Bitcoin Shorts Suffer in Sub-$96,000 BTC Dip
After a brief dip below $96,000, Bitcoin recovered and was back above $98,000 at the time of writing. Traders are now eyeing the $100,000 mark, with sell-side liquidity increasing. The recent dip led to $500 million in cross-crypto liquidations, with BTC briefly touching $95,800. Some traders predict a recovery towards $99,000, while others note that liquidity favors a potential dip below $90,000. The next hurdle for Bitcoin bulls is the November monthly close.
What’s in a $100,000 BTC Price Tag?
Bitcoin hit a record weekly close of $98,000 on Nov. 24, with November shaping up to be its best month in five years. Despite this, the $100,000 mark remains elusive, leading some to expect a correction. While some traders argue that the $100,000 level is psychologically significant, others dismiss it as an arbitrary milestone. Liquidity data also shows strong resistance just below $100,000, indicating that a significant move may be required to break through.
PCE Data Headlines Thanksgiving Macro Week
Thanksgiving week brings key U.S. economic data that could impact crypto markets. The Federal Reserve’s minutes from the November meeting and the release of the PCE Index on Nov. 27 could influence market expectations for future rate cuts. With inflation rising and unemployment climbing, markets are uncertain about the Fed’s next move. Analysts are closely watching the PCE data, as the odds of a December rate cut have diminished.
Profit-Taking Season Hits Bitcoin
Bitcoin long-term holders (LTHs) are realizing record profits, with $443 million in profits recorded on Nov. 22. Short-term holders (STHs) are also actively taking profits, which could affect Bitcoin’s price momentum. Data suggests that when the Short-Term SOPR reaches around 1.02, Bitcoin often experiences a short-term pullback. With Bitcoin approaching $100,000, a correction may be imminent.
ETFs Face Big Expectations After Record Week
U.S. Bitcoin exchange-traded funds (ETFs) have seen record inflows, with $3.35 billion in net inflows during the week of Nov. 22. These inflows, primarily from institutional investors, could counteract selling pressure from long-term holders (LTHs). November is shaping up to be a record month for Bitcoin ETFs, with nearly $7 billion in net inflows. If institutional interest continues, a breakout beyond $100,000 could be on the horizon.
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