Bitcoin, Dogecoin Reverse, Ethereum Gains As Stocks Touch New Peaks: Top Analyst Anticipates No 'Major' Correction For BTC Until $135K

Aniket Verma

November 25, 2024

Leading cryptocurrencies witnessed sell-offs on Monday as Bitcoin’s psychologically significant $100,000 barrier remained elusive.

Cryptocurrency	Gains +/-	Price (Recorded at 8:30 p.m. ET)
Bitcoin (CRYPTO: BTC)	-2.54%	$94,742.80
Ethereum (CRYPTO: ETH)	+3.81%	$3,452.30
Dogecoin (CRYPTO: DOGE)	-2.28%	$0.4071

What Happened: The leading cryptocurrency went downhill during U.S. trading hours, falling as low as $92,600, Overnight buying pushed the digital asset above $94,000.

Ethereum, on the other hand, rallied past $3,500 for the first time in four months. The rally triggered strong inflows into Ether spot exchange-traded funds (ETFs) totaling $283,000, according to SoSo Value. In comparison, Bitcoin ETFs bled more than $684 million.

Over $386 million in long positions were liquidated in the past 24 hours. Additionally, more than $832 million in short positions risk liquidation if Bitcoin's price rebounds to $98,000.

Interestingly, the number of traders placing bullish bets on Bitcoin increased sharply against those shorting the asset, as per the Long/Shorts Ratio on cryptocurrency exchange Binance. This suggested that traders were buying the dip.

The reading on the Cryptocurrency Fear and Greed Index fell from 82 to 79, though overall sentiment remained in the "Extreme Greed" region.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 8:30 p.m. ET)
Lido DAO (LDO)	+17.02%	$1.66
Arbitrum (ARB)	+9.92%	$0.914
Optimism (OP)	+9.80%	$2.33

The global cryptocurrency market capitalization stood at $3.25 trillion, following a contraction of 2.61% in the last 24 hours.

Stocks touched new peaks on Monday. The Dow Jones Industrial Average rose 440.06 points, or 0.99%, to end at a record high of 44,736.57. The S&P 500 added 0.30% to close at 5,987.37, while the barometer of tech stocks, the Nasdaq Composite, edged 0.27% higher to close at 19,054.84.

The rally came amid President-elect Donald Trump's decision to pick hedge fund executive Scott Bessent as the new Treasury Secretary. In a recent interview, Beesent outlined his policy priorities, focusing on fulfilling tax-cut promises made by Trump and deregulating parts of the U.S. economy

The shortened Thanksgiving trading week would see the release of October's personal consumption expenditure (PCE) data on Wednesday, considered as the Federal Reserve's preferred inflation gauge.

.See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency analyst Ali Martinez noted the similarities between the ongoing bullish cycle and the ones in 2017 and 2020.

"If this pattern holds true, the first major price correction (15% to 30%) won’t come until Bitcoin hits $135,000 or even $159,000," the analyst predicted.

The current bullish cycle (black) is very similar to the ones in 2020 (grey) and 2017 (yellow). If this pattern holds true, the first major price correction (15% to 30%) won't come until #Bitcoin $BTC hits $135,000 or even $159,000. pic.twitter.com/LLXT70E7dE
— Ali (@ali_charts) November 25, 2024

Prominent on-chain analytics firm Santiment observed positive discussions for Ethereum on social forums after the second-largest cryptocurrency made steady gains in the last 24 hours.

"Ethereum’s price performance is being discussed in contrast to other cryptocurrencies like Bitcoin and XRP," Santiment stated.

🗣️ While Bitcoin has dropped back to as low as $93K Monday, traders are still riding the hot altcoins and discussing specific stories surrounding under the radar opportunities:

🪙 The Sandbox $SAND: There has been a notable resurgence in metaverse-related investments and growingâ€¦ pic.twitter.com/7HPyInN7gE
— Santiment (@santimentfeed) November 26, 2024

Photo by Avi Rozen on Shutterstock

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