After reaching an all-time high of $93.2k on Wednesday, Bitcoin has since dropped 5.55%. The broader market shows mixed results: while most altcoins are down, Sui stands out, pushing to higher prices and fresh all-time highs. Memecoins continue to dominate the sector, with MOG, WIF, PEPE, and GOAT setting all-time highs. Notably, PNUT rocketed into the top 100, flipping POPCAT and now ranks as the 64th largest cryptocurrency just two weeks post-launch.
The market's mixed performance confirms that we are still some distance from altseason. Bitcoin dominance remains strong, holding above 60% and showing signs of further increase. The altcoin season index indicates whether or not we are in altseason. Altseason is typically defined as when 75% of the top 50 cryptocurrencies outperform Bitcoin over the last 90 days. Until that threshold is met, Bitcoin is expected to continue dominating the market. Over the past four years, once the index surpasses 75%, altcoins tend to outperform Bitcoin only briefly, usually for 1-2 months. Currently, just 33% of the top 50 cryptocurrencies are outperforming Bitcoin, suggesting we are still far from altseason.
Stormrake Spotlight: RUNE ($5.47)
Stormrake Spotlight: RUNE ($5.47)
Rune is among the altcoins underperforming since Bitcoin's surge to 90k earlier this week. With Bitcoin possibly facing some short-term downside, Rune should continue to pull back, presenting an opportunity to accumulate at discounted prices.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin failed to reach a new high yesterday, setting its first lower high. BTC currently trades below key moving averages and is approaching critical support levels at $86k and $85k. Breaking below these levels could lead to further downside and a prolonged pullback. The upside target remains 100k.
BTC Total ETF Flows for 14 Nov: $ - 348.0 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:
Ethereum is also struggling as Bitcoin pulls back. With multiple lower highs and lower lows, ETH has confirmed a short-term bearish trend, trading below all key moving averages. If BTC continues to struggle, ETH may be heading toward $3,000.
ETH Total ETF Flows for 14 Nov: $ - 23.0 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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