Bitcoin dips further, currently trading at $92,939 after a 1.45% decline as selling pressure continues to mount. However, in the early hours, Bitcoin briefly rebounded and surpassed $93,000.
Bitcoin Market Trends
At the time of writing, Bitcoin’s 24-hour trading volume has surged by 7.36%, reaching $90.88 billion. Meanwhile, the market cap has dipped by 1.54%, at $1.84 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 $1.771 trillion. Bitcoin’s constant surge in the last week had traders expecting that it will soon overtake Alphabet(Google) in terms of market cap, but the dip has made it difficult.
The technical metrics like Relative Strength Index (RSI 14) stands at 62, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at 94,817, signaling a ‘Sell’ action. These indicators have also been impacted in lieu of the constant dip and now suggest a potential position correction. Many experts believe that the constant dip is a direct result of extreme selling pressure.
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According to Glassnode, as the price of Bitcoin approaches $100,000, long-term holders (LTH) began to sell approx 507,000 BTC. This amount is still lower than the 934,000 BTC during the March 2024 rise. Long-term holders made a record daily profit of $2.02 billion from the sales. Most of the sell-side pressure comes from coins between 6 months and 1 year old.
Not just this, traditional investors are also pulling back from BTC spot ETFs given it still offers a lucrative return. For instance, US spot Bitcoin ETF saw an outflow of $122.78M, as of November 26, with only daily inflows into Bitwise(BITB) and Grayscale (BTC).
As a result of the retreat, BTC odds on Polymarket and Kalshi have impacted significantly. On Polymarket, the probability of Bitcoin reaching $100,000 in November is 16%, a sharp decline from 34% when Bitcoin was trading around $94,000.
Also Read: 100k or 80k; Where is Bitcoin Price Heading by November End?
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