Bitcoin saw a massive rally last night that allowed it to hit new all-time highs above $ 29,000.

The cryptocurrency encountered serious selling pressure here which slowed its rise and dropped it back towards $ 28,000.

It seems that there is some support here, but it remains unclear how long it will last

An analyst commented on this in a recent tweet and commented that he is preparing for a total trend reversal that will cause Bitcoin Lifestyle to fall back towards $ 20,000.

He comments that the time and distance of each step up is getting smaller and smaller as BTC rises higher, which in his eyes is a sign of exhaustion-

Bitcoin is currently sliding back down after breaking past its all-time highs from last night.

The strength that the cryptocurrency has seen lately cannot be underestimated as it has added several thousand dollars to its price every week.

One trader believes that there is a great possibility that this uptrend will stall in the near future and be followed by a decline towards $ 20,000.

He points out some signs of exhaustion to justify this idea.

Can Bitcoin Hold Above $ 29,000?

Bitcoin experienced a wild rally yesterday afternoon that pushed the price above $ 29,000, marking new all-time highs.

The selling pressure here was significant and slowed Bitcoin’s rise significantly. Since then, the coin has drifted further and further down.

Where the cryptocurrency goes next will likely depend on whether the bulls can keep the price above $ 28,000 in the coming days and convert this former resistance zone into support.

Trader claims a fall to $ 20,000 is imminent

One trader wrote in a tweet that he believes there is a move down towards $ 20,000 in the near future.

He comments that Bitcoin’s rallies have gotten weaker and shorter as it nears $ 30,000 – which is a sign of the bulls‘ exhaustion. The trader:

“The time and interval of each $ BTC movement is getting smaller. Less consolidation and less upward movement. Markets can be like a pendulum and that will swing the other way. The theory remains unchanged. We’ll see low 20s “

The coming days should provide some serious insight into where the entire market will head over the medium term.

A continuation of this sustained downtrend could mark Bitcoin’s 24-hour highs as a local top and be a sign that a downtrend is imminent in the near future.

Højværdiske investorer eller hvaler har købt Bitcoin mere aggressivt siden jul, viser on-chain data.

Bitcoin Code hvaler har købt mere siden jul, viser kædedata. Dette indikerer, at investorer med høj nettoværdi fortsat spiser udbuddet af BTC.

Det er næsten umuligt at adskille institutionelle investorer fra individuelle investorer gennem on-chain data. Tendensen viser imidlertid, at investorer med stor kapital i stigende grad går ind på Bitcoin-markedet på trods af dets rally.

Hvorfor fortsætter hvaler med at købe mere Bitcoin?

Ifølge analytikerne hos Santiment overføres sandsynligvis omkring 647 millioner dollars værdi af Bitcoin fra små adresser til store adresser.

Adresser med mere end 1.000 BTC eller mere betragtes som hvaler af mange analytikere, da 1.000 BTC svarer til over 27 millioner dollars til den aktuelle pris til 27.100 dollars. Analytikerne skrev :

“I løbet af de sidste 48 timer siden jul ejer #Bitcoin-adresser med 1.000 eller mere $ BTC nu 0,13% mere af den forsyning, som mindre adresser tidligere havde. Det drejer sig om 24.159 tokens, hvilket svarer til $ 647.7M på tidspunktet for denne skrivning. ”

Bitcoin er steget næsten tredobbelt siden midten af ​​2020, og opsiden for BTC er uden tvivl begrænset i den nærmeste fremtid.

Alligevel viser de fleste datapunkter på kæden, at færre hvaler sælger på tværs af større børser. Ki Young Ju, CEO hos CryptoQuant, sagde :

”BTC-hvaler synes udmattede til at sælge. Færre hvaler deponerer til børser. Jeg tror, ​​dette bull-run vil fortsætte, når institutionelle investorer fortsætter med at købe, og Exchange Whale Ratio holder under 85%. ”

There is still no prominent euro stablecoin, which is unlikely to change anytime soon.

There are several popular stablecoins in the crypto market that are pegged to the US dollar

Although there are also Crypto Cash linked to the euro, these are much less popular with crypto users, as Zahreddine Touag from the Parisian crypto company Woorton says.

