Crypto Price Analysis 11-19 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, INJECTIVE: INJ, CHAINLINK: LINK, APTOS: APT, UNISWAP: UNI
Bitcoin (BTC) continued to hover around the $90,000-$91,000 levels as sellers continued to prevent a move higher. The world’s largest cryptocurrency registered a marginal increase over the past 24 hours, trading just above the $91,000 level. Analysts believe BTC has plenty of room to grow, with ARK Invest’s Cathy Wood stating that despite its significant upside, BTC has a long way to go before it reaches its full potential.
The crypto market has been relatively muted, with other altcoins making small gains. Ethereum (ETH) is up almost 2%, while Solana (SOL) is up 0.68%. Ripple (XRP) has continued its upward trajectory and is currently up by 1% as bulls look to flip the $1 level to support. Dogecoin (DOGE) and Cardano (ADA) also notched up minor gains. However, Toncoin (TON), Chainlink (LINK), Stellar (XLM), and Polkadot (DOT) defined market trends and notched up substantial gains. The global crypto market cap inched higher by 1% and is currently at $3.08 trillion. ChangeNOW CMO Pauline Shangett stated,
“The crypto market’s muted performance may be the calm before the storm. Bitcoin’s resilience in the $90K-$91K range, coupled with steady gains in Ethereum and Solana, suggests that a broader breakout could be on the horizon if market sentiment shifts. Cathy Wood’s assertion aligns with our view: Bitcoin’s true potential is far from realized. While the $91K level acts as a key psychological marker, the real story is in the sustained adoption and innovation fueling the sector.”
Trump Media In Talks To Buy Crypto Trading Platform Bakkt
Trump Media is in advanced talks to buy crypto trading platform Bakkt, sending shares of the platform soaring. The company, majority-owned by President-elect Donald Trump, also operates the Truth Social app, also saw its shares surge following the reports. Kelly Loeffler, a former CEO of Bakkt, is the co-chair of Trump’s inauguration committee. Bakkt went public in 2021 and generated over $50 million in revenue last year, according to data from FactSet. The exchange’s current market capitalization is just over $400 million.
Trump is also set to meet Coinbase CEO Brian Armstrong in the pair’s first meeting since the election. However, details on the meeting’s agenda remain unclear. The meeting comes as Trump picks his cabinet and decides on other crucial roles. The President-elect plans to appoint a Bitcoin and crypto advisory council. Armstrong has publicly supported Hester Pierce, a Trump SEC Commissioner to lead the regulator. Coinbase also contributed over $100 million to various political action committees.
Goldman Sachs To Spin Out Crypto Platform
Goldman Sachs is preparing to spin out its crypto platform and create a new company focused on creating and trading financial instruments on various blockchain networks. The bank revealed it is speaking to potential collaborators to add to the platform’s capabilities and help develop new offerings. Mathew McDermott, Goldman’s Head of Digital Assets, said the spinout would be completed in 12-18 months, depending on regulatory approvals, stating it was in the market’s best interest to have something industry-owned. He also revealed Goldman Sachs was planning to create marketplaces for tokenized real-world assets and focus on the “fund complex” in the United States and European debt markets.
The bank will target large financial institutions over retail investors, and the new products will depend entirely on permissioned blockchains.
Bitcoin (BTC) Faces Potential Correction
Bitcoin (BTC) has remained around $90,000 over the past few sessions. However, analysts have warned it could face a significant short-term correction. According to a market update by CryptoQuant, BTC could face a potential dip to the $70,000 price range due to a market cooling phase. This means despite its recent bullish momentum, the world’s largest cryptocurrency could face a significant pullback before it reaches $100,000 or higher. CryptoQuant suggested two possible scenarios for BTC in the near term. The first scenario could see BTC consolidate within the $87,000 to $93,000 range before gathering momentum and going beyond $100,000. BTC could see a jump to $120,000
The second scenario could see BTC drop to $70,000 before resuming its upward trajectory to reach $100,000. However, despite the potential for a significant dip, BTC whales continue accumulating Bitcoin, indicating strong market confidence.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading around the $91,500 mark, registering an increase of just over 1% during the past 24 hours. Market watchers have mixed predictions about BTC’s future price movements. CryptoQuant has stated BTC may decline to $70,000 before resuming its uptrend or consolidate between $87,000-$93,000 before going past $100,000. ARK Invest’s Cathy Wood, a long-time supporter of BTC, has stated that despite its impressive performance, the asset has a long way to go before reaching its full potential, adding that ARK Invest remains confident in the asset’s future trajectory. Wood believes BTC will continue to gain momentum as regulatory concerns ease under a new administration.
