Chart of the day - BITCOIN (26.11.2024)

• Bitcoin has slid nearly 8% from over $99,000 to $92,000 today; yesterday, ETFs experienced record net outflows of $438 million in months
• Along with Bitcoin, Ethereum is also losing ground, currently testing $3300; however, most altcoins are seeing limited discounts
• Microstrategy's (MSTR.US) stock has already suffered a discount since its peak of approx. 30%; stock loses 6.5% in pre-opening trade

The recent news of another purchase of more than 55,000 BTC by Michael Saylor passed through the market without an echo, and Bitcoin is nevertheless already losing about 8% from its historical peak. However, after such dynamic increases, historically, corrections usually went deeper and amounted to about 20% in bull markets. The value of options on BTC, on the CME exchange, has fallen nearly 11% in the last 24 hours, to $19 billion, which, combined with ETF activity, indicates that the sell-off is largely due to derivatives and the deleveraging process of an extremely optimistic market in recent times. Cardano is going to; however, the project is already losing almost 6% and has retreated to $0.9 from its peak at $1.12.

Bitcoin interval D1

A downward scenario would suggest a test of the area around $80k with pressure to erase the upward movement initiated by Donald Trump's victory in the US presidential election. We can see that the level of $80k per BTC is important not only because of the 38.2 Fibonacci retracement of the recent upward impulse, but also the 50-session exponential average (orange line). The first important support will be the area between $90K and $91K, from where demand can again try to lift prices near the psychological resistance at the level of $100K. Higher supply from ETFs indicates that selling pressure from long-term investors dominating spot selling statistics (still trading at high yields) has not been met with adequate demand; the selling of this group in recent weeks has been significantly 'cushioned' by BTC-buying ETFs.

Source: xStation5