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- Chasing Bitcoin's $100K dream
Chasing Bitcoin's $100K dream
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Bitcoin’s $100K milestone remains elusive amid market volatility
Key points:
Despite an 81% probability from analysts, Bitcoin fell short of hitting the $100,000 milestone over the weekend.
Whales deposited over $981 million BTC, hinting at profit-taking near the key resistance level.
News - Bitcoin [BTC] investors are navigating turbulent waters as hopes for the cryptocurrency’s historic $100K milestone remain unfulfilled. BTC briefly touched $99,317 before retracing, leaving the market in suspense.
Recent price volatility led to $376.22 million in liquidations across 160,527 traders, with longs accounting for 65.96% of the losses. The sharp price movements have highlighted the intense pressure on the derivatives market, as bears capitalized on a long squeeze to trigger a near 2% price slide.
Bears seize the momentum - Recent long/short ratios reveal a bearish tilt, with $234 million in long positions liquidated over the past 24 hours. This imbalance underscores the dominance of bearish sentiment as traders exited their positions following Bitcoin’s minor dip.
Adding to the pressure, whales deposited 10,000 BTC at $98,121, further fueling bearish activity. This strategic offloading created fertile ground for short-sellers, driving Bitcoin away from the much-anticipated $100,000 milestone.
A bumpy road ahead - While optimism for $100,000 persists, Bitcoin’s upward journey remains bumpy. Profit-taking by large holders and miner departures during rallies could perpetuate a cycle of pullbacks, delaying the milestone. Breaking free may require an external catalyst to disrupt the pattern and reignite bullish momentum.
Hong Kong’s ZA Bank launches retail crypto trading service for Bitcoin and Ethereum
Key points:
ZA Bank is Hong Kong’s largest digital bank.
Retail crypto trading began in Hong Kong in August 2023, with three exchanges currently licensed.
News - ZA Bank, Hong Kong’s largest virtual bank, has introduced a new service enabling retail users to buy and sell Bitcoin and Ethereum using fiat currency directly. According to a November 25 statement, residents must hold an account with ZA Bank and complete a risk assessment to access the feature via the bank’s app.
The initiative, launched in collaboration with HashKey Exchange, aims to bridge traditional banking and crypto, aligning with Hong Kong’s regulatory requirements. Calvin Ng, ZA Bank’s Alternate Chief Executive, noted the service offers users more diversified investment opportunities, while HashKey CEO Livio Weng emphasized its potential to advance the Web3 ecosystem.
Hong Kong’s growing crypto landscape - Retail crypto trading is still relatively new in Hong Kong, beginning only in August 2023. Currently, only three exchanges—HashKey, OSL, and HKVAX—are licensed by the Securities Futures Commission (SFC). The SFC has signaled plans to expand the number of licenses by the end of the year, fostering further market growth.
The bigger picture - ZA Bank’s move underscores its leadership in digital banking. Licensed by the Hong Kong Monetary Authority in 2019, the bank’s collaboration with HashKey reflects a broader trend of integrating crypto into traditional financial systems. With over 800,000 users, ZA Bank’s venture could significantly shape the future of crypto accessibility in Hong Kong.
Celestia breaks out, targets $12.08 milestone
Key points:
TIA’s 152% surge in 24-hour trading volume reflects heightened market activity.
Social dominance for TIA jumped, signaling increased community attention.
Short liquidations reached $605,000 in a single day, highlighting bullish pressure.
News - Celestia [TIA] has broken out of its descending channel, crossing the critical $7.34 resistance level and sparking bullish momentum. The token surged by 16.28% in the last 24 hours, with its trading volume spiking 152% to $1.28 billion, according to CoinGecko data.
This breakout has lifted TIA’s market cap to $3.14 billion, a 16.9% increase, and renewed investor confidence. If this momentum continues, traders are eyeing $12.08 as the next major milestone.
Key drivers of momentum:
Social Engagement: TIA’s social dominance rose from 0.137% to 0.211%, reflecting growing attention from the crypto community. Increased engagement often translates to heightened trading activity, reinforcing bullish sentiment.
Liquidation Trends: Short liquidations of $605,000 on November 24 cleared bearish positions, providing additional fuel for the rally.
Open Interest: TIA Futures open interest climbed 21.19% to $373.91 million, confirming increased market participation and confidence in the upward trend.
What’s Next - If TIA sustains its breakout above $7.34, the $12.08 target could be within reach. With strong volume, rising open interest, and growing community engagement, Celestia appears well-positioned for further gains. However, holding above the critical resistance level will be key to maintaining bullish momentum.
