the time of writing, Bitcoin’s 24-hour trading volume has surged by 60.14%, reaching $84.36 billion. Meanwhile, the market cap has dipped by 2.97%, standing at $1.87 trillion. Despite its position as the seventh most valuable asset globally, Bitcoin faces competition from petroleum giant Saudi Aramco, which holds a market cap of $1.804 trillion.
Since Bitcoin reached its all-time high of $99,655 on November 23, 2024, the $99,000 mark has proven to be a formidable barrier, leading to this temporary pullback.
On the technical front, the Relative Strength Index (RSI 14) stands at 66, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at $94,808, signaling a ‘Sell’ action. These indicators suggest a mixed outlook, with the potential for either a position correction or a breakout.
The pullback has also impacted Bitcoin spot ETFs, with outflows recorded at $684.14 million as of November 25. This outflow hints at selling pressure from traditional investors as Bitcoin struggles to surpass the $99,000 mark.
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The continued decline has cooled off the Bitcoin frenzy, reflected in the odds on prediction platforms like Kalshi and Polymarket.
On Polymarket, the probability of Bitcoin reaching $100,000 in November has dropped to 34%, a sharp decline from the previous 63% when Bitcoin was trading around $98,000.
Meanwhile, on Kalshi, 33% of bettors believe Bitcoin will hit $100,000 before December, while 72% anticipate it will reach that mark before January.
This neutral sentiment signals anticipation as Bitcoin faces crucial resistance following its $99K all-time high.
Also Read: BTC Struggles at $99K: Will Bitcoin Break Through This Week?
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