Originally published on: November 25, 2024
Bitcoin experienced a slight dip of over 3% on November 25, prompting traders to remain cautious amid the new weakness in BTC price.
The BTC/USD 1-hour chart showed a drop to $94,600 on Bitstamp in a volatile market following the Wall Street open. Despite initial relief bounces, bulls were unable to sustain momentum, even in the face of positive news like a potential ceasefire between Israel and Hezbollah.
In contrast, U.S. equities remained relatively stable during this period. MicroStrategy’s significant investment of $5.5 billion in Bitcoin also added to market speculation, often leading to downside movement in the market.
Commentators like Material Indicators urged a longer-term perspective on the situation, pointing out key support levels and potential liquidation ranges. Market monitoring data suggested total crypto liquidations of around $430 million within the past 24 hours.
While some traders remained optimistic about Bitcoin’s future, short-term price predictions faltered as the market reacted to the recent dip. Forecasts of hitting $100,000 this month were revised downward, with odds decreasing from 85% to 42%.
Despite short-term uncertainties, the chances of Bitcoin reaching the $100,000 milestone by 2025 remained higher at 75%. Market dynamics and sentiment continue to shape investor decisions, emphasizing the need for individual research and risk management in trading activities.
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