Bitcoin USD

Bitcoin futures followed their seasonal tendency to rally on Thanksgiving Day. And pattern is to hold true today, it could be set for a down day as we veer into the weekend.

Bitcoin, Gold Analysis: Ceasefire agreements are transitioning from speculation to reality ahead of the holiday season and Trump’s upcoming term. Gold’s rally has stalled below the $2,700 mark as haven demand wanes, while Bitcoin has retreated slightly below the psychological $100,000 level.

It’s been a fast-evolving market since the Presidential election three weeks ago. But stocks remain higher, Bitcoin has put in a major move and gold is on its back foot.

Welcome to Friday! Bitcoin inches closer to $100K, with spot and futures markets hitting record highs. Gold breaks above its 50DMA, bolstering bullish picture, while crude oil builds momentum despite lighter volumes. ASX 200 futures remain a buy-on-dips play, edging closer to record highs. EUR/USD stays under pressure, hitting fresh 2024 lows.

The headlines around Bitcoin are already talking about the 100k level but first, bulls need to push above and gain acceptance at the 95k level.

Bitcoin is showing signs of fading bullish momentum, hinting at pullback potential before another leg higher.

Bitcoin Forecast: After the DXY pulled back from the 107-mark, Bitcoin retraced to the 86,000 level, reflecting a slight cooling in Trump-driven market momentum. Is the 100,000 mark still within reach?

Bitcoin futures reached a record high of $94,065 on Wednesday, just $6k shy of the elusive $100k target that has been touted for what could be over a decade.

Massive stimulus announcements from China and solid US economic data have kept cryptoassets bid - is Crypto Summer back?

Look at bitcoin’s latest weekly candle. Yes, it’s incomplete, but what a turnaround from where we were on Monday. As of the time of writing, it’s a big bullish pin. Unless we see a major reversal today, that’s a strong signal we may see further upside ahead.

Risk assets may be on the rise, but it is more due to a pause in risk off as opposed to buyers rushing back in. Still, it could still allow for some bullish wriggle room on AUD/USD and bitcoin if sentiment allows.

The Biden Administration has turned pro-crypto overnight, boosting the odds of a spot ETH ETF approval later today.

With bitcoin effectively taking its general trend from the stock market these days, traders should take note that US indices are mixed around all-time highs and Nvidia (a key driver of the Nasdaq) trades below resistance ahead of a key earnings report.

On Tuesday I outlined a bullish case for bitcoin futures whilst prices remained above $60k. One soft US CPI and retail sales report later, bullish range expansion has most certainly kicked in.

Crude oil finds itself between a rock and a hard place where technical levels are concerned, although that doesn't mean it can't at least make a minor bullish breakout before another leg lower. Price action on bitcoin appears to be more constructive for bulls, at least over the near term.

Momentum may have turned higher for bitcoin this week, yet it lacks the trading volumes usually associated with a strong rally.

A breakout from Bitcoin’s recent $61K-$73K range is inevitable – see the key levels to watch from here below!