Why Bitcoin is Surging? Is $100K Imminent This Week?

Share This Post

Why Bitcoin Price Can Hit $100K By December?

The post Why Bitcoin is Surging? Is $100K Imminent This Week? appeared first on Coinpedia Fintech News

Amid the recent price decline in Bitcoin (BTC), some are panic selling while others are buying the dip. Recently, a whale transaction tracker Lookonchain made a post on X (Previously Twitter) that whales have made significant transactions and accumulated BTC as its price dropped.

Source: X (Previously Twitter)

Bitcoin Whales Activity 

In a post, Lookonchain noted that five whales have successfully accumulated 952 BTC worth $83.7 billion. This notable acquisition suggests a potential buying opportunity. Additionally, on November 12, 2024, the artificial intelligence firm Genius Group (GNS) successfully acquired $120 million worth of Bitcoin, following their plan to make BTC their primary treasury asset.

Apart from this, the market has experienced notable BTC acquisitions in the past 24 hours.

BTC Price Momentum 

Currently, BTC is trading at $91,350 and has registered a gain of over 5.10% in the past 24 hours. Meanwhile, its trading volume has dropped by 35%, indicating fear among traders and investors, resulting in lower participation.

Technical Analysis and Upcoming Level 

According to CoinPedia’s technical analysis, BTC appears bullish as it has successfully undergone a price correction and is now heading toward the $100,000 level. Based on recent price action, a further price correction may occur in the coming days, which could benefit BTC ahead of its upcoming rally.

Source: Trading View

Bullish On-Chain Metrics 

On-chain metrics further support the asset’s bullish behavior. According to the on-chain analytics firm CoinGlass, BTC’s open interest (OI) has grown by 5.6% in the past 24 hours and 5.2% in the past hour, indicating notable participation from traders. However, OI has risen aggressively in the past hour.

Additionally, BTC’s long/short ratio currently stands at 1.02, indicating bullish market sentiment among traders.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump’s Dollar Boom Spells Doom for Zambia’s Recovery

Zambia’s central bank governor, Denny Kalyalya, is sounding the alarm about the strengthening US dollar’s impact on Zambia’s economy A stronger dollar, fueled by Donald

Coincheck Makes History As 1st Japanese Crypto Exchange To Debut On Nasdaq

Coincheck, a company headquartered in Tokyo, is expected to become the first cryptocurrency exchange in Japan to list its shares on a US stock exchange Related Reading: Dogecoin Explodes 113% After

Societe Generale expands its stablecoin to Ripple’s XRP Ledger to drive further adoption

Societe Generale‘s crypto subsidiary, SG-FORGE, has announced plans to extend its EUR CoinVertible (EURCV) stablecoin to the Ripple-backed XRP Ledger (XRPL), according to a Nov 14 statement

Analysts Eye $50 For Avalanche As AVAX Jumps 28% – Details

Avalanche (AVAX) has been on a phenomenal upward trend as overall market optimism has buoyed it Recently, the token surpassed crucial resistance levels fueled by recent Federal Reserve rate cuts and

SEC Chair Gensler Sticks to Crypto Rules Despite Trump’s Threat to Fire Him

The post SEC Chair Gensler Sticks to Crypto Rules Despite Trump’s Threat to Fire Him appeared first on Coinpedia Fintech News Gary Gensler, the chair of the US Securities and Exchange

From Code to Riches: Satoshi Nakamoto Joins the World’s Billionaire Titans as 17th Richest

With bitcoin sitting comfortably at all-time highs, Satoshi Nakamoto, the elusive creator of the blockchain, now ranks between the 17th and 18th wealthiest entities worldwide, according to the Forbes