fluctuation

Bitfinex: Despite potential short-term fluctuations, Bitcoin is still expected to continue rising

ChainCatcher news, Bitfinex released a report stating, "Despite some brief turbulence last week, November was a peak month for Bitcoin. Bitcoin experienced its largest pullback since the U.S. elections, dropping 8.64% during the week to $90,911, before quickly rebounding and setting a historic closing record at the end of the month, reaching $96,506. Bitcoin ended November with an impressive gain of 37.3%, making it the second-best performing month of 2024 so far.This outstanding performance continues to highlight Bitcoin's strong momentum, preparing us for December. Historically, December is usually a month of high volatility for Bitcoin, but during halving years, the average return for this asset is 38.86%. Given the current bull market dynamics, we believe Bitcoin is likely to continue rising, although it may experience short-term fluctuations. Any short-term pullbacks are likely to be triggered by ETF outflows and profit-taking by long-term holders. Last week, ETFs recorded a net outflow of $135.1 million, most of which occurred in the first two days of trading. Since September, long-term holders have distributed a significant amount of 508,990 Bitcoins, increasing the supply in the market. While this is still below the 934,000 Bitcoins distributed before the March 2024 peak, the ongoing selling pressure requires sustained demand from ETFs and marginal buyers to avoid further pullbacks.Interestingly, the supply of short-term holders is approaching its cyclical high of 3,282,000 Bitcoins. Historically, the final stages of a bull market typically occur when the supply of short-term holders breaks above the pre-halving cycle high. This shift indicates an increasing participation of retail investors, but it also highlights the market's reliance on incoming demand to absorb the profit-taking from long-term holders.As Bitcoin further enters the bull market cycle, the current consolidation phase is a necessary pause to absorb profit-taking and adjust market demand. With the recovery of ETF inflows and increased retail interest, we believe Bitcoin still has a solid foundation to break through the psychological barrier of $100,000."

4E: The trading atmosphere in the Thanksgiving market is becoming subdued, maintaining a narrow range of fluctuations overall

ChainCatcher news, on Thursday, the U.S. financial markets were closed for Thanksgiving, resulting in light trading and weak liquidity. Bitcoin experienced a strong rebound yesterday after some investors took profits, briefly rising to $97,200, and currently trading at $96,382, maintaining a steady defense of the $95,000 level, with a slight increase of 0.68% in the past 24 hours.Ethereum has shown strong performance recently, with the price breaking above $3,684 yesterday, reaching a new high in over five months, which boosted the prices of ecosystem tokens. The L2 and DeFi sectors performed well, and the market may officially welcome altcoin season. Currently, after a peak and pullback, Ethereum continues to oscillate in the $3,500 to $3,600 range, reporting $3,564 before the deadline, down 1.6% in 24 hours.In the forex market, the U.S. dollar index rebounded to 106.21 on Thursday after falling to a two-week low in the previous trading session. The euro fell against the dollar as traders reduced bets on further interest rate cuts by the European Central Bank, while the overall forex market was subdued due to the U.S. holiday. Gold prices rose, driven by geopolitical uncertainty and trade concerns, boosting safe-haven demand. Oil prices climbed on Thursday, supported by the situation between Israel and Lebanon and the delay of the OPEC+ meeting, with U.S. and Brent crude prices rising over 0.8% during trading.Due to the impact of the Thanksgiving holiday, the market trading atmosphere has become subdued, significantly reducing the likelihood of various asset prices breaking through existing range-bound movements. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, bulk gold, and forex, recently launching a USDT stablecoin financial product with an annualized yield of 5.5%, providing investors with a potential safe-haven option. 4E reminds you to pay attention to market volatility risks and to allocate assets wisely.
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