„There is not one Euro stablecoin that has a high level of liquidity,“ as Touag stated on Thursday in a discussion at Blockchain Week in Paris. He gives several reasons for this, the main reason being that it is simply „very expensive to operate a Euro stablecoin“. He explains this as follows:

„The primary source of income for the operators of US dollar-based stablecoins is the interest rate, whereby the US dollar has a positive interest rate, while the interest rate in Europe is negative or has been negative for a long time.“

The thesis about the popularity of US dollar-based stablecoins can be confirmed by taking a look at the crypto market. For example, the market-leading stablecoin tether ( USDT ), about which controversy repeatedly arises for other reasons , is tied to the US dollar. Tether is now the fourth largest cryptocurrency with a market capitalization of almost $ 20 billion. Other large stablecoins linked to the US dollar are the USD Coin (USDC) and the TrueUSD (TUSD), which also have considerable market capitalizations.

The few stablecoins based on the euro are far less prominent

The crypto ranking portal CoinMarketCap has a euro stablecoin called Stasis Euro (EURS), but it only has a market value of just under 37 million US dollars.

„The second main reason is that Europe is still a very small player on the crypto market,“ as Touag further clarifies the difficult fate for European stablecoins. “Most of the innovations in this area do not come from Europe, but the big players are in the USA and Asia,” says the expert.

In addition, the stablecoin market has a kind of “winner-takes-all” constellation, because the high liquidity also prompts Touag and his company to prefer Tether to smaller dollar stablecoins such as the USDC: “That’s why we at Woorton also use Tether , even if we actually prefer the USDC, but cash flow, clients and counterparties are with Tether ”.

Un estratega criptográfico conocido por predecir con precisión el fondo del mercado bajista de Bitcoin 2018 está enumerando siete fichas de financiación descentralizada (DeFi) que cree que están a punto de explotar.

El analista seudónimo conocido como Smart Contracter dice que Aave (AAVE) es una apuesta de alta convicción, ya que cree que el activo de DeFi está a punto de estallar por un patrón alcista.

„Admito que aún no estoy seguro de que el Bitcoin Compass pueda ser un caso para ambas partes. Sin embargo, muchos de los principales proyectos de DeFi en los que soy muy optimista y tengo mucha más confianza en los largos.

Aave, por ejemplo, se está preparando para romper este triángulo ascendente en cualquier momento“.

El criptoestratega se basa en la Teoría de las Ondas de Elliott, que busca identificar patrones de ondas recurrentes para predecir el comportamiento de los participantes del mercado. Basado en la trayectoria de Aave, Smart Contracter cree que la querida DeFi aumentará más del 60% en las próximas dos semanas.

„Aave se pondrá parabólico pronto. Se le ha dado una amplia advertencia, la última oportunidad de saltar antes de la carrera a la máxima potencia.“

El analista también lleva su predicción un paso más allá, diciendo que Aave erupcionará a un mínimo de 150 dólares a principios del próximo año, lo que representa un crecimiento de más del 100% desde su precio actual de 74 dólares en unos dos meses.

„150 dólares por AAVE es inevitable. Una vez que aclaremos esa resistencia de 90 dólares, comenzará el descubrimiento del precio. Diré $150 por los lols pero creo que podría ir mucho, mucho más alto que eso.“

Smart Contracter también está buscando un grupo selecto de activos adicionales de DeFi que él cree que funcionaría bien contra Bitcoin (BTC).

Dice que Synthetix (SNX/BTC), Sushi (SUSHI/BTC), Uniswap (UNI/BTC), PowerPool (CVP/BTC), y yearn.finance (YFI/BTC) todos tienen el potencial de imprimir ganancias del 100%.

Mirando al PowerPool contra el dólar americano, Smart Contracter predice que el CVP/USD terminará su tendencia bajista una vez que el par rompa el nivel de resistencia clave.

„Powerpoolcvp CVP“ ahora está tomando una puñalada en la segunda mayor resistencia a $3.3. Por encima de eso y es, literalmente, cielos despejados por delante.“
Fuente: Smart Contracter

El Elliotticista también está atento a la capitalización del mercado de Ampleforth, que cree que probablemente alcanzará un nuevo máximo histórico antes de que expire el año 2020.

„¡HAZ QUE LA BASE SEA GENIAL DE NUEVO! AMPL ahora más el 41%. Pro tip, chart marketcap, no price. La segunda ronda de Ponzi está en marcha“.

