Bitcoin Falls to $92,939 as Selling Pressure Mounts

 
Ritu Lavania
Written By 
Ritu Lavania
November 27, 2024

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 sured $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.

Courtesy: Coinmarketcap

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 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.

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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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.