Chill Guy memecoin surges 50%, hits $461 million market cap
Key points:
CHILLGUY launched on November 15, skyrocketing from a $10M to $461M market cap in days.
The Chill Guy meme has become a viral cultural phenomenon, particularly resonating with Gen Z.
News - The Chill Guy meme coin [CHILLGUY], based on the internet’s beloved laid-back cartoon dog, has taken the crypto world by storm. Launched on November 15, the Solana-based token has surged to a $461 million market cap, with its value climbing 50% in the last 24 hours to trade near $0.50, per CoinGecko data.
The meme features an anthropomorphic dog in a grey sweater, jeans, and red sneakers, embodying a carefree attitude that has resonated widely on platforms like TikTok. This viral appeal has driven CHILLGUY’s meteoric rise, echoing the ongoing craze around meme coins.
Behind the scenes: Controversy and returns - The coin’s ascent hasn’t been without challenges. Philip Banks, the creator of Chill Guy, has criticized the unauthorized exploitation of his work, threatening legal action against for-profit ventures. While Banks clarified that casual use and nods by brands are acceptable, unauthorized merchandise and coins like CHILLGUY are in his crosshairs.
Despite these concerns, early adopters of $CHILLGUY have seen massive returns.
The bigger picture - The rise of CHILLGUY reflects the continued financial impact of internet phenomena. Meme coins like Peanut the Squirrel (PNUT) and First Convicted Raccoon (FRED) have similarly demonstrated the unique ability of memes to fuel massive market caps.
More stories from the crypto ecosystem
Did You Know?
By June 2023, the cryptocurrency market had expanded to include over 25,000 different digital assets, with more than 40 of them boasting market capitalizations above $1 billion.
Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, but it wasn’t until January 2009, with the launch of Bitcoin, that blockchain had its first real-world application.
Estimates showed that, in 2023, dedicated mining companies with highly efficient setups would consume about 155,000 kilowatt hours (kWh) of electricity to mine one Bitcoin.
Top 3 coins of the day
The Sandbox (SAND)
Key points:
As of this writing, SAND has had the highest gain in the last 24 hours.
Since its breakout started, SAND has increased by over 170%.
What you should know:
The Sandbox (SAND) has experienced an explosive rally, spiking by over 72.46% in the last trading session. Currently trading at $0.75, SAND broke past its resistance zone of $0.30-$0.40, as depicted on the daily chart, fueled by high trading volumes. The 50-day and 200-day moving averages, at $0.30 and $0.31, respectively, turned into significant support levels, enabling the token's breakout. However, the Relative Strength Index (RSI) nearing 95 signals overbought conditions, indicating potential cooling-off periods. With substantial upward momentum, SAND could face resistance at $0.80 while support remains strong around the $0.50 level, ensuring the potential for further volatility in its price action.
Stellar (XLM)
Key points:
Despite the gains, XLM is one of the losers as of this writing.
The loss could be wiped out before the end of the trading session.
What you should know:
Stellar Lumens (XLM) recorded a weekly gain of over 190%. Currently trading at $0.53, XLM has soared past key resistance levels, driven by significant bullish momentum. The Ichimoku Cloud indicates a strong uptrend, with the price comfortably above all cloud components, highlighting a bullish market structure. The daily chart shows that XLM maintains its position above the 50-day and 200-day moving averages, now acting as support at $0.14 and $0.11, respectively. Trading volumes remain elevated, reinforcing the market's optimism. Despite its strong rally, the RSI is overextended at 95, suggesting the possibility of short-term corrections. However, the bullish sentiment prevails as XLM positions itself for potential consolidation near $0.55 before targeting higher levels.
Decentraland (MANA)
Key points:
MANA is one of the top trending coins at press time.
As of this writing, it is down by over 6%.
What you should know:
Decentraland’s MANA has been on an impressive upward trajectory, surging over 90% in the last seven days. The daily chart shows a significant breakout fueled by a golden cross between the 50-day and 200-day moving averages, signaling strong bullish momentum. Currently trading at $0.67, MANA experienced some retracement after peaking at $0.78, likely due to profit-taking. The MACD remains in positive territory, with expanding histograms indicating sustained buying interest. Trading volume has surged, further validating the recent rally. However, the RSI at 82 suggests overbought conditions, potentially hinting at short-term corrections. Key support lies at $0.50, with resistance at $0.78. MANA’s outlook remains bullish if it holds above the Golden Cross zone, paving the way for higher levels.
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