A Bitcoin whale placed a $100 million short position on November 15 after several indications of on-chain data on a massive whale-induced sale of BTC during the past week.

A Bitcoin whale (BTC) placed a $100 million short position on Bybit, according to the trader named CL. This after several on-chain data points to a massive whale-driven sale during the past week.

Although the Bitcoin momentum remains strong, there are many reasons that make USD 16,000 an attractive area for sellers.

There is significant liquidity at USD 16,000, mainly because it’s a high level of resistance. But the level has seen relatively high buyer demand, as stable currency inflows show. Therefore, the battle between buyers and sellers at USD 16,000 makes it a highly liquid area, which is attractive to sellers.

Is the „stealth phase“ over? Why Wall Street speculation will make the $20,000 Bitcoin price seem cheap

Bitcoin order book in futures exchanges. Source: CL, Exocharts
More and more signs that whales are taking profit

A salesman aggressively sold Bitcoin at Bybit on November 15. Order flows show that there were sales orders averaging about $3.5 million consecutively for several hours.

Based on the large-scale abrupt sale order, CL suggested that this could result in two scenarios.

Silicon Valley and ’smart money‘ would be behind Bitcoin’s upward trend

First, the seller could be overwhelmed and cause a contraction, which could cause the BTC price to increase. Second, it could continue to put selling pressure on BTC. The trader wrote:

„About 2 hours ago, someone aggressive sold almost ~100 million at Bybit, a third of the sales are open, I am personally very curious to see what happens if this seller/shorter is overwhelmed, or if he is let go“.

Meanwhile, other major exchanges have detected large deposits in the last 24 hours. The US-based crypto currency exchange, Gemini, received a deposit of 9,000 BTC, according to CryptoQuant data.
BTC input media at Gemini.

Whales often use exchanges with strict compliance and strong regulatory measures, including platforms such as Coinbase and Gemini.

Considering the large Bitcoin deposit on Gemini, which is worth $143 million, a researcher known as „Blackbeard“ said it’s time to be cautious.
Just weekend volatility?

As CL pointed out, the current market structure of Bitcoin is different from the previous cycle. For example, when BTC was at USD 16,000 in 2017, the market was extremely overheated with extreme volatility. The trader said:

„In 2017, when we went from 10,000, 15,000 to 20,000, we had weekly OKEx futures trades in $1,000 ranges, and now we’re here with only $100 above that on a quarterly basis.

A massive sale of the Bitcoin whales could hinder BTC’s journey to over $16,200

This time, the upturn seems to be more sustainable and gradual. Bitcoin has continued to experience a ladder-like rally over the past six months, allowing it to evolve into a prolonged upward trend.

Instead of a sudden increase followed by another sharp uptrend, BTC has experienced a rise followed by a consolidation, and so on.

As reported by Cointelegraph earlier this month, various data, including Google Trends, show that there is still little interest from retail investors unlike the end of 2017. On the other hand, there is growing evidence that Wall Street is beginning to take notice.

Therefore, there is a strong argument that the current rebound is fundamentally different from 2017 despite the current market sentiment of „extreme greed“. In particular, the available supply has declined due to the recent halving as well as the reserves on the exchanges over the past year.

Bitcoin’s futures funding rates are also neutral at around 0.01%, which means the market isn’t as overheated or overcrowded as it was three years ago. This trend could limit the disadvantage, especially in the medium term.

MicroStrategy has recently confirmed that it has invested a total of $425 million in bitcoin. At the end of this week, its CEO, Michael Saylor, said that the cryptographic currency will be kept under MicroStrategy’s control for the next hundred years.

The head of the giant said this in a conversation with Raul Pal, a well-known supporter of Bitcoin. Sailor emphasised that the decision to invest in Crypto Engine was made jointly by the top management of the company and its investors as well as the auditor.

He noted:

This is not speculation and not a hedge. It is a well-thought-out strategy of the company to accept Bitcoin.
MicroStrategy’s analysts examined the global market environment and concluded that financial uncertainty will only increase in the coming years.

In this situation, the best solution would be to acquire a secure asset. Bitcoin is seen by the company as such.

On the topic of investing in the largest alto-air (ETH), Michael Saylor said that this project is still experiencing functional problems. The ETH network faces strong competition, so it is still risky to buy the underlying asset of this ecosystem.