BTC has registered a marginal decline since registering a new all-time high just under a week ago. However, buyers have prevented a drop below $90,000, indicating that bullish sentiment could resume and power the asset past $100,000.
Looking at the price chart, BTC may have entered into a consolidation phase after setting a new all-time high, with the price oscillating between $88,000 and $93,000. BTC started the previous week with a significant increase of 9.43% and settled at $87,706. However, it faced considerable selling pressure on Tuesday, dropping to a low of $82,709 before recovering and settling at $87,210, registering a marginal decline. Bullish sentiment returned Wednesday as BTC surged to a new all-time high, hitting $93,434 before declining and settling at $90,150. However, sellers regained control on Thursday as BTC fell just over 3%, slipping below $90,000 and settling at $87,324.
Source: TradingView
Friday saw BTC recover and push back above $90,000, rising almost 4% and settling at $90,726. However, BTC turned bearish over the weekend, dropping by 0.67% on Saturday and 0.73% on Sunday to slip below $90,000 and settle at $89,464. Buyers attempted to go above $93,000 on Monday as the price rose to an intraday high of $92,549 before declining and settling at $90,509. The current session sees BTC up by 1.25% and trading around $91,600 as it inches towards the $92,000 mark.
So, what next for BTC? Analysts expect BTC to enter a period of consolidation before breaking past $95,000 and surging to $100,000. On the other hand, some analysts predict a considerable decline in the short term which could see the price drop to $70,000 before resuming its upward trajectory. However, the consensus is BTC will push above $100,000 during this bull run.
Ethereum (ETH) Price Analysis
Ethereum (ETH) failed to push above $3,400 at the beginning of last week, with sellers driving the price down considerably. However, buyers kept the price above $3,000, preventing a further decline. ETH started the previous week on a highly bullish note as the price surged almost 6% to go above $3,300 and settle at $3,373. Buyers attempted a move to $3,500 on Tuesday as ETH reached an intraday high of $3,443 before losing momentum. As a result, sellers took control and drove the price down by 3,78% to $3,246. ETH registered a significant increase in volatility on Wednesday, rising to an intraday high of $3,338 and falling to an intraday low of $3,120 before settling at $3,191, a drop of almost 2%. Bearish sentiment persisted on Thursday as ETH fell by 4.12% to $3,059, struggling to stay above $3,000.
Source: TradingView
ETH fell to an intraday low of $3,013 on Friday but recovered to register an increase of 0.99% and settle at $3,090. The weekend began with buyers in control on Saturday as the price rose to an intraday high of $3,218 before settling at $3,133. However, the price fell back in the red on Sunday, dropping almost 2% to $3,075. However, despite the selling pressure, ETH remained above $3,000. The current week began with ETH registering a significant increase of 4.37% and settling at $3,209. However, the current session sees ETH back in the red, down by 2.52% and trading at $3,130.
If sellers can drive ETH below $3,000, we could see the price drop to $2,850. However, buyers have not ceded ground to the bears and prevented a drop below this level. If buyers can retake control and build momentum, ETH could test the resistance at $3,400. A break above this level could see ETH surge past $3,500.
Solana (SOL) Price Analysis
Solana (SOL) started the week positively, surging past $225. However, it faces considerable resistance at $250, with sellers preventing a move above this level. SOL lost momentum the previous week after starting it positively, rising almost 6% and settling at $222. Sellers took control on Tuesday as SOL dropped by 4.69% and settled at $211. Sellers continued influencing the price on Wednesday as SOL dropped to an intraday low of $201. However, it recovered from this level to register an increase of 1.69% and ended the day at $215. Buyers attempted to build on Wednesday’s momentum as SOL reached an intraday high of $222 on Thursday. However, the price fell after reaching this level, dropping almost 3% to $209.
Source: TradingView
SOL recovered on Friday as it attempted to break out of its trading range, rising over 4% and settling at $218. The weekend began with a decline as SOL dropped 1.30% on Saturday and settled at $215. However, bullish sentiment returned on Sunday as SOL rallied over 10% to surge past $225 and settle at $237, ending the weekend on a bullish note. Bullish sentiment persisted on Monday as SOL rose to an intraday high of $248, with bulls setting their sights at $250. However, with sellers active at this level, SOL fell back to settle at $239, an increase of 1.04%. The current session sees SOL marginally up, trading at $241 as buyers look to build momentum and retest the resistance at $250. On the other hand, sellers will attempt to retake control and drive the price below $225.
