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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.
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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
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Що варто знати:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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