Share this article
First Mover Americas: Bitcoin Consolidates After Encountering Resistance at $90K
The latest price moves in crypto markets in context for Nov. 13, 2024.
Updated Nov 13, 2024, 1:01 p.m. Published Nov 13, 2024, 1:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk 20 Index: 2,598.80 -1.86%
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
S&P 500: 5,983.99 -0.29%
Gold: $2,611.13 +0.00%
Nikkei 225: 38,721.66 -1.66%
Top Stories
Bitcoin has applied the brakes to its record-shattering rally after encountering resistance at the $90,000 level. Having briefly hit $90,100 on Coinbase during the U.S. afternoon Tuesday, BTC succumbed to selling pressure, falling as low as $86,200 during the European morning. It subsequently recovered some ground to settle around $87,500, about 2.65% lower than its Tuesday highs. Altcoins saw greater losses, with ETH and SOL falling by 3.6% and 2.8, respectively, in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index, dropped 1.4%.
The release of October U.S. consumer price data at 8:30 a.m. ET, could signal a period of sentiment change in the crypto market. The report is expected to show that the cost of living rose 2.6% year-on-year last month following a 2.4% increase in September. Inflation data releases brought downside volatility to bitcoin in the first quarter, with BTC performing negatively as inflation remained almost double the target. For example, it fell as much as 7.5% on Jan. 12, when the U.S. reported a December figure that was the highest since June 1982.
President-elect Donald Trump confirmed plans to create a Department of Government Efficiency (DOGE), a clear nod to the dog-themed memecoin, with Elon Musk and Vivek Ramaswamy at the helm. The duo will work from outside the government to offer advice and guidance to drive large-scale structural reform and create an “entrepreneurial approach to Government never seen before.” A CoinDesk analysis flagged in mid-October that the DOGE trade was gaining interest among investors for its memetic nature, and that there could be more chatter of “DOGE” in mainstream media and retail trading circles that fuels attention and interest in the token. The DOGE price has gained almost 250% in the past 30 days, reaching 2021 levels on Tuesday with traders now eyeing the $1 mark as a long-term target.
Chart of the Day
- The crypto money printer, represented by the USDT daily mints, is in full swing, a sign there is plenty of dry powder ready to be deployed by the bulls.
- Source: Glassnode
- Omkar Godbole
Trending Posts
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
