Originally published on: November 25, 2024
Bitcoin experienced a slight dip of over 3% on November 25, causing some concerns among traders. Despite this, experts are urging calm amidst the new weakness in BTC price.
The BTC/USD 1-hour chart showed a decline to $94,600 on Bitstamp, leading to volatile conditions following the Wall Street open. Bulls struggled to maintain a relief bounce after a dip below $96,000, and positive news, such as a potential ceasefire between Israel and Hezbollah, failed to lift spirits.
Interestingly, while Bitcoin faced uncertainties, US equities remained steady during this period. Business intelligence firm MicroStrategy made waves by acquiring $5.5 billion worth of Bitcoin, a move that typically triggers downward trends once confirmed.
Some analysts, like trading resource Material Indicators, took a long-term perspective on the situation. They highlighted the importance of the $100k level and suggested that Bitcoin might search for support before making a significant move.
Data from CoinGlass revealed total liquidations across different cryptocurrencies at around $430 million within 24 hours of the dip. Traders and investors remained optimistic about Bitcoin’s future trajectory, emphasizing the need to remain patient during market fluctuations.
Although initial expectations of Bitcoin hitting $100,000 this month have tempered, some experts believe the digital asset has more room to grow. Betting platform Kalshi placed the odds of reaching $100,000 before the end of November at 42%, down from 85% on Nov. 23. However, the odds of hitting this milestone by 2025 remained relatively higher at 75%.
As with any investment, risk is inherent, and readers are encouraged to conduct their own research before making decisions. For more insights and analysis on market trends and opportunities, subscribe to the Markets Outlook newsletter today.