Username: XINKE
Time:Nov. 26, 2024
The dip follows another big purchase by Michael Saylor’s MicroStrategy, which scooped up a whopping 55,500 BTC worth around $5.4 billion on Nov. 25.
“Saylor just bought $5.4B of Bitcoin, ETFs continue to accumulate, who is selling that we’re still below 100k?” asked analyst and advisor “Mags.”
“Kinda feels like Saylor really wanted to break $100k and failed, and now the market is just waiting for him to buy more,” said analyst ‘DonAlt.’
Bitcoin pioneer Adam Back also questioned the move: “Confusing indeed, a puzzler what lettuce hands are selling Bitcoin in volume below $100k … just why at this stage in the market.”
Bloomberg’s senior ETF analyst Eric Balchunas noted the confusion in the crypto community pointing to on-chain data revealing that it was long-term holders taking profits.
I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but price doesn’t move up- which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long term hodlers. https://t.co/tvQsXvWV0U
— Eric Balchunas (@EricBalchunas) November 25, 2024
On Nov. 25, analyst James Check reported that long-term holders had distributed $60 billion worth of supply in the last 30 days, adding:
“This is the heaviest profit-taking we have seen so far this cycle.”
Price corrections are perfectly natural market movements – price doesn’t move in a straight line. Analyst ‘Rekt Capital’ compared the previous three cycles, observing that Bitcoin was in price discovery for 6-7 weeks before a large correction occurred. It has only been in price discovery for 4 weeks so far during this cycle, which means it could drop further into the high $80k range.
In the 2013 cycle, it took 6 weeks of upside into Price Discovery before #BTC experienced its first major correction in Week 7
In the 2017 cycle, it took 7 weeks of upside into Price Discovery before a first major retrace of -34% in Week 8
In the 2020/2021 cycle, $BTC rallied 6…
— Rekt Capital (@rektcapital) November 25, 2024
The rest of the market appears to be holding up better than Bitcoin at the moment. Ethereum is up 3% on the day at $3,450 but was thwarted by resistance at $3,500 in late trading on Monday.
Other altcoins continuing to gain momentum include XRP, Avalanche (AVAX), Uniswap (UNI), and Internet Computer (ICP).
However, the total market cap had dipped to $3.4 trillion due to Bitcoin’s dominance dragging it down.
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