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Bitcoin is looking to close negative for the second consecutive day, raising concerns about its bullish structure. Earlier today, Bitcoin hit a low of $93.5k, just four hours after showing bullish momentum by setting a higher low and reaching $97.5k.
Despite this pullback, Bitcoin remains within a bullish framework. To maintain this posture, Bitcoin must hold above $92.5k. Unlike previous days where Bitcoin’s decline coincided with a rise in Bitcoin dominance, today marks the first instance where both Bitcoin and its dominance have dropped.
This pullback has also impacted the Fear and Greed Index, a measure of overall market sentiment. Yesterday, the index stood at 79, indicating extreme greed. Today, it has declined to 73, reflecting regular greed. This shift suggests waning bullish sentiment, potentially signaling an upcoming phase of consolidation or correction.
As the saying goes, “Be fearful when others are greedy, and greedy only when others are fearful.” Fear is creeping back into the market. Bitcoin is correcting, and this is when smart money accumulates, while retail investors tend to hesitate. Don’t let fear keep you from capitalizing on these corrections.
While short-term movements may seem uncertain, Bitcoin's long-term bullish trajectory remains intact. These dips can offer excellent opportunities to accumulate Bitcoin or explore undervalued altcoins with strong growth potential. For tailored investment strategies, contact your Stormrake Crypto Broker.
STORMRAKE’S GIFT TO YOU:
STORMRAKE’S GIFT TO YOU:
Thank You for an Incredible Year!
As the year comes to a close, we want to express our gratitude for being a valued part of our community. Your trust and support have made 2024 an amazing year, and we’re excited to help you achieve even greater milestones in the year ahead.
As a token of our thanks, we’re giving you a special end-of-year bonus:
For every AUD$10,000 worth of Bitcoin you purchase with Stormrake, we’ll gift you AUD$20 worth of Bitcoin.
It’s our way of saying thanks for choosing us as your trusted partner in crypto.
This exclusive offer is available until December 31, 2024, so don’t miss out!
*Terms & Conditions Apply*
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.331)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.331)
Cetus Protocol continues to follow the overall market trend, pulling back another 3% in the past 24 hours. The token has major support around $0.30, and if Bitcoin continues its decline, Cetus is likely to test this level—offering a potential buying opportunity for investors.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin’s weakening trend persists as it breaks through key support levels. BTC remains below all major moving averages, reflecting bearish momentum, and is nearing a critical juncture. The bullish structure will be invalidated if Bitcoin drops below $92.5k.
BTC Total ETF Flows for 27 Dec: $ - 32.3 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 has outperformed Bitcoin over the last 24 hours, yet still posted a decline. Like Bitcoin, ETH trades below all key moving averages and support levels. It remains in a bearish structure with momentum suggesting further downside. A retracement to the CPR support of $3,266 appears likely.
ETH Total ETF Flows for 27 Dec: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
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