Bitcoin tries to return to $ 97,000 level

On Wednesday, November 27, 2024, the bitcoin price BTC $104,037.14 Bitcoin -3.13% Market capitalization $2.06 trillion VOL. 24 hours $3.7 billion reached $ 97,000, showing a significant recovery after a long stay at $ 91,000-$ 92,000. Later, the price partially rolled back to $ 95,700. On the weekly chart, the asset shows an increase of 1.48%. The dominance of bitcoin in the cryptocurrency market has fallen to 58%, which, according to QCP Capital, may signal the beginning of the «altcoin season.»

Among the top cryptocurrencies, altcoins showed the largest daily growth. The increase in market activity has led to a wave of liquidations of futures contracts with a total volume of almost $ 283 million, most of them short positions.

The Fear and Greed Index in the crypto asset market rose by five points overnight, demonstrating a state of «excessive greed.» Experts warn that the heavy selling pressure from long-term bitcoin holders, who have sold more than $ 68 billion worth of assets over the past 30 days, could affect the correction of the exchange rate.

The market continues to be influenced by volatility. Further growth in demand for spot ETFs may become a stabilizing factor for the first cryptocurrency.

It should be added that at the time of writing, the market leader is trading at $ 95,864. The total number of coins circulating on the market is $ 1.9 trillion, and traders have made daily trading deals worth $ 46.9 billion.