Despite the public holiday in the US, Bitcoin rallied overnight during the US trading session. Bitcoin reached a high of $98,620, putting it less than 1.5% away from $100,000. It has since pulled back to current levels of $97,000, reaffirming its bullish structure. The bullish structure remains intact as long as Bitcoin stays above the last higher low of $95,600. The hope that we see $100k before November still remains, however not as strong as it was a week ago. This recent move has set Bitcoin up perfectly to hit it in early December.
We can now confidently say that the correction is over. It came and went quickly, offering excellent “buy the dip” opportunities to proactive investors, who have been rewarded for their foresight. This does not mean we will go straight up for the remainder of the bull market; there will still be corrections, which may even be of a greater degree.
Despite Bitcoin’s rally, dominance continues to fall, and altcoins are delivering mixed performance. Some, such as CORE, HBAR, ALGO, and ONDO, have outperformed Bitcoin, while major coins like ETH and SOL have underperformed in the last 24 hours. Ethereum’s lack of consistency suggests we are still transitioning between phases one and two of the market cycle. However, the altcoin season index continues to rise, now reading 67. This indicates we may be later in the bull cycle than the traditional alt season timeline suggests.
Nonetheless, price action, charts, and fundamentals all suggest we are still in the early stages of this cycle. The majority of retail investors remain on the sidelines, and the largest Bitcoin buyer—the US government—has yet to begin buying. Reflecting on 2021, many indicators and on-chain analytics prematurely called the early peak the market top. However, the crypto market went on to achieve new all-time highs in the final months of that year.
We remain bullish, maintaining the conviction that this bull run will extend into late 2025.
For those feeling underexposed or concerned about missing out, now is the time to strengthen your Bitcoin position. This market is still in its early stages, presenting long-term believers with an excellent opportunity. Contact your Stormrake Crypto Broker to make the most of this moment.
Stormrake Spotlight: Fantom ($1.03)
Stormrake Spotlight: Fantom ($1.03)
Fantom (FTM) is consolidating and building a strong foundation at $1. Similar to Ondo last week, this base is pivotal as it represents both a technical support level and a psychological threshold for investors. Ondo has since rallied to $1.17 after forming its base. If FTM successfully establishes a similar base, we can anticipate comparable price movement in the coming weeks.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
We identified a bull flag pattern yesterday, which played out nearly perfectly, with the breakout reaching its target. The 21 EMA provided support throughout the rally to the high near $99,000. Since reaching the target, BTC has pulled back to trade at the 21 EMA. This level is expected to hold. However, if it fails, the 200 SMA and 55 EMA at $96,400 should provide support.
BTC Total ETF Flows for 29 Nov: $ + 42.9 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
As noted earlier, Ethereum underperformed Bitcoin over the last 24 hours. While BTC reached its bull flag target, ETH has yet to break out significantly. It had a minor initial breakout but quickly retested the top of the bull flag channel. This remains bullish, as price typically retests breakout patterns before continuing upward. ETH has found support at the 55 EMA, which is expected to hold, paving the way for another move higher.
ETH Total ETF Flows for 29 Nov: $ + 3.4 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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