Market Analysis by Investing.com (Günay Caymaz) covering: Bitcoin. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin reached $100,000 but declined amid profit-taking and volatility.Key resistances at $99,000 and $105,000 should hold key to future movements.Beyond the technical factors driving the cryptocurrency higher, Trump's decision to appoint Paul Atkins, a pro-crypto figure, to lead the SEC supports a long-term bullish outlook for Bitcoin.
This 10% decline quickly wiped out accumulated long positions, with data showing around $300 million in long positions and $400 million in futures liquidated within minutes. Additionally, Meitu, often referred to as China's MicroStrategy, decided to liquidate its crypto assets, selling over 900 BTC. This move highlights institutions turning toward profit-taking.
Trump's presidential victory positively influenced Bitcoin throughout November, but by month's end, this effect seemed complete. We continue observing Bitcoin's upward trend that began in September. During this period, the $92,400 level served as a crucial resistance with a Fib 2.618 value and later became support. Subsequently, the $99,000 level appeared as intermediate resistance. The initial move beyond this resistance extended to the Fib 3.618 value at $104,997.
On the downside, we can track the average level of $95,500 as intermediate support. Daily closes below this threshold will open the door for pullbacks toward stronger support at $92,400.
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