Bitcoin was able retest its all-time high only to be rejected. It took the rejection rather well considering the fact that bulls were buying it up around $18.2k. At the time of writing, bitcoin is down 2.8% for the day trading at a price of $18,875.
Bitcoin’s price hit an all-time record high in 3 major exchanges: Kraken ($19,660), Bitstamp ($19,666) and Binance ($19,798). Due to its decentralized nature, all exchanges trade at different prices. Price stays within a tight range due to arbitragers bringing the market into an equilibrium. Bitcoin had a 24-hour range of $18k-$19.8k, while being above its 10- and 50-day moving averages.
The crypto market doesn’t have the luxury of closing whenever there’s a holiday. One of the many attributes of being decentralized. This thanksgiving we were grateful for the gains we received this year, especially if you took profits on the way up. This recent setback is the first of either the beginning of a correction or the one step back to go two steps forward.
Let’s look at the one on-chain metric that’s having everyone worried. We’re seeing selling pressure ready to do its thing as whales are moving large amounts of bitcoin into exchanges. According to CryptoQuant…
Bitcoin begins to lose momentum and will soon test crucial support levels. Its 24-hour range is $18.6k-$19.5k as it’s currently trading below its 10- and 50-day moving average. Bitcoin topped at $19.5k which then hit a sell wall and has a new target to hit. This rejection was the result of a wall of sell orders ready to lock in a profit between $19,450 and $19,550.
Bitcoin is having its second-highest trading day ever as its hitting a new multiyear high of $19,330. We continue to create momentum towards the upside while creating a confident price level under our feet. Bitcoin has now spent 283 days above $10,000… if it hasn’t disappeared thus far then the penta-digit price level is likely here to stay.
If all you know and track in the crypto space is bitcoin then I feel for your soul. Being in only bitcoin is like being only in gold, sure it moves with inflation and bets against the current financial system but that’s where it stops. There’s not much innovation that’s possible using only bitcoin. Hence, altcoins. Alternative networks like Ethereum, Pokadot, EOS and Tezos are turning computational networks that allow developers to innovate in the space, providing numerous real-world applications.
On this day (November 23rd), bitcoin took a break from leading the pack and it was altcoins’ time to shine…
The Chief Investment Officer of BlackRock, world’s largest asset manager said bitcoin could take the place of gold to a large extent because crypto is “so much more functional than passing a bar of gold around”. I wish he would have said this a few years ago when one of my econ teachers was fighting me on why bitcoin didn’t satisfy the characteristics of money.
”Do I think it’s a durable mechanism that … could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around”
At the time of writing, bitcoin is holding strong around $18k. Its 24-hour price range was $17.3k-$18.1k. Many investors are starting to play around with bearish scenarios as more and more hedge against a potential pullback. Bitcoin is building a strong price floor at $17k.
According to analysis from Edward Morra, Coinbase and Bitfinex exchange now have major buy orders above $17,200. The building of a buy wall is important because on November 18th we saw a flash crash to $17.2k. Seeing prices lower than $17.2k …
In less than 24-hours, bitcoin was able to slice through $17.3k and land among $18.4k. It was then met by a big wall of sell orders but not to fear, bitcoin is ramping up once again to retest its new resistance. Bitcoin’s 24-hour range is $17.5k-$18.5k.
The spot market is heating up as volumes on major exchanges are much higher than normal. On Wednesday (11/18), USD/BTC volume was over $1.6 billion, surpassing this month’s high made on November 5th.