Injective (INJ) Price Analysis
Injective (INJ) has seen significant volatility over the past week as buyers attempt to push the price above $27 and sellers look to drive it below the moving averages. INJ started the previous week on a bullish note, rising almost 5% to settle at $26.89. However, with sellers active at this level, INJ dipped nearly 9%, falling to an intraday low of $23.47 before recovering and settling at $24.50. INJ registered a substantial increase in volatility on Wednesday as it surged to an intraday high of $27.08 and fell to an intraday low of $22.34 before settling at $24.15. Buyers attempted a recovery on Thursday, pushing INJ to an intraday high of $25.87. However, they lost momentum after reaching this level, and sellers took control, driving the price down by 3.62% to $23.27.
Source: TradingView
Despite overwhelming selling pressure, INJ recovered on Friday, rising by 5.66% and settling at $24.59. Bullish sentiment persisted on Saturday with INJ rising just over 5% and settling at $25.84. INJ surged to an intraday high of $27.20 on Sunday as buyers attempted to break past the resistance. However, sellers overwhelmed buyers, and INJ fell back in the red, dropping by 5.02% and settling at $24.54. The current week began positively, as buyers returned to the market, helping INJ register an increase of 4.78% and settle at $25.72. INJ is marginally down during the ongoing session as buyers and sellers struggle to establish control.
Chainlink (LINK) Price Analysis
Chainlink (LINK) has made an impressive recovery after a substantial decline the previous week. However, it is struggling to maintain its position above $15 as sellers look to lower the price. LINK began declining on Tuesday after failing to push above $15. As a result, the price fell by 6.56% and settled at $13.95. Wednesday saw a substantial increase in volatility as buyers and sellers struggled to exert control. Ultimately, buyers gained the upper hand, and LINK fell over 3% to $13.50. LINK continued to drop on Thursday, falling by 3.70% and settling at $13, a crucial support level.
Source: TradingView
LINK recovered from this level on Friday, registering an increase of 6.33% and settling at $13.83. Bullish sentiment persisted on Saturday as LINK rose by 5.02% to reclaim $14 and settled at $14.52. However, the price fell back on Sunday as buyers lost momentum, dropping over 5%, going below $14 and settling at $13.78. The current week began with bullish sentiment returning to the market as LINK soared almost 11% on Monday to go above the $15 resistance level, reaching an intraday high of $16.01 before declining and settling at $15.27. However, LINK is back in the red during the current session, with the price down by 1.37% as sellers look to drive it below $15.
Aptos (APT) Price Analysis
Aptos’s (APT) momentum has stalled over the past few sessions as it struggles to build momentum and reclaim $12. APT started the previous week on a very bullish note, surging almost 26% and settling at $13.72. However, buyers lost momentum after reaching this level, and APT registered a drastic drop on Tuesday, falling to an intraday low of $11.49 before recovering and settling at $12.36. Wednesday saw a substantial uptick in volatility as buyers attempted to regain control. Sellers ultimately gained the upper hand, and APT dropped over 5% to slip below $12 and settle at $11.73. Bearish sentiment persisted on Thursday as sellers thwarted another recovery to push APT down by 4.23% to $11.23.
Source: TradingView
APT recovered on Friday, registering an increase of 5.66% to move to $11.87. Buyers retained control on Saturday as APT reclaimed $12 and moved to $12.30 but fell back in the red on Sunday, dropping over 4% and settling at $11.78. The current week began with APT reclaiming $12 and settling at $12.04. However, the price is back in the red during the current session, down 2.46% and trading at $11.75.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a significant decline during the previous week but has made an impressive recovery to climb above $9 at the beginning of the week. UNI surged to an intraday high of $10.77 on Tuesday but lost momentum after reaching this level, allowing sellers to take control. As a result, UNI plummeted to a low of $8.64 before recovering to settle at $8.96, a decline of just over 4%. Bearish sentiment persisted on Wednesday and Thursday as UNI fell by 3.70% and 5.31% to settle at $8.17.
Source: TradingView
UNI recovered on Friday after falling to an intraday low of $7.87, rising almost 5% to settle at $8.56. Bullish sentiment persisted on Saturday as UNI rose nearly 6% to reclaim $9 and settle at $9.06. However, the price fell back in the red on Sunday, dropping by 3.60% and settling at $8.73. Buyers returned to the market on Monday as UNI registered a substantial increase of 5.75% and settled at $9.23. The current session sees the price marginally down as buyers and sellers struggle to establish control. Sellers will look to drive UNI below $9. In such a scenario, UNI could drop to its support level of $8.50. On the other hand, if buyers regain control, we could see an attempt to move above $9.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
