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I'm a spot trader, Consistently Earning, Alhamdulillah. 🙏 Bitcoin Faces Price Turbulence as Whales Take Profits and Long Liquidations Soar
Fortunately, Bitcoin managed to find support at the $35,000 mark, acting as a springboard for a recovery to approximately $35,600 at the time of this report.
This sudden volatility came shortly after what initially seemed like a positive development for Bitcoin and the crypto market, with United States inflation data showing a slowdown beyond expectations.
However, it became evident that beyond smaller retail investors, there was limited enthusiasm for purchasing Bitcoin at its previous levels, which had recently reached 18-month highs.
Analysts pointed out that Bitcoin whales began to cash in on their profits on November 3rd as the BTC price surged from $35,000 to nearly $38,000. Over 15 wallets holding more than 1,000 BTC each either sold or redistributed their holdings.
#ContentStar# Critical Shiba Inu (SHIB) Metric Skyrockets By 1,300%, Could It Propel Price Rally?
Shiba Inu Token Burn: Shiba Inu memecoin’s burn rate soared by over 1,300% in 24 hours, destroying over 105 million tokens to potentially increase scarcity and value.
Price Uptrend: SHIB’s price increased by 12% in two weeks and 25% monthly, overtaking Bitcoin Cash in market capitalization and entering the top 20 cryptocurrencies.
Shibarium’s Impact: The launch and progress of Shibarium, a layer-2 blockchain solution, may be contributing to SHIB’s recent price rally, marked by significant network activity.
Another Surge of SHIB Burn Rate
The popular memecoin – Shiba Inu – continues to witness a substantial amount of tokens sent to an address that nobody could access. According to data presented by Shibburn, the burn rate has exploded by over 1,300% in the past 24 hours, resulting in more than 105 million assets being “destroyed.”
The program aims to reduce the total supply of SHIB, thus making it more scarce and potentially more valuable in the future.
As CryptoPotato previously reported, the memecoin burned approximately 1.4 billion tokens throughout October. The record day was October 28, when more than 250 million SHIB were removed from circulation.
SHIB’s price has been on an uptrend lately, spiking by 12% for the past two weeks and 25% on a monthly basis. It also outpaced Bitcoin Cash (BCH) in terms of market capitalization, sitting among the top 20 largest cryptocurrencies.
Shibarium’s Role in the Ascend?
Another factor that might be contributing to SHIB’s recent rally could be the advancement of the layer-2 blockchain solution Shibarium. The network officially went live at the end of August and blasted through several milestones since then.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Dogecoin (DOGE) Price Prediction: November 2023 to Year-End
Memecoins took a back seat in 2023. The original memecoin Dogecoin (DOGE) is only up about 8.5% since January, while Shiba Inu (SHIB) is up about 8.4%. On the other hand, Bitcoin (BTC) surged over 100%, while Solana (SOL) surged over 400% in the same time frame. Still, analysts expect meme coins to accelerate as they enter the final stretch of the year.
Despite underperforming for much of the year, DOGE has rebounded recently. The popular memecoin surged 5% on the daily chart, moving up 0.5% from the previous week.
According to PricePridictions’ machine learning tool, DOGE is likely to continue trading at around $0.076 for the remainder of November. However, the platform expects the dog-themed cryptocurrency to drop to around $0.073 by mid-December.
Dogecoin (DOGE) may drop to around $0.0671 by November 30, 2023, according to price predictions from CoinCodex analysts. The price decline represents a decline of approximately 11.8% from current price levels.
DOGE currently faces resistance around $0.078. If the coin is able to break above its immediate resistance, a test of the $0.0850 price level is likely. Reaching a price of $0.0850 would represent a growth of approximately 11.4% from previous levels.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Bitcoin's Surge to $38K on ETF Approval Hopes Ends in Short-Lived Rally
Bitcoin's value surged beyond $37,000, rebounding from a recent dip close to $34,000 earlier this week.
This upward momentum is fueled by revived optimism surrounding the potential approval of a Bitcoin spot ETF within the United States.
Despite the SEC postponing decisions on various crypto ETF applications, this setback hasn't discouraged Bitcoin investors, evident in the ongoing rally.
Both Bitcoin's funding rate and open interest have seen an uptick, signaling continued bullish sentiment among investors regarding the cryptocurrency's potential.
For the optimistic projection of Bitcoin reaching $40,000, the crucial threshold to avoid would be any price drop below $35,375, potentially halting this aspirational target.
Bitcoin Shows Resilience Amidst SEC Decision Anticipation
Bitcoin faced a challenge, yet it remained defiant, especially with investors anticipating the SEC's verdict on a new Bitcoin spot ETF. Those betting against Bitcoin found themselves ousted from the market, as the cryptocurrency surged back above the $37,000 mark.
Echoes of Last Week's Movement
According to TradingView data, Bitcoin initially slid to approximately $34,000 after encountering resistance at $38,000. Notably, the $38,000 level has remained steadfast since Bitcoin's downturn in May 2022. Presently, Bitcoin hovers around $37,118, maintaining position above a critical support zone that analysts consider a pivotal turning point.Signs of Continuing Momentum
Material Indicators’ tweet hinted at Bitcoin's potential for further growth: “Trend Precognition indicates that this rally may not be over yet.” The account emphasized that while $40,000 is within focus, Bitcoin’s trajectory this week holds no certainties. However, Material Indicators warned that dipping below $35,375 could nullify the current positive signals.
Bitcoin ETFs in Regulatory Limbo
Speculation suggests that Bitcoin's recent price surge might be linked to reports of the SEC postponing decisions regarding several crypto ETF applications, including those from VanEck, Valkyrie, and WisdomTree. The delay in approving the first Bitcoin spot ETF in the U.S. continues due to concerns about market manipulation, fraudulent activities, and safeguarding ETF users.
Market Indicators Favor Bitcoin
Bitcoin’s price isn't the only indicator signaling positivity. Coinglass data reveals a bullish trend in Bitcoin’s funding rate despite price fluctuations. Additionally, Bitcoin's open interest has soared to $16.7 billion, an unprecedented high since June 2022. Moreover, the percentage of calls (buys) on Bitcoin options open interest remains notably optimistic.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# 
