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Less than five hours ago, Bitcoin was trading at $94.7k, continuing its bearish structure after failing once again to create a higher high overnight. However, Bitcoin has since surged above $98k, reaching a high of $99k, and now appears poised to finally break through the $100k barrier. Those waiting for a deeper correction may find themselves in denial, having missed nearly a 10% rally in Bitcoin from its recent pullback low—and even greater gains in altcoins like XRP, ONDO, and FTM.
Bitcoin appeared stuck in consolidation and seemed to lag behind altcoins. Overnight, Ethereum rallied strongly with no significant pullback, unlike Bitcoin, further solidifying the case for phase one of the bull market being complete. Despite Bitcoin’s rapid recovery, Ethereum remains up 4.20% against it. Bitcoin dominance continues to decline as the total altcoin market cap rallies, signaling the onset of an altcoin season. Once Ethereum consistently outperforms Bitcoin, it is likely to emerge as the leading cryptocurrency in the market.
We remain in the early stages of this bull market. While some coins have already delivered impressive returns, don't be discouraged from entering the market and don’t find yourself chasing projects that have already rallied. Over the next 12 months, there will be countless chances to capitalise on significant moves. Many of the coins that have surged recently were previously featured in the Stormrake Spotlights, where we continue to highlight undervalued projects with strong potential.
Stormrake Spotlight: Artificial Super Intelligence (FET) ($1.91)
Stormrake Spotlight: Artificial Super Intelligence (FET) ($1.91)
Artificial Super Intelligence (FET) has entered a period of consolidation following its recent rally. This sideways movement, rather than a pullback or reversal, is a bullish signal, providing the foundation for its next upward move.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has been extremely volatile this morning, breaking out and establishing a bullish structure with higher lows and higher highs. However, since the earlier writing of this note, BTC has begun to pull back. Any pullback should meet the 21ema and bounce off this as support. As long as the bullish structure and momentum persist, the probability favors a test of $100k.
BTC Total ETF Flows for 4 Dec: $ N/A 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 enjoyed an exceptionally bullish 24 hours, rising over $300 from its recent lower low to a high of $3,890. ETH broke through the critical $3,724 level and continued to the next resistance at $3,887. Like Bitcoin, Ethereum is currently experiencing a pullback, but its bullish structure and momentum remain intact. Any retracement is likely to reach the 21 EMA before resuming its upward trajectory.
ETH Total ETF Flows for 4 Nov: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
Written by Alexandar Artis
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